Duyuru • Jul 02
Alcoa Corporation (NYSE:AA) entered into a definitive agreement to acquire Bauxite, Alumina, and Aluminum Assets of South32 Limited (ASX:S32) for $5.5 billion. Alcoa Corporation (NYSE:AA) entered into a definitive agreement to acquire Bauxite, Alumina, and Aluminum Assets of South32 Limited (ASX:S32) for $5.5 billion on June 30, 2026. Alcoa will acquire South32’s interests in Worsley Alumina (86%), Hillside Aluminium (100%), MRN bauxite mine (33%), Brazil Alumina refinery (36%) and Brazil Aluminium smelter (40%) under the Transaction. The Transaction’s implied enterprise value of up to $5.6 billion comprises $3.1 billion in upfront cash consideration; $1.0 billion in Alcoa shares, in the form of 17 million Alcoa shares at the 10-day volume weighted average price; $750 million in net debt and lease liabilities to be assumed by Alcoa; and up to $750 million in contingent cash consideration, linked to alumina and aluminium prices to 2030. Alcoa will assume all current and future liabilities of the Assets, with operating control transferred at completion. Alcoa has secured fully committed financing for the transaction in the form of an initial $3.1 billion bridge commitment from Goldman Sachs. In case of termination of transaction, Alcoa Corporation will pay a termination fee of $82 million or 2% and South32 Limited will pay a termination fee of $82 million or 2%. Alcoa will also assume related rehabilitation provisions of approximately $1.2 billion.
Graham Kerr stepped down as Chief Executive Officer and Managing Director on 30 June and will continue as a strategic advisor to support engagements related to the Transaction. Worsley and Brazil assets generated approximately $1 billion of revenue and $100 million of EBITDA in 2025. Hillside smelter generated approximately $2 billion of revenue and $200 million of EBITDA in 2025.
Completion of the Transaction is subject to satisfaction (or waiver where permitted) of conditions precedent by 29 June 2027 (or an agreed later date), which include: South32 shareholder approval; Australian Foreign Investment Review Board approval; Australian Competition and Consumer Commission approval; Financial Surveillance Department of the South African Reserve Bank approval; Certain other international competition and regulatory approvals, including approval under the South African Competition Act; and Other customary conditions, including no material adverse. The transaction has been unanimously approved by both Alcoa’s and South32’s Board of Directors. The transaction is expected to close in the first half of 2027. The acquisition is expected to improve Alcoa’s proforma position of its global aluminum and alumina operations on the cost curves and enable stronger cash generation through the cycle. The transaction is also expected to be accretive to Alcoa’s earnings per share and free cash flow immediately following closing, increasing Alcoa’s potential for shareholder returns and additional investments.
Goldman Sachs & Co. LLC acted as financial advisor for Alcoa Corporation. Ashurst Perkins Coie acted as legal advisor for Alcoa Corporation. James P. Dougherty, Alexander J. Yang, Michael Kaplan, Daniel S. Kahn, Corey M. Goodman, and Liang Zhang of Davis Polk & Wardwell LLP acted as legal advisor for Alcoa Corporation. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for Alcoa Corporation. BofA Securities, Inc. acted as financial advisor for South32 Limited. UBS Securities Australia Ltd acted as financial advisor for South32 Limited. Mallesons acted as legal advisor for South32 Limited. Flagstaff Partners Pty Ltd acted as financial advisor for South32 Limited Board. Duyuru • Jun 16
Alcoa Corporation to Report Q2, 2026 Results on Jul 16, 2026 Alcoa Corporation announced that they will report Q2, 2026 results After-Market on Jul 16, 2026 Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €58.12, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €111 per share. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €62.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 106% over the past three years. Declared Dividend • May 11
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 19th May 2026 Payment date: 5th June 2026 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 10%. Cash payout ratio: 37%. Duyuru • May 08
Alcoa Corporation announces Quarterly dividend, payable on June 05, 2026 Alcoa Corporation announced Quarterly dividend of USD 0.1000 per share payable on June 05, 2026, ex-date on May 19, 2026 and record date on May 19, 2026. Duyuru • Apr 18
