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RTX Corp (NYSE:RTX, XETRA:5UR) shares rose about 8% in early trading Thursday after the aerospace and defense company reported better-than-expected second quarter results and raised its full-year 2026 outlook.

The company reported adjusted earnings per share of $1.89 on revenue of $24.7 billion for the quarter, ahead of analyst expectations for adjusted EPS of $1.66 on revenue of $22.88 billion, according to consensus estimates.

Adjusted EPS increased 21% from the prior-year period, while sales rose 14% year over year and 16% organically.

Following the strong quarter, RTX raised its full-year 2026 adjusted earnings outlook to a range of $7.10 to $7.25 per share, up from its previous forecast of $6.70 to $6.90 per share.

The company also increased its adjusted sales guidance to $95 billion to $96 billion, compared with its prior outlook of $92.5 billion to $93.5 billion, and raised its organic sales growth forecast to 8% to 9% from 5% to 6%.

The company now expects full-year free cash flow of $8.50 billion to $8.75 billion, compared with its previous guidance of $8.25 billion to $8.75 billion.

RTX reported second quarter operating cash flow of $3.5 billion and free cash flow of $2.9 billion.

The company’s backlog reached $289 billion at the end of the quarter, including $170 billion in commercial orders and $119 billion in defense.

“RTX delivered very strong second quarter results with 16% organic sales growth, including double-digit commercial aftermarket and defense growth, margin expansion across all three segments, and $2.9 billion of free cash flow,” RTX CEO Chris Calio said in a statement.

“Demand remains robust, and our backlog is up 22% year over year.”

Calio added that the company was raising its full-year outlook based on its first-half performance and backlog, highlighting its focus on executing its order book, expanding capacity and introducing new technologies.

The company also announced an agreement to sell Raytheon’s Blue Canyon Technologies business for $620 million.

Posted by Defense World Staff on Jul 19th, 2026

Fifth Third Bancorp boosted its holdings in shares of Alcoa (NYSE:AA – Free Report) by 3,061.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,098 shares of the industrial products company’s stock after purchasing an additional 61,102 shares during the quarter. Fifth Third Bancorp’s holdings in Alcoa were worth $4,185,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in Alcoa by 211.7% during the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock valued at $332,338,000 after acquiring an additional 4,247,559 shares in the last quarter. Castle Hook Partners LP bought a new stake in Alcoa in the 4th quarter valued at $210,874,000. Maple Rock Capital Partners Inc. purchased a new stake in Alcoa in the 4th quarter worth $173,412,000. AQR Capital Management LLC lifted its stake in Alcoa by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock worth $219,703,000 after purchasing an additional 2,503,132 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Alcoa by 247.9% during the 4th quarter. Invesco Ltd. now owns 2,415,697 shares of the industrial products company’s stock valued at $128,370,000 after purchasing an additional 1,721,280 shares during the last quarter.

Alcoa News Summary Here are the key news stories impacting Alcoa this week:

Positive Sentiment: Alcoa reported record quarterly revenue and highlighted strong operational performance, including progress on smelter restarts and improved aluminum EBITDA. Article Title Positive Sentiment: Management outlined about $900 million in net present value synergies tied to the South32 asset deal, supporting its longer-term growth strategy. Article Title Positive Sentiment: Unusually heavy call-option buying suggests some traders are positioning for a rebound after the post-earnings selloff. Article Title Neutral Sentiment: Several analysts trimmed price targets, but JPMorgan and Wells Fargo both kept ratings that were not outright bearish, signaling a wait-and-see stance rather than a major downgrade cycle. Negative Sentiment: Alcoa missed Q2 earnings estimates, reporting $2.12 per share versus the $2.25 consensus, which disappointed investors despite better year-over-year results. Article Title Negative Sentiment: The company lowered 2026 alumina production guidance by 200,000 to 300,000 metric tons due to Pinjarra refinery issues, raising concerns about near-term earnings pressure. Article Title Wall Street Analysts Forecast Growth A number of research analysts have recently weighed in on the company. Wells Fargo & Company cut their price objective on Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. cut their price target on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Friday. B. Riley Financial reduced their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, UBS Group decreased their price objective on Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $62.73.

Check Out Our Latest Report on AA

Alcoa Stock Performance Alcoa stock opened at $43.84 on Friday. The company’s 50-day moving average price is $61.70 and its 200-day moving average price is $62.46. Alcoa has a twelve month low of $28.11 and a twelve month high of $84.38. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36. The company has a market cap of $11.57 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 0.47 and a beta of 1.63.

Alcoa (NYSE:AA – Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 19.57% and a net margin of 9.48%.The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter in the prior year, the business posted $0.39 EPS. On average, equities research analysts forecast that Alcoa will post 6.79 EPS for the current fiscal year.

Alcoa Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, May 19th. Alcoa’s dividend payout ratio (DPR) is presently 10.13%.

Alcoa Profile (Free Report)

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

See Also Five stocks we like better than Alcoa Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding AA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alcoa (NYSE:AA – Free Report).

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Key Takeaways Alcoa advances the South32 AliGroup deal with $900M in synergies and expanded aluminum capacity.AA's aluminum segment EBITDA rose to a record $1.1B on higher metal prices, shipments and premiums.Alcoa generated $422M in free cash flow and redeemed remaining 2028 senior notes during the quarter. Alcoa Corporation (AA - Free Report) used its second-quarter 2026 earnings call to emphasize operational execution, strategic expansion and plans to strengthen its upstream aluminum portfolio. Management highlighted record revenues, improved aluminum performance and progress on major initiatives.

The call focused heavily on the South32 asset acquisition, production restarts, market conditions and the company’s outlook for the remainder of 2026. Executives also addressed investor concerns around aluminum prices, capacity additions and permitting timelines.

