On June 30, 2026, Alcoa signed an Umbrella Implementation Deed to acquire South32's AliGroup assets for $3,100M cash plus ~17M shares (~$1,000M), including 86% of Boddington bauxite mine and Worsley alumina refinery (Australia), 100% of Hillside smelter (South Africa), and 33%/36%/40% stakes in MRN mine, Alumar refinery, and Alumar smelter (Brazil). Closing is expected H1 2027 subject to shareholder, regulatory, and other conditions; Alcoa obtained $3,100M bridge financing commitments and intends to refinance with permanent debt before closing.
Aluminum production reached 636 kmt in Q2 (+5% sequentially) as Alcoa completed the San Ciprián (Spain) smelter restart (April 7, 2026), finished restarts of 31 kmt at Lista (Norway) and 15 kmt at Portland (Australia), and advanced the Alumar (Brazil) restart to ~93% of its 268 kmt Alcoa share. Total curtailed aluminum capacity fell to 87 kmt from 112 kmt a quarter earlier, and the company set year-to-date production records at four aluminum smelters and one alumina refinery.
Alumina production declined 6% sequentially to 2,218 kmt, driven by ongoing instability at the Pinjarra (Australia) refinery following Cyclone Narelle in late March and associated gas supply disruptions. Alcoa reduced its 2026 alumina production outlook by 0.2–0.3 MMT to 9.5–9.6 MMT and shipments by 0.3–0.4 MMT to 11.5–11.6 MMT; Pinjarra recovered stability subsequent to June 30, 2026.
Middle East conflict impacts drove >2,500 kmt of announced annual smelting curtailments and ~2,000 kmt of refining curtailments in the region, disrupted Strait of Hormuz transit for raw materials, and raised fuel oil and diesel costs at Alcoa's refineries. Aluminum prices responded: LME 15-day lag averaged $3,585/mt (+15% sequentially), the Midwest premium rose 10%, and the Rotterdam premium rose 47%, lifting the average realized aluminum price to $4,752/mt and the Aluminum segment to a record Adjusted EBITDA of $1,073 (32% of segment sales), while the Alumina segment posted a -$96 Adjusted EBITDA loss.
Alcoa reached a final investment decision (announced July 14, 2026) for a gallium production plant at the Wagerup refinery (Australia) with government and industry partners from Australia, Japan, and the United States; Alcoa contributed $24M to the joint venture and will serve as construction and operating manager. Subsequent to quarter-end, Alcoa also converted a $153M mandatory convertible note and purchased Trento EQT's remaining 25% stake in San Ciprián for $28M, taking 100% ownership effective August 1, 2026.
(Filed on April 30, 2026)
-5.2%
21.3%
$1.4B
San Ciprián (Spain) smelter restart was completed on April 7, 2026 (subsequent to quarter-end); curtailed capacity fell to 4 kmt at March 31, 2026 from 81 kmt at year-end and 214 kmt a year earlier. Alcoa also began restarting 15 kmt of previously curtailed capacity at the Portland (Australia) smelter during the quarter, reducing its curtailed capacity from 28 to 24 kmt.
The Middle East conflict curtailed more than 2,500 kmt of annual smelting and nearly 2,000 kmt of refining capacity in the region and disrupted Strait of Hormuz transit, while Cyclone Narelle affected Western Australia at quarter-end; combined, these delayed alumina shipments from Alcoa's Australian refineries into April 2026, with the company continuing to support customer logistics post-quarter.
Alcoa submitted to the Western Australia EPA responses to all comments received during a 12-week public comment period for its Myara North and Holyoake mine regions and the rolling five-year mine plan (2023-2027); the company targets Ministerial decisions by end of 2026 and expects mining in the new regions to commence no earlier than 2029, with bauxite quality expected to remain similar to recent grades in the interim.