Alcoa Corporation Provides Operating Guidance for the Year 2026 Alcoa Corporation Provides Operating Guidance for the Year 2026. For the period, the company total Alumina segment production and shipments to remain unchanged from its prior projection, ranging between 9.7 to 9.9 million metric tons, and between 11.8 and 12.0 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts. Total Aluminum segment production and shipments to remain unchanged from its prior projection, ranging between 2.4 and 2.6 million metric tons, and between 2.6 and 2.8 million metric tons, respectively. Reported Earnings • Apr 17
First quarter 2026 earnings released: EPS: US$1.61 (vs US$2.08 in 1Q 2025) First quarter 2026 results: EPS: US$1.61 (down from US$2.08 in 1Q 2025). Revenue: US$3.19b (down 5.2% from 1Q 2025). Net income: US$425.0m (down 21% from 1Q 2025). Profit margin: 13% (down from 16% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €48.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €78.40 per share. Duyuru • Mar 20
Alcoa Corporation, Annual General Meeting, May 06, 2026 Alcoa Corporation, Annual General Meeting, May 06, 2026. Duyuru • Mar 16
Alcoa Corporation to Report Q1, 2026 Results on Apr 16, 2026 Alcoa Corporation announced that they will report Q1, 2026 results After-Market on Apr 16, 2026 Duyuru • Mar 04
Alcoa Corporation Appoints Emily Olson as Executive Vice President and Chief External Affairs Officer, Effective April 6, 2026 Alcoa Corporation announced that Emily Olson will join Alcoa on April 6, 2026, as Executive Vice President and Chief External Affairs Officer. Olson will lead Alcoa’s global external affairs and communications organization, including government affairs, communications, stakeholder engagement and the Alcoa Foundation. She will serve as a member of the Company’s Executive Team and will work closely with senior leadership to advance Alcoa’s strategic priorities and strengthen engagement with key external stakeholders worldwide. Olson brings over 20 years of leadership experience across capital intensive industries in the Americas, Europe and Asia. Most recently, Olson served as Chief Sustainability and Corporate Affairs Officer at Vale Base Metals, where she led an integrated global team spanning government relations, communications, sustainability and licensing. In that role she served as the company’s chief liaison with governments globally — working directly with federal and regional leaders as well as key stakeholders and partners — while advising the CEO and board on geopolitical risk and strategic nontechnical risks. Olson led Vale’s major business interests in Indonesia and served as Chairman of PT Vale. Prior to Vale, Olson served as Vice President, Global Strategic Relations at Freeport-McMoRan, where she led the integration of government affairs, communications and community affairs, and advised the CEO and board on country-level geopolitical risks. Olson spent nearly 15 years at BP plc in progressively senior government affairs and business leadership roles across Washington, D.C., Houston and London. As Senior Vice President for Europe and Russia, she led geopolitical risk management across 15 countries and directed government affairs strategy spanning Brussels, Moscow, Berlin and the Caspian region. She also served as Vice President for the Southern Gas Corridor, where she led government advocacy across six countries and guided a consortium of eleven partners to deliver a $40 billion pipeline project. Before joining the private sector, Olson served as legislative staff in the U.S. House of Representatives and held senior public policy roles in the agricultural sector. She holds a bachelor’s degree in political science from Loyola University of Chicago and a master’s degree in international strategy and diplomacy from the London School of Economics. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 10th March 2026 Payment date: 26th March 2026 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to grow by 4.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 27
Alcoa Corporation Declares Cash Dividend for the Quarter Ended December 31, 2025, Payable on March 26, 2026 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock for the quarter ended December 31, 2025, to be paid on March 26, 2026 to stockholders of record as of the close of business on March 10, 2026 and ex-date of March 9, 2026. New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jan 23