AA Advances South32 Acquisition StrategyChief executive officer William Oplinger said the South32 transaction, referred to as AliGroup, is designed to expand Alcoa’s position across bauxite, alumina and aluminum markets. He highlighted the strategic fit of combining complementary assets with existing operations.

Management identified approximately $900 million of net present value synergies, including about $50 million of annual cost savings beginning in the first year after closing. Oplinger said the deal is expected to strengthen cash generation and improve the company’s position on global cost curves.

The transaction involves approximately $4.1 billion of upfront consideration plus a contingent value right of up to $750 million. Alcoa said the acquisition is expected to increase annual alumina production capacity by about 5.2 million metric tons and primary aluminum capacity by roughly 900,000 metric tons.

Alcoa Sees Strength in Aluminum OperationsAlcoa reported adjusted earnings per share of $2.12 compared with the Zacks Consensus Estimate of $2.33, resulting in a 9.01% negative earnings surprise. Revenues came in at $3.97 billion, above the Zacks Consensus Estimate of $3.91 billion with a 1.53% positive surprise.

The company’s aluminum segment was the main earnings driver. Management said aluminum adjusted EBITDA increased to a record $1.1 billion, supported by higher metal prices, stronger shipments and improved value-added product premiums.

Chief financial officer Molly Beerman noted that aluminum revenues increased 31% sequentially to $3.3 billion as shipments rose and average realized third-party prices improved. The company also benefited from capacity restarts at San Ciprián, Alumar, Lista and Portland.

AA Updates Production and Market OutlookManagement lowered 2026 alumina production expectations to 9.5 million to 9.6 million metric tons and shipments to 11.5 million to 11.6 million metric tons. The revision was driven by operational issues at the Pinjarra refinery and natural gas disruptions caused by Cyclone Narelle.

Oplinger said Pinjarra returned to stable operations after challenges related to an oxalate outbreak and gas supply interruptions. He added that the company’s confidence in the operation remained intact.

For the third quarter, Alcoa expects alumina segment performance to improve by about $10 million sequentially due to recovered stability at Pinjarra and lower energy prices, partially offset by planned maintenance.

Alcoa Addresses Aluminum Price PressureManagement discussed the recent decline in aluminum prices following a sharp move higher earlier in the year. Oplinger attributed the pullback primarily to market sentiment rather than a major change in underlying fundamentals.

He said between 3 million and 3.5 million metric tons of aluminum capacity remained offline in the Strait of Hormuz region. The company expects market fundamentals to remain supported by constrained supply conditions.

During Q&A, Wells Fargo analysts asked about China’s production levels and potential supply pressure. Oplinger said China’s output increase reflected existing capacity utilization rather than a broader shift in policy.

AA Highlights Capital DisciplineAlcoa ended the quarter with $1.4 billion of cash and generated $422 million in free cash flow. The company also redeemed the remaining $219 million of its 2028 senior notes as part of its deleveraging efforts.

Beerman said strong EBITDA generation supported cash flow despite higher working capital needs related to elevated metal prices and receivables. She noted working capital days improved sequentially.

Management also discussed asset monetization plans, targeting $500 million to $1 billion through 2030. Oplinger said negotiations related to the Massena East transaction were substantially complete.

Alcoa Maintains Strategic FocusAlcoa emphasized continued execution on operational stability, cost control and strategic investments. The company advanced a $65 million Mosjøen casthouse investment and a gallium production facility in Australia during the quarter.

Management said labor agreements across Australia, the United States and Canada provide workforce stability for long-term operating plans. The company also continues working through mining approval processes in Australia.

The call reflected management’s focus on expanding capacity, improving operational reliability and positioning the company for long-term aluminum market opportunities.

Zacks Signals for AAAA carries a Zacks Rank #5 (Strong Sell). The Zacks Rank reflects the direction and magnitude of earnings estimate revisions and is designed to help identify stocks with stronger near-term performance potential.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Value Score of A, Growth Score of D, Momentum Score of F and VGM Score of C. Zacks Style Scores evaluate value, growth and momentum characteristics, with higher grades indicating stronger relative attributes. The Zacks Rank can change as analysts update earnings estimates following reported results.

Alcoa's $4.1 Billion South32 Deal: Opportunity Behind the 9% DropAlcoa NYSE: AA reported higher second-quarter revenue and adjusted earnings as stronger aluminum prices, increased shipments and value-added product premiums helped offset weakness in alumina operations, executives said on the company’s second-quarter 2026 earnings call.

Molly Beerman, Alcoa’s executive vice president and chief financial officer, said revenue rose 24% sequentially to $4 billion, which she described as the highest quarterly revenue in Alcoa Corporation’s nearly 10-year history. Net income attributable to Alcoa was $407 million, compared with $425 million in the prior quarter, while earnings per common share declined to $1.53. On an adjusted basis, net income attributable to Alcoa rose by $189 million from the first quarter to $562 million.

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Alcoa Rebounds as Aluminum Tightens, But a Q1 Miss Tests the RallyAdjusted EBITDA increased by $306 million sequentially to $901 million. Beerman said the improvement was driven largely by record results in the aluminum segment, which benefited from higher LME prices, regional premiums, stronger shipments and improved margins from value-added products.

Aluminum Segment Drives Quarterly Performance Alcoa’s aluminum segment posted third-party revenue of $3.3 billion, up 31% sequentially. Beerman said aluminum shipments increased by 113,000 metric tons from the first quarter, reflecting higher production from capacity restarts at San Ciprián, Alumar, Lista and Portland, as well as volumes that had been repositioned in the first quarter and sold in the second quarter.

