Alcoa Corp Stock Price, News & Analysis

Alcoa announced that Executive Vice President and CFO Molly S. Beerman will participate in the Citi 2024 Basic Materials Conference in New York City on December 4, 2024. Beerman will engage in a Q&A session at 10:15 a.m. EST, discussing Alcoa's business outlook and current market factors.

A slide presentation will be available on Alcoa's website investor section at 7:00 a.m. EST on the same day. The session will be broadcast via live audio webcast, with both transcript and audio replay made available afterward on the company's website.

Alcoa (NYSE: AA) has responded positively to the U.S. Treasury Department's final regulations on the Section 45X Advanced Manufacturing Production Credit, which was implemented through the Inflation Reduction Act. The regulations support domestic manufacturing of critical materials, including commercial-grade aluminum from Alcoa's U.S. smelters in Newburgh, Indiana, and Massena, New York. These facilities produce aluminum for various sectors including clean energy, automotive, aerospace, and building materials. The company acknowledges the Treasury's inclusion of direct and indirect material costs and is currently analyzing the regulations' impact on its U.S. operations.

Alcoa (NYSE: AA) reported improved Q3 2024 results, reflecting the acquisition of Alumina and sequential increases in key financial metrics. Highlights include:

- Net income increased to $90 million ($0.38 per share)
- Adjusted net income rose to $135 million ($0.57 per share)
- Adjusted EBITDA excluding special items grew to $455 million

The company completed the Alumina acquisition, announced the sale of its 25.1% interest in Ma'aden joint ventures, and progressed on a strategic agreement for San Ciprián operations. Alcoa maintained a $1.3 billion cash balance and paid a $0.10 per share dividend. Alumina production decreased 4% due to Kwinana refinery curtailment, while aluminum production increased 3% with Alumar smelter restart progress.

Alcoa and IGNIS EQT are progressing toward a strategic cooperation agreement to support Alcoa's San Ciprián operations. The proposed partnership involves Alcoa contributing €75 million and IGNIS EQT investing €25 million initially. Alcoa would retain 75% ownership and continue as managing operator, while IGNIS EQT would hold 25% ownership. Up to €100 million additional funding from Alcoa may be provided as needed.

The partnership aims to leverage Alcoa's expertise in aluminum operations and IGNIS EQT's knowledge of energy markets. Key conditions include stakeholder cooperation, increased CO2 compensation support, permitting for power generation projects, and flexibility in the current smelter Viability Agreement. This strategic move comes after Alcoa's unsuccessful attempts to sell 100% of the San Ciprián operations due to challenging economic conditions, primarily high energy costs.

Alcoa (NYSE: AA; ASX: AAI) has announced a quarterly cash dividend declaration by its Board of Directors. The dividend, set at $0.10 per share, applies to both the Company's common stock and Series A convertible preferred stock. Stockholders of record as of the close of business on October 29, 2024, will receive the dividend payment on November 15, 2024. This announcement demonstrates Alcoa's commitment to providing regular returns to its shareholders, reflecting the company's financial stability and shareholder value focus.

Alcoa (NYSE: AA; ASX: AAI) has announced a long-term alumina supply contract extension with Aluminium Bahrain B.S.C. (Alba). The agreement, set to run from 2026 to 2035, allows Alba to procure up to 16.5 million tonnes of smelter grade alumina, primarily from Western Australia. This extension makes Alcoa Alba's largest third-party supplier of alumina.

Alcoa's President & CEO, William F. Oplinger, highlighted that this contract strengthens Alcoa's position as the premier global alumina supplier while providing strategic support to one of the world's largest aluminum producers. The agreement aligns with Alcoa's strategy to be a supplier of choice for long-term supply stability and supports the company's flexibility in managing its alumina position.

Alba's CEO, Ali Al Baqali, emphasized that the partnership with Alcoa reinforces their commitment to sustainability and mutual growth, while securing a steady alumina supply for their operations.

Alcoa (NYSE: AA; ASX: AAI) has announced that it will release its third quarter 2024 financial results on Wednesday, October 16, 2024, after the close of trading on the New York Stock Exchange. The company will host a conference call to discuss the results on the same day at 5:00 p.m. EDT (October 17, 2024, at 8:00 a.m. AEDT).

The call will be webcast live on Alcoa's website, www.alcoa.com. The earnings press release and related presentation will be available in the 'Investors' section of the website. William Oplinger, President and CEO, and Molly Beerman, Executive VP and CFO, will host the call.

A telephone replay will be available from approximately 8:00 p.m. EDT on October 16 until October 23, 2024. The webcast will also be archived on the company's website.

Alcoa (NYSE: AA) has announced an agreement to sell its 25.1% stake in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. Alcoa will hold the Ma'aden shares for a minimum of three years, with gradual transferability. The deal simplifies Alcoa's portfolio in Saudi Arabia and provides greater financial flexibility. The joint venture, established in 2009, comprises two entities: Ma'aden Bauxite and Alumina Company (MBAC) and Ma'aden Aluminium Company (MAC). The transaction is subject to regulatory approvals and Ma'aden shareholder approval, with an expected closing in the first half of 2025.

Alcoa 's Executive Vice President and CFO, Molly S. Beerman, is set to participate in two major investor conferences in September 2024. She will engage in Q&A sessions about Alcoa's business outlook and current market conditions at the Jefferies 2024 Industrials Conference on September 5 and the Morgan Stanley 12th Annual Laguna Conference on September 12.

A slide presentation for these conferences will be available on Alcoa's website from September 4. Live audio webcasts of Beerman's sessions will be accessible on the company's website, with transcripts and audio replays made available afterwards. These events provide an opportunity for investors to gain insights into factors potentially affecting Alcoa's financial results for the current quarter.