Alcoa Corp Stock Price, News & Analysis

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.

Alcoa (NYSE: AA, ASX: AAI) has announced a leadership transition in its Investor Relations department. Louis Langlois, currently senior vice president and treasurer, will assume the role of senior vice president, Treasury and Capital Markets, effective September 1, 2024. He will take over the investor relations and pension investment functions from Jim Dwyer, who is retiring after more than 30 years of service.

Mr. Langlois will continue to report to Molly Beerman, Executive Vice President and Chief Financial Officer. As part of the transition, Yolande Doctor will become director of Investor Relations, managing day-to-day relationships with the investor community. Mr. Langlois brings extensive financial management experience and a thorough understanding of Alcoa's business to his new role.

Alcoa (NYSE: AA, ASX: AAI) has released its 2023 Sustainability Report, highlighting progress on long-term sustainability goals. Key achievements include:

• Maintained zero fatalities commitment
• Increased renewable electricity use to 87%, surpassing the 85% goal for global smelting by 2025
• Disclosed performance against Global Industry Standard on Tailings Management
• Issued first global Modern Slavery Statement
• Increased female workforce representation to 19.1%

The report covers areas such as health and safety, community commitment, climate change, inclusion diversity and equity, and innovation. Alcoa's efforts are guided by its core values: integrity, excellence, care for people, and courageous leadership.

Alcoa (NYSE: AA; ASX: AAI) has successfully completed its acquisition of Alumina , strengthening its position as a global leader in bauxite and alumina production. The all-stock transaction, valued at approximately $2.8 billion, gives Alcoa full ownership and control of the Alcoa World Alumina and Chemicals (AWAC) joint venture. Alumina shareholders received 0.02854 Alcoa shares for each Alumina share, primarily in the form of CDIs tradable on the ASX.

The acquisition is expected to create long-term value through increased financial and operational flexibility. Alcoa anticipates achieving synergies through simplified corporate governance and enhanced strategic optionality. The company has established a secondary listing on the ASX under the ticker 'AAI', with CDI trading set to begin on August 2, 2024.

Alcoa (NYSE: AA) has announced a quarterly cash dividend of $0.10 per share for both its common stock and Series A convertible preferred stock. The dividend will be paid on August 29, 2024, to stockholders of record as of the close of business on August 12, 2024. This announcement comes in connection with Alcoa's acquisition of Alumina , which is expected to close on August 1, 2024. The Series A convertible preferred stock, created as part of this acquisition, will be issued at the closing of the transaction.

Alcoa (NYSE: AA) reported second quarter 2024 results with sequential increases in key financial metrics. Revenue rose 12% to $2.9 billion, while net income improved to $20 million ($0.11 per share). Adjusted net income reached $30 million ($0.16 per share), and Adjusted EBITDA excluding special items increased to $325 million.

The company saw higher alumina and aluminum prices, along with progress in profitability improvement programs. Alcoa completed the full curtailment of the Kwinana refinery in Australia and expects to close the Alumina acquisition around August 1, 2024. The company ended Q2 with a cash balance of $1.4 billion and reported 41 days working capital, a sequential decrease of six days.

Alcoa (NYSE: AA) announced that its stockholders have overwhelmingly approved the issuance of shares for the proposed acquisition of Alumina Approximately 99% of Alcoa shares present at the Special Meeting voted in favor of the transaction. This acquisition is expected to strengthen Alcoa's position as one of the world's largest bauxite and alumina producers, increasing ownership of core, tier-one assets. The deal aims to create significant long-term value through greater financial and operational flexibility.

Alumina shareholders will vote on the scheme on July 18, 2024, followed by a Federal Court of Australia hearing on July 22, 2024. The transaction is anticipated to close around August 1, 2024. J.P. Morgan Securities and UBS Investment Bank are acting as financial advisors to Alcoa, with Ashurst and Davis Polk & Wardwell LLP serving as legal counsel.

Alcoa (NYSE: AA) released preliminary second quarter 2024 results, showing sequential increases in revenue, net income, adjusted net income, and Adjusted EBITDA due to higher alumina and aluminum prices. Revenue is expected to range between $2,850 million and $2,925 million, up from $2,599 million in 1Q24. Net income is forecasted between $5 million and $25 million, compared to a net loss of $(252) million in the prior quarter. Adjusted EBITDA is anticipated to be between $310 million and $330 million, significantly higher than the $132 million in 1Q24. Alcoa's acquisition of Alumina is on track for completion around August 1, 2024.

Despite decreased alumina production and shipments due to the Kwinana refinery curtailment, the aluminum segment shows strong output, with shipments expected to increase by 7% sequentially. CEO William F. Oplinger attributed the improvements to market conditions, and Alcoa's cash balance remains stable at approximately $1.4 billion.

Additionally, Alcoa reported progress on the ELYSIS technology with Rio Tinto and ongoing efforts to secure energy solutions for the San Ciprián complex, which is also being considered for sale.