Aluminum segment: average LME 15-day lag was $3,120/mt and the Midwest premium rose 21% sequentially, lifting average realized third-party price to $4,209/mt (vs. $3,213 in Q1 2025). Production was 607 kmt (+8% YoY) and adjusted operating cost per metric ton of produced aluminum shipped fell to $2,468 (from $2,775). The segment proactively repositioned inventory in North America for added value-add product flexibility; U.S. tariffs on Canadian aluminum imports (25% from March 2025, rising to 50% in June 2025) impacted costs but, at recent Midwest premium levels, are fully covered by premium revenue.
Alumina segment: production was 2,355 kmt (flat vs. Q1 2025) with the average API at $309/mt (-4% sequentially, -50% YoY); third-party shipments were 1,611 kmt (vs. 2,105 in Q1 2025), reflecting shipment delays in Australia and lower externally sourced volumes. Segment Adjusted EBITDA was negative $40 million (vs. +$664 million a year earlier), and base capacity stood at 11,653 kmt with 1,014 kmt curtailed (unchanged sequentially).
S&P upgraded Alcoa's long-term debt rating to BB+ from BB (stable outlook) on March 3, 2026, and Fitch affirmed BB+ while revising its outlook from stable to positive on March 11, 2026. On April 14, 2026, Alcoa announced redemption of the remaining $219 million 6.125% notes due 2028 for May 15, 2026, leaving no significant debt maturities until 2029; the $1,250 million revolving credit facility remained undrawn.
(Filed on February 26, 2026)
-1.1%
16.7%
$1.6B
Goodwill impairment (Q4 2025): Alcoa recorded a $144 million impairment of all remaining goodwill in the Alumina reporting unit, reducing it to zero. The quantitative assessment was driven by declining alumina prices (the annual API fell 11% year-over-year, with further Q4 2025 declines attributed to a global supply surplus from refinery expansions in China and Indonesia), increased capital expenditures for mine moves and reclamation in Australia, and a higher discount rate. This was an annual-context event disclosed in the 10-K; the impairment itself was recognized in Q4.
ELYSIS technology milestone (November 2025): ELYSIS Limited Partnership, a joint venture between Alcoa (48.2%) and Rio Tinto (48.2%), successfully started its first 450 kA inert anode cell at Rio Tinto's Alma smelter in Qu閡bec, Canada. The filing describes this as a key milestone for potential large-scale commercialization of the carbon-free aluminum smelting technology. The target for first production remains 2027, unchanged. Alcoa holds the right to purchase up to 40% of metal from the demonstration. Alcoa's cumulative contribution to ELYSIS through December 31, 2025 was $207 million (C$279 million), and $62 million in losses remain unrecognized.
San Ciprián (Spain) smelter restart status as of December 31, 2025: The smelter was operating at approximately 65% of its 228,000-metric-ton annual capacity, up from roughly 6% since March 2024. The restart, enabled by the 75/25 joint venture with Trento EQT formed in March 2025, was paused in April 2025 following a widespread Spanish power outage and resumed in July 2025. Alcoa expects full restart completion by mid-2026. In December 2025, Alcoa provided a $153 million (€130 million) mandatory convertible note to the joint venture that will convert to equity on or before September 1, 2026. The collective bargaining agreement covering approximately 800 workers at the complex expired December 31, 2025, with negotiations to commence in 2026; current conditions remain in effect during the gap. Annual context: the San Ciprián complex incurred net losses in 2025, with $38 million of loss attributable to the noncontrolling interest.
Massena (New York) smelter power contract and capital investment (October 2025): Alcoa entered into a ten-year renewable energy contract with the New York Power Authority effective April 1, 2026, with options for two additional five-year extensions, and announced approximately $60 million in capital investment in the facility's anode baking furnace to support future operations. This follows the prior NYPA contract expiring March 2026.