Alcoa Dips After Q1 Miss, But Higher Aluminum Prices LoomThe aluminum segment generated record adjusted EBITDA of $1.1 billion and an EBITDA margin of 32.3%, according to Beerman. She said Alcoa benefited as customers in North America and Europe sought alternate supply following disruptions to Middle East suppliers.

William Oplinger, Alcoa’s president and chief executive officer, said value-added product volumes increased by 30,000 metric tons sequentially, and the company’s 2026 order book is stronger than it was at the same time last year across major regions and product categories.

“Demand continues to be resilient, particularly in North America and Europe, where markets remain structurally short of metal,” Oplinger said.

In response to an analyst question, Oplinger said Alcoa’s value-added casting capacity in Europe and North America is about 95% full, though some small incremental capacity remains in North America. He said foundry and billet markets are seeing an uptick in North America, while European packaging demand remains the most robust. Automotive slab demand in Europe remains soft, he added.

Alumina Outlook Lowered After Pinjarra Disruption The alumina segment was weaker in the quarter. Third-party revenue declined 3% sequentially to $637 million due to lower volumes and pricing from bauxite offtake and supply agreements. Segment adjusted EBITDA fell by $56 million, with Beerman citing higher production costs and unfavorable cost absorption, mainly tied to operational instability at the Pinjarra refinery in Western Australia, as well as higher fuel oil and diesel prices.

Alcoa lowered its full-year alumina production outlook to 9.5 million to 9.6 million metric tons and its shipment outlook to 11.5 million to 11.6 million metric tons. Beerman said the reduction was primarily due to challenges at Pinjarra during the second quarter.

Oplinger said Pinjarra experienced an “oxalate outbreak” related to organic compounds in bauxite, which was compounded by a natural gas supply disruption caused by Cyclone Laurence. He said the refinery struggled significantly in April and May, returned to stable operating rates in June and is now “running very well.”

For the third quarter, Beerman said alumina segment performance is expected to be net favorable by about $10 million, reflecting recovered stability at Pinjarra and lower energy prices, partly offset by planned maintenance at the Alumar refinery and Juruti mine.

South32 Asset Deal Remains Strategic Focus Oplinger devoted a significant portion of the call to Alcoa’s previously announced acquisition of South32’s interests in bauxite, alumina and aluminum assets, which Alcoa referred to as the “AliGroup” assets. He called the transaction the largest in Alcoa Corporation’s history and said it is designed to create long-term shareholder value.

The transaction includes $3.1 billion in cash consideration and $1 billion in stock consideration, along with a contingent value right. Oplinger said the mix of cash, equity and contingent consideration provides risk-sharing between Alcoa and South32 amid volatile commodity prices.

Alcoa expects the acquisition to add approximately 5.2 million metric tons of annual alumina production capacity, a pro forma increase of 53%, and about 900,000 metric tons of primary aluminum capacity, a pro forma increase of 37%. Oplinger said the assets are largely complementary to Alcoa’s existing portfolio and are being acquired at a valuation “well below replacement cost.”

The company has identified approximately $900 million in net present value synergies, including about $50 million of run-rate cost savings beginning in the first year after closing. Oplinger said the synergy estimates are based on actionable initiatives identified during due diligence rather than high-level consultant projections.

Oplinger also explained several transaction mechanics, including:

Locked box: Alcoa will benefit from cash flow generated by the acquired assets dating back to April 1, 2026. Oplinger said Alcoa estimates the locked box held more than $200 million as of June 30, 2026. Ticking fee: After South32 shareholder approval, expected in October or November, Alcoa will pay a 5% annualized fee on the $3.1 billion cash consideration. The company estimates $80 million to $100 million in ticking fees will be paid at closing. Contingent value right: If alumina or aluminum prices exceed agreed thresholds, South32 can participate in a portion of the upside, capped at $750 million over four years. Oplinger said Alcoa structured the deal to avoid exceeding a 2.0x leverage ratio based on recent pricing. He also said Moody’s and S&P affirmed Alcoa’s current credit ratings and outlook based on the pro forma transaction.

Cash Flow, Balance Sheet and Capital Allocation Beerman said Alcoa ended June with $1.4 billion in cash and adjusted net debt of $1.4 billion, within the top end of the company’s adjusted net debt target range. Cash from operations was $608 million, while free cash flow was $422 million.

The company redeemed the remaining $219 million of its 2028 notes at par value on May 15, which Beerman said aligned with Alcoa’s goal of deleveraging and strengthening the balance sheet. Alcoa also contributed $24 million to a gallium joint venture after reaching a final investment decision, which Beerman said is the company’s only expected contribution to that joint venture.

Oplinger said Alcoa also continues to pursue asset monetization, with a target of $500 million to $1 billion between now and 2030. In response to a question from Katja Jancic of BMO Capital Markets, he said negotiations on the Massena East transaction have been “substantially completed” and that the company is working through final documentation.

Market Conditions and Second-Half Priorities Oplinger said alumina markets remain divided between China and ex-China regions. In China, higher consumption and refinery disruptions kept the market relatively tight, while outside China, Middle East disruptions have reduced demand and weighed on refinery margins. He said new smelting capacity in Indonesia and expected Middle East restarts should support alumina demand in the second half.

On aluminum, Oplinger said prices retreated to pre-Middle East conflict levels due to sentiment rather than a fundamental shift. He said Alcoa believes 3 million to 3.5 million metric tons of capacity remains offline within the Strait of Hormuz region.

Alcoa also highlighted progress on labor agreements, safety initiatives and growth projects. Oplinger said the company secured multi-year collective agreements with workers in Western Australia, the United States and Quebec, and concluded negotiations in Norway and Brazil. He also pointed to a $65 million investment to expand the Mosjøen Casthouse in Norway and a final investment decision for a gallium production facility at the Wagerup alumina refinery in Western Australia.