Full year 2025 earnings released: EPS: US$4.51 (vs US$0.26 in FY 2024) Full year 2025 results: EPS: US$4.51 (up from US$0.26 in FY 2024). Revenue: US$12.8b (up 7.9% from FY 2024). Net income: US$1.17b (up US$1.11b from FY 2024). Profit margin: 9.1% (up from 0.5% in FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 23
Alcoa Corporation Provides Production Guidance for the Year 2025 Alcoa Corporation provided production guidance for the year 2025. The company expects 2026 total Alumina segment production to range between 9.7 and 9.9 million metric tons, an increase from 2025 due to productivity improvements. In 2026, alumina shipments are expected to be between 11.8 and 12.0 million metric tons. The difference between production and shipments, which decreased from 2025, reflects trading volumes and externally sourced alumina to fulfill customer contracts. Alcoa expects 2026 total Aluminum segment production to range between 2.4 and 2.6 million metric tons, an increase from 2025 due to smelter restarts. In 2026, aluminum shipments are expected to range between 2.6 and 2.8 million metric tons. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €55.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 21% over the past three years. Duyuru • Dec 19
Alcoa Corporation to Report Q4, 2025 Results on Jan 22, 2026 Alcoa Corporation announced that they will report Q4, 2025 results After-Market on Jan 22, 2026 Duyuru • Oct 23
Alcoa Corporation Declares Quarterly Cash Dividend, Payable on November 21, 2025 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on November 21, 2025 to stockholders of record as of the close of business on November 4, 2025. Duyuru • Oct 21
Alcoa Corporation Announces Support for its Gallium Critical Mineral Development Project in Western Australia Alcoa Corporation welcomes the announcement of the United States and Australian governments to advance the development of a gallium plant to be co-located at the Company's Wagerup alumina refinery in Western Australia. This latest development follows support given for the project from Japan Australia Gallium Associates Pty Ltd. ("JAGA"), a joint venture between the Japanese Government and Sojitz Corporation ("Sojitz"), through a Joint Development Agreement ("JDA") with Alcoa announced in August 2025. Following completion of feasibility assessments, Alcoa expects that a joint U.S., Australia and Alcoa special purpose vehicle ("SPV") would enter into the joint venture with JAGA to construct a gallium plant. The plant, which would be operated by Alcoa, would be expected to produce 100 metric tons of gallium annually. Under the terms of the non-binding agreement, the U.S. and Australian governments and Alcoa would provide capital to the SPV and receive gallium offtake in proportion to their interests. Among other purposes, the capital would be used for preparation of final feasibility studies, and the development and construction of the project. Definitive agreements for the gallium joint venture will be prepared among the governments of the United States, Australia and Japan, and Alcoa and Sojitz. Gallium is naturally present in bauxite, the raw material used in the production of alumina, and can be extracted during the refining process. Gallium is a critical mineral essential to technology, especially the semiconductor industry and defense sectors and is recognized as vital to national security by the United States,Australia and Japan. Globally, gallium production is concentrated from a single source, and market controls have heightened interest in establishing and securing alternate supply chains. Alcoa will continue to work cooperatively with the Western Australian Government to progress the project under the State Agreement and approvals framework. The parties are targeting 2026 for final investment decision and production. Duyuru • Sep 30
Alcoa Corporation Announces Closure of Kwinana Alumina Refinery in Western Australia Alcoa Corporation announced that it will permanently close its Kwinana alumina refinery in Western Australia. This decision follows the curtailment of production at the refinery in June 2024. Alcoa has undertaken numerous studies and analyses since curtailment to determine the future of the refinery, including restart and closure. Multiple factors led to the decision to permanently close the refinery, including the age of the facility, scale and operating costs, market conditions and bauxite grade challenges. Alcoa will work with relevant stakeholders on a safe and responsible closure of the refinery and associated residue storage areas. Additionally, Alcoa will begin to prepare the site for new