Alcoa Corp Stock Price, News & Analysis

Alcoa Corporation (NYSE: AA) has announced the restart of 35,000 mtpy of curtailed capacity at its Portland Aluminium smelter in Victoria, Australia. This capacity, idle since 2009, is expected to begin production in Q3 2022. The Portland Aluminium joint venture will operate at about 95% capacity post-restart, creating around 80 jobs (30 permanent and 50 temporary). The restart will cost approximately $28 million, with Alcoa's share estimated at $9 million, incurred between Q4 2021 and Q3 2022. This decision is anticipated to enhance the smelter's cost structure and competitiveness.

Alcoa Corporation (NYSE: AA) has successfully completed the sale of land and industrial assets in Texas, valued at $240 million. The sale included approximately 31,000 acres in Milam and Lee Counties, highlighted by the former Rockdale aluminum smelter site, which was permanently closed in 2017. The transaction, completed on October 29, 2021, yielded $230 million in net cash proceeds and is expected to contribute $200 million to other income in Q4 2021. This sale is part of Alcoa's strategy to unlock value from former sites and support economic development in host communities.

Alcoa Corporation (NYSE: AA) will host a virtual Investor Day on November 9, 2021. Key discussions will cover Alcoa's markets, operations, strategies, and capital allocation, including its capital returns program. The event features President Roy Harvey and CFO William Oplinger.

Pre-recorded presentations will be available on www.alcoa.com beginning November 8 at 8:00 a.m. EST. The live session starts at 9:00 a.m. EST, with a Q&A segment included.

Alcoa Corporation (NYSE: AA) reported record financial results for Q3 2021, achieving a net income of $337 million, or $1.76 per share, a 10% revenue increase to $3.1 billion, and $391 million in adjusted net income. The company plans to restart 268,000 metric tons of curtailed aluminum capacity in Brazil and redeemed $500 million in higher-interest notes to enhance its financial position. Despite these gains, Alcoa anticipates net income impacts of approximately $90 million in Q4 due to challenges at the San Ciprián facility and rising raw material costs.

Alcoa Corporation (NYSE: AA) announced a new quarterly cash dividend of $0.10 per share, to be paid on November 19, 2021, and initiated a $500 million share repurchase program. This decision follows significant improvements in the company's financial position, as highlighted by CEO Roy Harvey. CFO William Oplinger noted that these programs will be financed through operating cash flows and cash on hand. The company’s adjusted net debt is at a historical low, with no substantial debt maturities until 2027, indicating a strong balance sheet.

Alcoa Corporation (NYSE: AA) aims for net-zero greenhouse gas (GHG) emissions by 2050, enhancing its sustainability strategy. The company plans to cut direct and indirect GHG emissions from aluminum smelting and alumina refining by 30% by 2025 and 50% by 2030 from 2015 levels. Alcoa is investing in low-carbon technology, including the ELYSIS zero-carbon smelting process and mechanical vapor recompression (MVR) in Australia. These efforts support Alcoa's commitment to environmental, social, and governance practices.

Alcoa Corporation (NYSE: AA) is set to enter the high-purity alumina market through a collaboration with FYI Resources Ltd (ASX: FYI) via its subsidiary, Alcoa of Australia Limited. Alcoa of Australia will have a 65% stake in the project, which plans to develop an 8,000 metric-ton-per-year facility in stages, with initial funding of $5 million for 2021-2022.

The total estimated cost for construction is around $200 million. The high-purity alumina market is projected to grow at nearly 20% annually through 2028.

Alcoa Corporation (NYSE: AA) will announce its third quarter 2021 financial results on October 14, 2021, post-market close. A related press release and presentation will be accessible on Alcoa's website. A conference call will follow at 5:00 p.m. EDT, hosted by CEO Roy Harvey and CFO William Oplinger. Investors can participate via phone or listen to the webcast. Replay of the call will be available starting at 8:00 p.m. EDT on the same day until October 21, 2021.

Alcoa Corporation has announced plans to restart 268,000 mtpy of aluminum capacity at the Alumar smelter in Brazil. This facility has been idle since 2015, and the restart process will commence immediately, with molten metal expected by Q2 2022. The smelter will run on 100% renewable energy by 2024. The total estimated cost of the restart is around $75 million, with $15-$20 million in expenses anticipated for Q4 2021. This move is expected to enhance Alcoa’s global competitiveness and generate over 750 new jobs.