Looking ahead, Beerman said third-quarter aluminum segment performance is expected to be flat, with productivity gains and operating efficiencies offsetting higher carbon prices and seasonally lower third-party energy sales in Brazil. Oplinger said Alcoa enters the second half focused on safety, operational stability, cost discipline, the AliGroup acquisition milestones, Australian mine approvals and value from transformation assets.

About Alcoa (NYSE:AA)Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the second quarter 2026 that included record quarterly revenue, strong operational performance, and progress on multiple smelter capacity restarts, in addition to the announced acquisition of South32 Limited’s (South32) interests in its bauxite, alumina, and aluminum assets.

Financial Results and Highlights

M, except per share amounts

2Q26

1Q26

2Q25

Revenue

$

3,966

$

3,193

$

3,018

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Earnings per common share

$

1.53

$

1.60

$

0.62

Adjusted net income attributable to Alcoa Corporation

$

562

$

373

$

103

Adjusted earnings per common share

$

2.12

$

1.40

$

0.39

Adjusted EBITDA excluding special items

$

901

$

595

$

313

Revenue increased to a quarterly record of $4 billion, a 24 percent increase sequentially Recorded net income attributable to Alcoa Corporation of $407 million, or $1.53 per share Adjusted net income attributable to Alcoa Corporation increased 51 percent sequentially to $562 million, or $2.12 per share Adjusted EBITDA excluding special items increased 51 percent sequentially to $901 million Generated $608 million in cash from operations; free cash flow was $422 million Finished the second quarter 2026 with a cash balance of $1.4 billion, including the redemption of the remaining $219 million of outstanding 6.125% Senior Notes due 2028 (2028 Notes) Set year-to-date production records at four aluminum smelters and at one alumina refinery Completed negotiations for new collective bargaining agreements in Australia, the U.S., and Canada Executed on strategic initiatives, including: Entered into definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets (referred to as AliGroup) Reached final investment decision for gallium production plant in Australia Announced $65 million capital investment at the Mosjøen smelter in Norway “During the second quarter, in addition to delivering strong financial results that captured favorable aluminum prices, our team executed on strategic initiatives, most notably the announced agreement with South32,” said Alcoa President and CEO William F. Oplinger. “We continue to demonstrate operational excellence and positive momentum in our disciplined approach to maximize value creation.”

Second Quarter 2026 Results

Production: Alumina production decreased 6 percent sequentially to 2.2 million metric tons primarily related to lower production at the Pinjarra, Australia refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. In the Aluminum segment, production increased 5 percent sequentially to 636,000 metric tons primarily due the completion of the San Ciprián, Spain smelter restart on April 7, 2026, continued progress on the Alumar, Brazil smelter restart, and completion of capacity restarts at the Lista, Norway and Portland, Australia smelters. Shipments: In the Alumina segment, third-party shipments of alumina were flat sequentially at 1.6 million metric tons, as shipments in Australia delayed from March 2026 were completed in the second quarter 2026, partially offset by decreased trading activity and lower production at the Pinjarra refinery. In Aluminum, total shipments increased 18 percent sequentially primarily due to shipments of inventory repositioned within North America in the first quarter 2026 and increased production related to capacity restarts. Revenue: The Company’s total third-party revenue of $4.0 billion increased 24 percent sequentially. In the Alumina segment, third-party revenue decreased 3 percent on lower volumes and price from bauxite offtake and supply agreements, partially offset by favorable currency impacts. In the Aluminum segment, third-party revenue increased 31 percent on higher shipments, including higher value add product sales, and an increase in average realized third-party price, partially offset by impacts from certain energy contracts linked to metal pricing and lower third-party energy sales. Net income attributable to Alcoa Corporation was $407 million, or $1.53 per share. Sequentially, the results reflect unfavorable mark-to-market changes on the Saudi Arabian Mining Company (Ma’aden) shares and energy contracts; unfavorable currency impacts, primarily due to the non-recurrence of gains recognized in Other income in the first quarter 2026; unfavorable energy impacts; and higher production costs in the Alumina segment; partially offset by higher aluminum prices and shipments. Adjusted net income attributable to Alcoa Corporation was $562 million, or $2.12 per share, excluding the impact from net special items of $155 million. Notable special items include a mark-to-market loss on the Ma’aden shares of $123 million and mark-to-market losses on energy contracts of $45 million. Adjusted EBITDA excluding special items was $901 million, a sequential increase of $306 million primarily due to higher aluminum prices and shipments, partially offset by higher production costs in the Alumina segment primarily at the Pinjarra refinery; increased tariff costs on imported aluminum; higher energy prices, primarily fuel oil and diesel increases associated with the Middle East conflict; and lower third-party energy sales. Cash: Alcoa ended the quarter with a cash balance of $1.4 billion. Cash provided from operations was $608 million. Cash used for financing activities was $353 million, primarily related to the $219 million redemption of outstanding 2028 Notes, $109 million of payments on short-term borrowings primarily associated with inventory repositioning in the first quarter 2026, and $26 million of cash dividends on stock. Cash used for investing activities was $203 million, primarily related to capital expenditures of $186 million and equity investment contributions of $40 million. Free cash flow was $422 million. Working capital: For the second quarter, Receivables from customers of $1.5 billion, Inventories of $2.3 billion and Accounts payable, trade of $1.9 billion comprised DWC working capital. Alcoa reported 46 days working capital, a sequential decrease of 2 days primarily due to a decrease in inventory days, partially offset by a decrease in accounts payable days, both on higher sales. Key Actions