economic development opportunities, and as part of this, the Company will work with the Western Australian State Government on potential future land use options. Alcoa's port and associated rail facilities at Kwinana will continue to operate, as will Alcoa's strategically important other Western Australian and Victorian operations. The Kwinana refinery currently has approximately 220 employees; this number will be reduced during 2026 as the closure progresses. Certain employees will remain beyond 2026 to prepare the site for future redevelopment. Associated severance costs were previously recorded in the first quarter of 2024.Permanently closing Kwinana's 2.2 million metric tons of annual capacity will bring Alcoa's global consolidated refining capacity to 11.7 million metric tons. While the restructuring charge decreases the Company's annualized effective tax rate, Alcoa's defined operational tax expense includes the interim tax impacts required under GAAP, which has the effect of smoothing tax provisioned across quarters, resulting in a lower tax benefit in the third quarter. As a consequence, the fourth quarter operational tax expense will be lower. Duyuru • Sep 22
Alcoa Corporation to Report Q3, 2025 Results on Oct 22, 2025 Alcoa Corporation announced that they will report Q3, 2025 results at 4:00 PM, Eastern Daylight on Oct 22, 2025 Declared Dividend • Aug 04
Second quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 12th August 2025 Payment date: 28th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to decline by 42% over the next 3 years. However, it would need to fall by 89% to increase the payout ratio to a potentially unsustainable range. Duyuru • Jul 31
Alcoa Corporation Declares Quarterly Cash Dividend for Common Stock, Payable on August 28, 2025 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of USD 0.10 per share of the Company’s common stock to be paid on August 28, 2025 to stockholders of record as of the close of business on August 12, 2025. Ex date is August 11, 2025. Reported Earnings • Jul 17
Second quarter 2025 earnings released: EPS: US$0.63 (vs US$0.11 in 2Q 2024) Second quarter 2025 results: EPS: US$0.63 (up from US$0.11 in 2Q 2024). Revenue: US$3.02b (up 3.9% from 2Q 2024). Net income: US$164.0m (up US$144.0m from 2Q 2024). Profit margin: 5.4% (up from 0.7% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Duyuru • Jul 02
Saudi Arabian Mining Company (Ma'aden) (SASE:1211) completed the acquisition of the remaining 25.10% stake in Ma’aden Bauxite and Alumina Company and Ma’aden Aluminium Company from Alcoa Corporation (NYSE:AA). Saudi Arabian Mining Company (Ma'aden) (SASE:1211) entered into a share purchase and subscription agreement to acquire remaining 25.10% stake in Ma’aden Bauxite and Alumina Company and Ma’aden Aluminium Company from Alcoa Corporation (NYSE:AA) for $1.04 billion on September 15, 2024. Under the terms of agreement, Alcoa agrees to sell its full ownership interest of 25.1% in each of its joint ventures with Ma’aden, comprising the Ma’aden Bauxite and Alumina Company and the Ma’aden Aluminium Company, to Ma’aden in exchange for the issuance by Ma’aden of 85,977,547 shares of Ma’aden (valued at $950 million) and $150 million in cash. The shares of Ma’aden to be issued in the transaction will be subject to transfer and sale restrictions. Alcoa will hold its Ma’aden shares for a minimum of three years, with one-third of the shares becoming transferable after each of the third, fourth, and fifth anniversaries of closing of the transaction (the “holding period”). During the holding period, Alcoa would be permitted to hedge and borrow against its Ma’aden shares. Under certain circumstances, such minimum holding period would be reduced. As part of consideration, $1.1 billion is paid towards common equity of Ma’aden Bauxite and Alumina Company/Ma’aden Aluminium Company. Upon completion, Saudi Arabian Mining Company (Ma'aden) will own 100% stake in Ma’aden Bauxite and Alumina Company and Ma’aden Aluminium Company.
The transaction is subject to regulatory approvals, approval by Ma’aden’s shareholders and other customary closing conditions. The expected completion of the transaction is in the first half of 2025. Citigroup Inc. acted as financial advisor for Alcoa Corporation. David Lewis, Mark Richardson, Philip Broke, Margot Berry, Will Smith and Sami E. Al-Louzi of White & Case LLP acted as legal advisor for Alcoa Corporation. SNB Capital Company served as financial advisor to Ma’aden and AS&H Clifford Chance acted as legal advisor to Ma’aden.