Annual context (fiscal year 2025, from 10-K): Alcoa announced the permanent closure of the Kwinana alumina refinery in Australia in September 2025 (fully curtailed since June 2024), recording $856 million in charges and $212 million in cash outlays in 2025, with approximately $525 million in additional cash outlays expected through 2031. Demolition and remediation are expected to begin in 2026. Alcoa completed the sale of its 25.1% Saudi Arabia joint venture interest to Ma'aden on July 1, 2025 for $1,350 million in total consideration (85,977,547 Ma'aden shares valued at $1,200 million plus $150 million cash), recognizing a $786 million gain and a $197 million mark-to-market gain on the shares by year-end. Five aluminum smelters and one alumina refinery set annual production records. The Alumar (Brazil) smelter reached ~91% of its 268 kmt capacity and the Lista (Norway) smelter reached ~92% of its 95 kmt capacity as of December 31, 2025, following restarts during 2025. In February 2026 (subsequent event), Alcoa agreed with the Australian federal government to a strategic environmental assessment for all Western Australian mine areas through 2045, with an 18-month national interest exemption, and entered enforceable undertakings requiring $36 million for environmental offsets at the Huntly mine; Ministerial decisions on the Myara North and Holyoake mine regions are targeted for end of 2026, with mining in new regions not expected before 2029.
(Filed on October 28, 2025)
+3.1%
10.0%
$1.5B
Alcoa announced the permanent closure of the Kwinana (Australia) alumina refinery in September 2025, which had been fully curtailed since June 2024. The company recorded an $856M restructuring charge in Q3 (including $430M for asset retirement/environmental reserves, $265M fixed-asset impairment, and $86M other costs) plus a $39M inventory write-down in COGS. The site had ~220 employees at closure; cash outlays are expected to total ~$600M over the next six years, with ~$75M in Q4 2025, and demolition/remediation is expected to begin in 2026. Alumina segment base capacity decreased by 2,190 kmt as a result.
Alcoa completed the sale of its 25.1% interest in the Saudi Arabia joint venture (MBAC and MAC) to Ma'aden on July 1, 2025, for total consideration of $1,350M (85,977,547 Ma'aden shares valued at $1,200M plus $150M cash). A $786M net gain was recorded in Q3, along with a $267M mark-to-market gain on the Ma'aden shares. The shares are subject to a three-year minimum holding period (one-third transferable after each of years 3, 4, and 5).
The San Ciprián (Spain) smelter restart, paused in April 2025 due to a widespread Spanish power outage, resumed in July 2025. As of September 30, 2025, the smelter was operating at approximately 29% of its 228 kmt annual capacity, up from ~6% in early 2025. The restart is expected to be completed by mid-2026. The facility operates under a 75/25 joint venture with IGNIS Equity Holdings formed March 31, 2025, under which Alcoa committed up to ~$117M in funding with a priority position on future cash returns.
Q3 2025 aluminum production was 579 kmt (up 1% sequentially) and alumina production was 2,453 kmt (up 4% sequentially). Average realized aluminum price rose to $3,374/mt (from $3,143 in Q2), driven by a 58% sequential increase in the Midwest premium following the U.S. Section 232 tariff on Canadian aluminum rising from 25% to 50% on June 4, 2025. Baie-Comeau, Deschambault, Mosjøen, Portland, and Warrick smelters each set year-to-date production records. The Alumar (Brazil) smelter operated at ~91% of its 268 kmt capacity, and Alcoa began restarting 20 kmt of previously curtailed capacity at the Portland (Australia) smelter.
The Western Australian EPA's timeline for Ministerial decisions on Alcoa's mine plan approvals (covering the Myara North and Holyoake mine regions and the rolling five-year 2023-2027 mine plan) slipped to the end of 2026, from a previously indicated Q1 2026 target, citing complexities of advancing both assessments and responding to public comment submissions received in September-October 2025. Alcoa anticipates mining in new major regions will commence no earlier than 2029, with bauxite quality expected to remain similar to recent grades in the interim.
Post-quarter, on October 22, 2025, Alcoa announced a long-term energy contract with the New York Power Authority and a ~$60M capital investment in the Massena (New York) smelter's anode baking furnace to support future operations. In June 2025, the company also entered a firming contract for the Mosjøen (Norway) smelter converting pay-as-produced wind into baseload power through December 2028, and a new four-year collective bargaining agreement was ratified with Icelandic unions at the Fjarðaál smelter in September 2025.