Strategic

AliGroup acquisition: On June 30, 2026, Alcoa entered into a definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets in Australia, Brazil, and South Africa for upfront consideration of approximately $4.1 billion, plus a contingent value right of up to $750 million. The transaction reinforces Alcoa’s position as a leading pure-play upstream aluminum company, while strengthening its global portfolio, enhancing competitiveness, and creating long-term value for shareholders by unlocking synergies. Gallium joint venture: On July 14, 2026, Alcoa and the government and industry partners of Australia, Japan, and the United States announced a final investment decision for a gallium production plant to be co-located at the Wagerup refinery in Australia. Mosjøen casthouse: On May 11, 2026, Alcoa announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen smelter in Norway. The upgrade project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028. Financial

Note redemption: On May 15, 2026, the Company redeemed the remaining $219 million aggregate principal amount of its outstanding 6.125% notes due in 2028 at a price equal to 100% of the principal amount, plus accrued and unpaid interest. The redemption was funded using cash on hand. Operational

Western Australia collective bargaining agreement: On July 2, 2026, a new four-year collective bargaining agreement was ratified with the Australian Workers Union (AWU), representing approximately 1,400 employees across the mining and refining operations in Western Australia. USW collective bargaining agreement: On June 15, 2026, Alcoa announced the ratification of a new four-year collective bargaining agreement with the United Steelworkers (USW) at the Company’s U.S. smelters, representing approximately 1,000 employees at Warrick, Indiana and Massena, New York. ABI collective bargaining agreements: On May 5, 2026, the Company announced that new five-year collective bargaining agreements were ratified with the United Steelworkers in Canada (Syndicat des Métallos) at the ABI smelter in Québec, Canada, representing approximately 1,000 employees. 2026 Outlook

The Company does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts, without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

The Company has decreased its 2026 projection for alumina production to range between 9.5 and 9.6 million metric tons, a reduction of between 0.2 and 0.3 million metric tons from the prior projection. The Company has also decreased its 2026 projection for alumina shipments to range between 11.5 and 11.6 million metric tons, a reduction of between 0.3 and 0.4 million metric tons from the prior projection. The reductions are primarily due to lower production at the Pinjarra refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. The overall difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.

Alcoa expects 2026 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.

Within the third quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects sequential favorable net impacts of approximately $10 million due to recovered stability at the Pinjarra refinery and lower energy prices, partially offset by planned maintenance at the Alumar refinery and Juruti mine in Brazil.

For the third quarter 2026 Aluminum Segment Adjusted EBITDA, Alcoa expects sequential favorable impacts from efficiencies at higher production rates to fully offset higher carbon prices and seasonally lower third-party energy sales in Brazil. Based on recent pricing and expected lower shipments, Section 232 tariff costs on U.S. imports of aluminum from Canada are expected to decrease by approximately $10 million sequentially. Alumina costs in the Aluminum segment are expected to be unfavorable by approximately $10 million sequentially.

Based on current alumina and aluminum market conditions, Alcoa expects third quarter 2026 operational tax expense to approximate $80 million to $90 million, which may vary with market conditions and jurisdictional profitability.

Conference Call

Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) / 7:00 a.m. Australian Eastern Standard Time (AEST) on Thursday, July 16, 2026 / Friday, July 17, 2026, to present second quarter 2026 financial results and discuss the business, developments, and market conditions.

The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on July 16, 2026 / 6:15 a.m. AEST on July 17, 2026. Call information and related details are available under the “Investors” section of www.alcoa.com.

Dissemination of Company Information

Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release.

About Alcoa Corporation

Alcoa Corporation is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate.

Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, X, YouTube and LinkedIn.

Cautionary Statement on Forward-Looking Statements

This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding Alcoa’s proposed transaction to acquire South32 Limited’s interests in bauxite mine, alumina refinery, and aluminum smelter operations (the proposed transaction); the ability of the parties to complete the proposed transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the proposed transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the proposed transaction; the ability to complete any proposed debt financing in connection with the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction; (b) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (c) the risk that the proposed transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses resulting from the proposed transaction; (e) uncertainty of the expected financial performance following completion of the proposed transaction; (f) uncertainty of any contingent payment required to be made in connection with the proposed transaction following completion; (g) failure to realize the anticipated benefits of the proposed transaction; (h) the occurrence of any event that could give rise to termination of the proposed transaction; (i) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of the Company’s stockholders (including as a result of the proposed transaction), price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa with the Securities and Exchange Commission (SEC).

Certain illustrative pro forma information included in certain investor materials may differ materially from pro forma information included in SEC filings, including the Registration Statement (as defined below). Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the Registration Statement. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

No Offer or Solicitation

This press release is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information and Where to Find It

This press release relates to the proposed transaction. In connection with the proposed transaction, Alcoa plans to file with the SEC relevant materials, including a registration statement on Form S-4 that will include a prospectus of Alcoa (including documents incorporated by reference therein, the Registration Statement). This communication is not a substitute for the Registration Statement or any other document that Alcoa may file with the SEC in connection with the proposed transaction. Before making any investment decision, Alcoa’s investors and shareholders are urged to read the Registration Statement and all relevant documents filed or to be filed with the SEC, as well as any amendments or supplements to those documents, when they become available, because they will contain important information about Alcoa and the proposed transaction.

Alcoa’s investors and shareholders will be able to obtain a free copy of the Registration Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC’s website (www.sec.gov). Copies of the Registration Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa through its website at https://investors.alcoa.com/.