Saudi Arabian Mining Company (Ma'aden) (SASE:1211) completed the acquisition of the remaining 25.10% stake in Ma’aden Bauxite and Alumina Company and Ma’aden Aluminium Company from Alcoa Corporation (NYSE:AA) on July 1, 2025. Alcoa received proceeds of approximately 86 million shares of Ma’aden (valued at approximately $1.2 billion) and $150 million in cash (to be used primarily for related taxes and transaction costs) and expects to record a gain of approximately $780 million in other income in the third quarter of 2025. Consistent with prior transactions, Alcoa reflects gains or losses from non-core asset sales as special items. Pursuant to the terms of the Agreement, Alcoa will hold its Ma’aden shares for a minimum of three years and can sell one-third of the shares after each of the third, fourth and fifth anniversaries of closing of the transaction. Duyuru • Jun 23
Alcoa Corporation to Report Q2, 2025 Results on Jul 16, 2025 Alcoa Corporation announced that they will report Q2, 2025 results at 4:00 PM, Eastern Daylight on Jul 16, 2025 Declared Dividend • May 19
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 20th May 2025 Payment date: 6th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to decline by 22% over the next 3 years. However, it would need to fall by 88% to increase the payout ratio to a potentially unsustainable range. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €25.52, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total loss to shareholders of 56% over the past three years. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Duyuru • May 10
Alcoa Corporation Announces Appointment of Thomas Gorman as Chair of Board of Director Sims Limited advises that non-executive Director, Mr. Thomas Gorman, will retire from the Sims Board effective immediately following his appointment as Chair of the Alcoa Corporation Board of Directors. Mr. Gorman joined the Sims Board in June 2020 and served as Chair of the Safety, Health, Environmental, Community, and Sustainability (SHECS) Committee and a member of the Nomination/Governance Committee. Duyuru • May 09
Alcoa Corporation Declares Quarterly Cash Dividend, Payable on June 6, 2025 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on June 6, 2025 to stockholders of record as of the close of business on May 20, 2025. New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Reported Earnings • Apr 17
First quarter 2025 earnings released: EPS: US$2.12 (vs US$1.41 loss in 1Q 2024) First quarter 2025 results: EPS: US$2.12 (up from US$1.41 loss in 1Q 2024). Revenue: US$3.37b (up 30% from 1Q 2024). Net income: US$548.0m (up US$800.0m from 1Q 2024). Profit margin: 16% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Apr 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 151% Cash payout ratio: 247% Dividend yield: 1.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 151% Cash payout ratio: 247% Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Duyuru • Mar 24
Alcoa Corporation to Report Q1, 2025 Results on Apr 16, 2025 Alcoa Corporation announced that they will report Q1, 2025 results After-Market on Apr 16, 2025 Duyuru • Mar 20
Alcoa Corporation, Annual General Meeting, May 08, 2025 Alcoa Corporation, Annual General Meeting, May 08, 2025. Reported Earnings • Feb 24
Full year 2024 earnings released: EPS: US$0.26 (vs US$3.66 loss in FY 2023) Full year 2024 results: EPS: US$0.26 (up from US$3.66 loss in FY 2023). Revenue: US$11.9b (up 13% from FY 2023). Net income: US$56.0m (up US$707.0m from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 24
Fourth quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 4th March 2025 Payment date: 20th March 2025 Dividend yield will be 1.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (152% earnings payout ratio) nor is it covered by cash flows (247% cash payout ratio). The dividend has not increased over the past 3 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 69% to bring the payout ratio under control. EPS is expected to grow by 81% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Feb 23