Non-GAAP Financial Measures

This press release contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)

(dollars in millions, except per-share amounts)

Quarter Ended

June 30, 2026

March 31, 2026

June 30, 2025

Sales

$

3,966

$

3,193

$

3,018

Cost of goods sold (exclusive of expenses below)

2,967

2,512

2,652

Selling, general administrative, and other expenses

101

83

82

Research and development expenses

11

10

12

Provision for depreciation, depletion, and amortization

173

162

153

Restructuring and other charges, net

(4

)

18

14

Interest expense

36

35

56

Other expenses (income), net

200

(126

)

(112

)

Total costs and expenses

3,484

2,694

2,857

Income before income taxes

482

499

161

Provision for income taxes

73

82

10

Net income

409

417

151

Less: Net income (loss) attributable to noncontrolling interest

2

(8

)

(13

)

NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION

$

407

$

425

$

164

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):

Basic:

Net income

$

1.54

$

1.61

$

0.63

Average number of common shares

263,888,206

263,650,023

258,900,166

Diluted:

Net income

$

1.53

$

1.60

$

0.62

Average number of common shares

265,957,129

265,689,699

260,344,776

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)

(dollars in millions, except per-share amounts)

Six Months Ended

June 30, 2026

June 30, 2025

Sales

$

7,159

$

6,387

Cost of goods sold (exclusive of expenses below)

5,479

5,090

Selling, general administrative, and other expenses

184

153

Research and development expenses

21

24

Provision for depreciation, depletion, and amortization

335

301

Restructuring and other charges, net

14

19

Interest expense

71

109

Other expenses (income), net

74

(138

)

Total costs and expenses

6,178

5,558

Income before income taxes

981

829

Provision for income taxes

155

130

Net income

826

699

Less: Net loss attributable to noncontrolling interest

(6

)

(13

)

NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION

$

832

$

712

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):

Basic:

Net income

$

3.15

$

2.71

Average number of common shares

263,769,772

258,824,453

Diluted:

Net income

$

3.13

$

2.69

Average number of common shares

265,781,941

260,283,168

Alcoa Corporation and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

1,352

$

1,597

Receivables from customers

1,538

1,064

Other receivables

176

204

Inventories

2,340

2,177

Fair value of derivative instruments

83

49

Prepaid expenses and other current assets(1)

396

378

Total current assets

5,885

5,469

Properties, plants, and equipment

21,102

20,537

Less: accumulated depreciation, depletion, and amortization

14,203

13,837

Properties, plants, and equipment, net

6,899

6,700

Investments

527

477

Noncurrent marketable securities

1,360

1,397

Deferred income taxes

677

687

Fair value of derivative instruments

25

34

Other noncurrent assets(2)

1,480

1,365

Total assets

$

16,853

$

16,129

LIABILITIES

Current liabilities:

Accounts payable, trade

$

1,860

$

1,938

Accrued compensation and retirement costs

370

383

Taxes, including income taxes

275

294

Fair value of derivative instruments

494

467

Other current liabilities

834

718

Long-term debt due within one year

1

1

Total current liabilities

3,834

3,801

Long-term debt, less amount due within one year

2,224

2,438

Accrued pension benefits

242

257

Accrued other postretirement benefits

408

427

Asset retirement obligations

1,025

1,120

Environmental remediation

209

206

Fair value of derivative instruments

880

1,134

Noncurrent income taxes

64

65

Other noncurrent liabilities and deferred credits

530

487

Total liabilities

9,416

9,935

MEZZANINE EQUITY

Noncontrolling interest

67

76

EQUITY

Common stock

3

3

Additional capital

11,594

11,575

Retained earnings (deficit)

508

(271

)

Accumulated other comprehensive loss

(4,735

)

(5,189

)

Total equity

7,370

6,118

Total liabilities, mezzanine equity, and equity

$

16,853

$

16,129

Alcoa Corporation and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

Six Months Ended June 30,

2026

2025

CASH FROM OPERATIONS

Net income

$

826

$

699

Adjustments to reconcile net income to cash from operations:

Depreciation, depletion, and amortization

335

301

Deferred income taxes

(59

)

72

Equity loss (income), net of dividends

9

(4

)

Restructuring and other charges, net

14

19

Net loss from investing activities – asset and investment sales

—

2

Mark-to-market loss on noncurrent marketable securities

35

—

Net periodic pension benefit cost

13

9

Stock-based compensation

30

23

Loss (gain) on mark-to-market derivative financial contracts

58

(82

)

Other

31

49

Changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments:

(Increase) decrease in receivables

(440

)

149

Increase in inventories

(128

)

(111

)

Decrease in prepaid expenses and other current assets

53

127

Decrease in accounts payable, trade

(101

)

(233

)

Increase (decrease) in accrued expenses

34

(148

)

Increase (decrease) in taxes, including income taxes

11

(106

)

Pension contributions

(6

)

(14

)

Increase in noncurrent assets

(131

)

(97

)

Decrease in noncurrent liabilities

(155

)

(92

)

CASH PROVIDED FROM OPERATIONS

429

563

FINANCING ACTIVITIES

Additions to debt

104

1,040

Payments on debt

(332

)

(990

)

Dividends paid on Alcoa preferred stock

—

(1

)

Dividends paid on Alcoa common stock

(53

)

(52

)

Payments related to tax withholding on stock-based compensation awards

(11

)

(5

)

Financial contributions for the divestiture of businesses

—

(5

)

Contributions from noncontrolling interest

—

27

Other

(1

)

(4

)

CASH (USED FOR) PROVIDED FROM FINANCING ACTIVITIES

(293

)

10

INVESTING ACTIVITIES

Capital expenditures

(305

)

(224

)

Proceeds from the sale of assets

5

—

Additions to investments

(55

)

(29

)

Sale of investments

2

11

Other

21

2

CASH USED FOR INVESTING ACTIVITIES

(332

)

(240

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

(2

)

35

Net change in cash and cash equivalents and restricted cash

(198

)