Alcoa Corporation Declares Quarterly Cash Dividend, Payable on March 20, 2025 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock to be paid on March 20, 2025 to stockholders of record as of the close of business on March 4, 2025. Duyuru • Feb 22
Alcoa Corporation Announces Steven W. Williams to Not Stand for Re-Election as A Member Board of Director Alcoa Corporation announced that on February 20, 2025, Mr. Steven W. Williams provided notice to Alcoa Corporation that he will not stand for re-election as a member of the Company’s Board of Directors (the “Board”) at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Mr. Williams has served as a director of the Company since its launch as a public company in 2016 and as Chairman of the Board since 2021. He will continue to serve as a director and the Chairman of the Board until the end of his term at the conclusion of the Annual Meeting (the “Effective Time”). Mr. Williams’ decision to not stand for re-election is not due to any disagreement with the Board or the Company. Immediately upon the Effective Time, the size of the Board will be reduced to eleven directors. Reported Earnings • Jan 23
Full year 2024 earnings released: EPS: US$0.28 (vs US$3.66 loss in FY 2023) Full year 2024 results: EPS: US$0.28 (up from US$3.66 loss in FY 2023). Revenue: US$11.9b (up 13% from FY 2023). Net income: US$60.0m (up US$711.0m from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Duyuru • Jan 23
Alcoa Corporation Provides Operating Guidance for the Year 2025 Alcoa Corporation provided operating guidance for the year 2025. The company expects 2025 total Alumina segment production to range between 9.5 to 9.7 million metric tons, a decrease from 2024 due to the curtailment of the Kwinana refinery. In 2025, alumina shipments are expected to be between 13.1 and 13.3 million metric tons, consistent with 2024. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Significant insider selling over the past 3 months (€934k sold). Duyuru • Dec 30
Alcoa Corporation to Report Q4, 2024 Results on Jan 22, 2025 Alcoa Corporation announced that they will report Q4, 2024 results After-Market on Jan 22, 2025 Recent Insider Transactions • Oct 25
Executive VP & Chief Commercial Officer recently sold €934k worth of stock On the 22nd of October, Renato Bacchi sold around 24k shares on-market at roughly €39.11 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: US$0.39 (vs US$0.94 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.39 (up from US$0.94 loss in 3Q 2023). Revenue: US$2.90b (up 12% from 3Q 2023). Net income: US$90.0m (up US$258.0m from 3Q 2023). Profit margin: 3.1% (up from net loss in 3Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Duyuru • Oct 16
Alcoa Corporation Declares Quarterly Cash Dividend, Payable on November 15, 2024 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock and Series A convertible preferred stock, to be paid on November 15, 2024 to stockholders of record as of the close of business on October 29, 2024. Duyuru • Sep 25
Alcoa Corporation to Report Q3, 2024 Results on Oct 16, 2024 Alcoa Corporation announced that they will report Q3, 2024 results After-Market on Oct 16, 2024 New Risk • Sep 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (45% increase in shares outstanding). Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Bevan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 04
Second quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 12th August 2024 Payment date: 29th August 2024 Dividend yield will be 1.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 3 years but payments have been stable during that time. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Duyuru • Jul 23
Alcoa Corporation has filed a Follow-on Equity Offering. Alcoa Corporation has filed a Follow-on Equity Offering.
Security Name: Chess Depositary Interest
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 78,939,432 Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: US$0.11 (vs US$0.57 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.11 (up from US$0.57 loss in 2Q 2023). Revenue: US$2.91b (up 8.3% from 2Q 2023). Net income: US$20.0m (up US$122.0m from 2Q 2023). Profit margin: 0.7% (up from net loss in 2Q 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Duyuru • Jun 27
Alcoa Corporation to Report Q2, 2024 Results on Jul 17, 2024 Alcoa Corporation announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Jul 17, 2024 Declared Dividend • May 13
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 20th May 2024 Payment date: 7th June 2024 Dividend yield will be 1.1%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 3 years but payments have been stable during that time. Duyuru • May 11
Alcoa Corporation Declares Quarterly Cash Dividend, Payable on June 7, 2024 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on June 7, 2024 to stockholders of record as of the close of business on May 21, 2024. Reported Earnings • May 06
First quarter 2024 earnings released: US$1.41 loss per share (vs US$1.30 loss in 1Q 2023) First quarter 2024 results: US$1.41 loss per share (further deteriorated from US$1.30 loss in 1Q 2023). Revenue: US$2.60b (down 2.7% from 1Q 2023). Net loss: US$252.0m (loss widened 9.1% from 1Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 18
First quarter 2024 earnings released: US$1.41 loss per share (vs US$1.30 loss in 1Q 2023) First quarter 2024 results: US$1.41 loss per share (further deteriorated from US$1.30 loss in 1Q 2023). Revenue: US$2.60b (down 2.7% from 1Q 2023). Net loss: US$252.0m (loss widened 9.1% from 1Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Duyuru • Apr 18
Alcoa Corporation Provides Production Guidance for the Year 2024 Alcoa Corporation provided production guidance for the year 2024. For the year, the company expected 2024 total Alumina segment production and shipments to remain unchanged from the prior projection, ranging between 9.8 and 10.0 million metric tons, and between 12.7 and 12.9 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery. Alcoa expected 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.2 and 2.3 million metric tons, and between 2.5 and 2.6 million metric tons, respectively. Duyuru • Mar 27
Alcoa Corporation to Report Q1, 2024 Results on Apr 17, 2024 Alcoa Corporation announced that they will report Q1, 2024 results After-Market on Apr 17, 2024 Duyuru • Mar 20
Alcoa Corporation, Annual General Meeting, May 10, 2024 Alcoa Corporation, Annual General Meeting, May 10, 2024, at 09:30 US Eastern Standard Time. Agenda: To consider election of 10 director nominees to serve for one-year terms expiring in 2025; to ratification of the appointment of PricewaterhouseCoopers llp as the company's independent auditor for 2024; to approval, on an advisory basis, of the company's 2023 named executive officer compensation; stockholder proposal requesting the preparation of an annual report on lobbying activities, if properly presented; and transaction of such other business as may properly come before the annual meeting or any adjournment or postponement thereof; and to consider other matters if any. Duyuru • Feb 26
Alcoa Corporation (NYSE:AA) made an offer to acquire Alumina Limited (ASX:AWC) from Allan Gray Australia Pty Ltd. and others for AUD 3.3 billion Alcoa Corporation (NYSE:AA) made an offer to acquire Alumina Limited (ASX:AWC) from Allan Gray Australia Pty Ltd. and others for AUD 3.3 billion on February 23, 2024. Alcoa Corporation (NYSE:AA) entered into share sale agreement to acquire Alumina Limited (ASX:AWC) from Allan Gray Australia Pty Ltd. and others for AUD 3.3 billion on February 26, 2024. As per the transaction, Alcoa Corporation will issue 0.02854 shares for each Alumina Limited shares as a purchase consideration. The transaction is subject to implementation of definitive agreement. J.P. Morgan Securities LLC and UBS Investment Bank acted as financial advisors and Ashurst - New York and Davis Polk & Wardwell LLP acted as legal advisors to Alcoa Corporation. Merrill Lynch Equities (Australia) Limited and Flagstaff Partners Pty Ltd acted as financial advisors and King & Wood Mallesons, Australia Branch acted as legal advisor to Alumina Limited. Duyuru • Feb 22
Alcoa Corporation Declares Quarterly Cash Dividend on the Common Stock, Payable on March 21, 2024 Alcoa Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on March 21, 2024 to stockholders of record as of the close of business on March 5, 2024. Duyuru • Jan 18