368

Cash and cash equivalents and restricted cash at beginning of year

1,692

1,234

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

1,494

$

1,602

Alcoa Corporation and subsidiaries

Segment Information (unaudited)

(dollars in millions, except realized prices; dry metric tons in millions (mdmt); metric tons in thousands (kmt))

1Q25

2Q25

3Q25

4Q25

2025

1Q26

2Q26

Alumina:

Bauxite production (mdmt)

9.5

9.3

9.3

9.4

37.5

9.1

8.3

Third-party bauxite shipments (mdmt)

3.0

2.9

1.7

2.4

10.0

2.1

1.5

Alumina production (kmt)

2,355

2,351

2,453

2,481

9,640

2,355

2,218

Third-party alumina shipments (kmt)

2,105

2,195

2,205

2,324

8,829

1,611

1,618

Intersegment alumina shipments (kmt)

1,093

1,089

1,112

1,177

4,471

1,186

1,142

Produced alumina shipments (kmt)

2,316

2,384

2,448

2,514

9,662

2,206

2,288

Average realized third-party price per metric ton of alumina

$

575

$

378

$

377

$

341

$

415

$

324

$

334

Adjusted operating cost per metric ton of produced alumina shipped

$

312

$

323

$

318

$

314

$

317

$

334

$

368

Third-party bauxite sales

$

243

$

208

$

113

$

173

$

737

$

124

$

85

Third-party alumina sales

1,220

843

841

806

3,710

533

552

Intersegment alumina sales

712

467

474

457

2,110

445

453

Adjusted operating costs(1)

723

770

779

789

3,061

737

843

Other segment items(2)

788

609

582

635

2,614

405

343

Segment Adjusted EBITDA(3)

$

664

$

139

$

67

$

12

$

882

$

(40

)

$

(96

)

Depreciation and amortization

$

76

$

80

$

88

$

86

$

330

$

86

$

96

Equity income (loss)

$

15

$

(9

)

$

—

$

—

$

6

$

—

$

—

Aluminum:

Aluminum production (kmt)

564

572

579

604

2,319

607

636

Total aluminum shipments (kmt)

609

634

612

667

2,522

613

726

Produced aluminum shipments (kmt)

567

581

576

625

2,349

580

680

Average realized third-party price per metric ton of aluminum

$

3,213

$

3,143

$

3,374

$

3,749

$

3,376

$

4,209

$

4,752

Adjusted operating cost per metric ton of produced aluminum shipped

$

2,775

$

2,718

$

2,441

$

2,478

$

2,600

$

2,468

$

2,481

Third-party sales

$

1,901

$

1,956

$

2,040

$

2,462

$

8,359

$

2,536

$

3,330

Intersegment sales

4

5

5

6

20

5

5

Adjusted operating costs(1)

1,574

1,578

1,406

1,549

6,107

1,430

1,688

Other segment items(2)

197

286

332

399

1,214

417

574

Segment Adjusted EBITDA(3)

$

134

$

97

$

307

$

520

$

1,058

$

694

$

1,073

Depreciation and amortization

$

67

$

66

$

67

$

70

$

270

$

71

$

71

Equity (loss) income

$

(6

)

$

3

$

—

$

—

$

(3

)

$

—

$

—

Reconciliation of Total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation:

Total Segment Adjusted EBITDA(3)

$

798

$

236

$

374

$

532

$

1,940

$

654

$

977

Unallocated amounts:

Transformation(4)

(12

)

(21

)

(20

)

(27

)

(80

)

(27

)

(23

)

Intersegment eliminations

103

135

(39

)

53

252

7

2

Corporate expenses(5)

(37

)

(45

)

(42

)

(26

)

(150

)

(39

)

(60

)

Provision for depreciation, depletion, and amortization

(148

)

(153

)

(160

)

(162

)

(623

)

(162

)

(173

)

Impairment of goodwill

—

—

—

(144

)

(144

)

—

—

Restructuring and other charges, net

(5

)

(14

)

(885

)

(14

)

(918

)

(18

)

4

Interest expense

(53

)

(56

)

(33

)

(16

)

(158

)

(35

)

(36

)

Other income (expenses), net

26

112

1,034

(115

)

1,057

126

(200

)

Other(6)

(4

)

(33

)

(62

)

(13

)

(112

)

(7

)

(9

)

Consolidated income before income taxes

668

161

167

68

1,064

499

482

(Provision for) benefit from income taxes

(120

)

(10

)

51

134

55

(82

)

(73

)

Net loss (income) attributable to noncontrolling interest

—

13

14

11

38

8

(2

)

Consolidated net income attributable to Alcoa Corporation

$

548

$

164

$

232

$

213

$

1,157

$

425

$

407

The difference between segment totals and consolidated amounts is in Corporate.

(1) Adjusted operating costs include all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.

(2) Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges, including tariff costs; Selling, general administrative, and other expenses; and Research and development expenses.

(3) Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

(4) Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.

(5) Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.

(6) Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited)

(in millions, except per-share amounts)

Adjusted Income

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Special items:

Restructuring and other charges, net

(4

)

18

14

Other special items(1)

196

(104

)

(77

)

Discrete and other tax items impacts(2)

3

13

3

Tax impact on special items(3)

(40

)

22

1

Noncontrolling interest impact(3)

—

(1

)

(2

)

Subtotal

155

(52

)

(61

)

Net income attributable to Alcoa Corporation – as adjusted

$

562

$

373

$

103

Diluted EPS(4):

Net income attributable to Alcoa Corporation common shareholders

$

1.53

$

1.60

$

0.62

Net income attributable to Alcoa Corporation common shareholders – as adjusted

$

2.12

$

1.40

$

0.39

Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews the operating results of Alcoa Corporation excluding the impacts of restructuring and other charges, various tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes it is appropriate to consider Net income attributable to Alcoa Corporation and Diluted EPS determined under GAAP as well as Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted.