Alcoa Provides Production Guidance for the Year 2024 Alcoa provided production guidance for the year 2024. For 2024, the Company is providing an outlook for both production and shipments for both segments. Alcoa expects alumina production to range between 9.8 and 10.0 million metric tons and alumina shipments to range between 12.7 and 12.9 million metric tons in 2024. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery. The Aluminum segment is expected to produce 2.2 to 2.3 million metric tons, an increase from 2023 due to smelter restarts. Aluminum shipments are expected to be between 2.5 million and 2.6 million metric tons, consistent with 2023, as increased shipments from smelter restarts are offset by lower trading volumes. Duyuru • Jan 09
Alcoa Corporation Announces Curtailment of Kwinana Alumina Refinery in Western Australia Alcoa Corporation announced it plans to fully curtail production in 2024 at its Kwinana Alumina Refinery in Western Australia, with the process beginning in the second quarter. The Kwinana refinery has an annual nameplate production capacity of 2.2 million metric tons. The refinery has been operating at approximately 80% of its nameplate capacity since January of 2023. The curtailment will include a phased reduction of the workforce from around 800 employees at the start of 2024 to approximately 250 in the third quarter of this year, when all alumina production will cease. Certain processes, however, will continue until about the third quarter of 2025, when employee numbers will be further reduced to approximately 50. The refinery and associated residue storage facilities will continue to be actively managed. Alcoa’s port facilities located alongside the refinery will continue to operate to import raw materials and export alumina produced at the Company’s Pinjarra Alumina Refinery. Production at the Pinjarra and Wagerup refineries is not expected to be impacted by the curtailment at Kwinana. Duyuru • Dec 28
Alcoa Corporation to Report Q4, 2023 Results on Jan 17, 2024 Alcoa Corporation announced that they will report Q4, 2023 results After-Market on Jan 17, 2024 Duyuru • Dec 15
Alcoa Corporation Welcomes Decisions That Support Western Australian Operations Alcoa Corporation welcomed decisions from the Western Australian (WA) Government that will allow the Company to continue bauxite mining and downstream alumina refineries in the State, while also pledging to enhance the way it operates to meet evolving requirements and expectations. The government has announced that it will approve Alcoa's latest five-year mine plan known as the 2023-2027 Mining and Management Program (MMP) for its Huntly and Willowdale bauxite mines. In addition, the government has granted an exemption that will allow Alcoa to continue its mining operations if the WA Environmental Protection Authority (EPA) decides to undertake a separate environmental impact assessment on all or parts of the MMP. The EPA's determination is expected by year end. Alcoa will be subject to a range of stringent conditions addressing key environmental factors that will include enhanced protections for drinking water, including increased distances from reservoirs, and biodiversity along with accelerated forest rehabilitation. At the request of the State, the Company will also provide a AUD 100 million (approx. USD 66 million) guarantee, demonstrating Alcoa's confidence that its operations will not impair drinking water supplies. Clearing for mining in the Northern Jarrah Forest will be capped at 800 hectares per year and the current rate of rehabilitation will double to reach 1,000 hectares per year by 2027. Separately, Alcoa has committed to work with the WA Government to modernize the State Agreements and the approvals framework for its two bauxite mines and three alumina ref refinery in the State. This includes transitioning all proposed new major mining regions to the more contemporary EPA assessment and approvals process. Alcoa started this process in 2020, when it referred its next two proposed mine regions (Myara North and Holyoake) for EPA assessment. These commitments are in addition to Alcoa's earlier decisions to forgo mining around the forest towns of Dwellingup and Jarrahdale to enhance protections for lifestyle and recreation values. The new MMP will support mining at Alcoa's current Myara and Larego regions at its Huntly and Willowdale mines. It does not affect the EPA environmental impact assessment already underway for Myara North and Holyoake, the two proposed new mine regions. That assessment is continuing with mining in these new regions not expected to occur any earlier than 2027. Until then, Alcoa expects bauxite quality to be similar to recently reduced grades. Bauxite quality at Myara North and Holyoakes is expected to be consistent with historic higher grades. Upcoming Dividend • Oct 23
Upcoming dividend of US$0.10 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 17 November 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (9.2%). Reported Earnings • Oct 20
Third quarter 2023 earnings released: US$0.94 loss per share (vs US$4.17 loss in 3Q 2022) Third quarter 2023 results: US$0.94 loss per share (improved from US$4.17 loss in 3Q 2022). Revenue: US$2.60b (down 8.7% from 3Q 2022). Net loss: US$168.0m (loss narrowed 78% from 3Q 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. 