(1)

Other special items include the following:

for the quarter ended June 30, 2026, an unfavorable mark-to-market change on the shares of Ma'aden ($123); a net unfavorable change in mark-to-market energy ($45) and foreign exchange ($14) derivative instruments; external costs related to portfolio actions ($12), primarily related to the announced agreement with South32; and, net charges for other special items ($2); for the quarter ended March 31, 2026, a favorable mark-to-market change on the shares of Ma'aden ($88), an insurance settlement for property damage incurred in 2024 ($22), a net unfavorable change in mark-to-market foreign exchange derivative instruments ($20), a net favorable change in mark-to-market energy derivative instruments ($19), costs related to the restart process at the San Ciprián, Spain smelter ($3), external costs related to portfolio actions ($3), and a net benefit for other special items ($1); and, for the quarter ended June 30, 2025, a net favorable change in mark-to-market foreign exchange ($72) and energy ($7) derivative instruments, external costs related to portfolio actions ($6), costs related to the restart process at the San Ciprián smelter ($3), a gain on sale of a non-core investment ($3), and a net benefit for other special items ($4). (2)

Discrete and other tax items are generally unusual or infrequently occurring items, changes in law, items associated with uncertain tax positions, or the effect of measurement-period adjustments and include the following:

for the quarter ended June 30, 2026, a net charge for discrete tax items ($3); for the quarter ended March 31, 2026, a net charge for discrete tax items ($13); and, for the quarter ended June 30, 2025, a net charge for discrete tax items ($3). (3)

The tax impact on special items is based on the applicable statutory rates in the jurisdictions where the special items occurred. The noncontrolling interest impact on special items represents Alcoa’s partner’s share of certain special items.

(4)

For the quarter ended June 30, 2025, dividends paid on preferred stock were $1 and undistributed earnings of $1 were allocated to preferred stock under the two-class method.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

Adjusted EBITDA

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Net income attributable to Alcoa Corporation

$

407

$

425

$

164

Add:

Net income (loss) attributable to noncontrolling interest

2

(8

)

(13

)

Provision for income taxes

73

82

10

Other expenses (income), net

200

(126

)

(112

)

Interest expense

36

35

56

Restructuring and other charges, net

(4

)

18

14

Provision for depreciation, depletion, and amortization

173

162

153

Adjusted EBITDA

887

588

272

Special items(1)

14

7

41

Adjusted EBITDA, excluding special items

$

901

$

595

$

313

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

Free Cash Flow

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Cash provided from (used for) operations

$

608

$

(179

)

$

488

Capital expenditures

(186

)

(119

)

(131

)

Free cash flow

$

422

$

(298

)

$

357

Free cash flow is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations. It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

Net Debt and Adjusted Net Debt

June 30, 2026

December 31, 2025

Short-term borrowings

$

—

$

9

Long-term debt due within one year

1

1

Long-term debt, less amount due within one year

2,224

2,438

Total debt

2,225

2,448

Less: Cash and cash equivalents

1,352

1,597

Net debt

873

851

Plus: Net pension / OPEB liability

573

613

Adjusted net debt

$

1,446

$

1,464

Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt.

Adjusted net debt is also a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.

Alcoa Corporation and subsidiaries

Calculation of Financial Measures (unaudited), continued

(in millions)

DWC Working Capital and Days Working Capital

Quarter ended

June 30, 2026

March 31, 2026

June 30, 2025

Receivables from customers

$

1,538

$

1,192

$

979

Add: Inventories

2,340

2,297

2,220

Less: Accounts payable, trade

(1,860

)

(1,771

)

(1,633

)

DWC working capital

$

2,018

$

1,718

$

1,566

Sales

$

3,966

$

3,193

$

3,018

Number of days in the quarter

91

90

91

Days working capital(1)

46

48

47

The company said it now expects to produce between 200,000 and 300,000 fewer metric tons of alumina in 2026, for a total production of 9.5 million to 9.6 million metric tons.

PITTSBURGH--(BUSINESS WIRE)--The governments and industry partners of Australia, Japan and the United States, together with Alcoa Corporation (NYSE: AA; ASX: AAI) (“Alcoa”), announced that they have reached final investment decision for a gallium production plant to be co‑located at Alcoa's Wagerup alumina refinery in Western Australia. The gallium plant will be constructed and operated by Alcoa, leveraging the Company's longstanding experience in alumina refining and advanced mineral processin.

Alcoa Corp said on Tuesday it has reached a final investment decision to set up ​a gallium plant at its Wagerup alumina refinery ‌in Western Australia, with backing from the Australian, Japanese and U.S. governments and industry partners.

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Alcoa Corporation (NYSE:AA) will release its second quarter earnings report after the closing bell on Thursday, July 16.

Analysts expect the Pittsburgh, Pennsylvania-based company to report quarterly earnings of $2.24 per share, up from 39 cents per share in the year-ago period. The consensus estimate for Alcoa’s quarterly revenue is $4.12 billion. It reported $3.02 billion last year, according to Benzinga Pro.

On June 30, Alcoa announced it will acquire South32’s interest in bauxite mine, alumina refinery and aluminum smelter operations.

Alcoa shares fell 0.1% to close at $48.68 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying AA stock? Here’s what analysts think:

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has strengthened its executive leadership team with the appointment of experienced mining engineer Nick Strong as chief operating officer, as the company advances its integrated Telfer-Havieron mining hub in Western Australia.

Strong will join Greatland on October 5, 2026, taking responsibility for Telfer and Havieron operations, including oversight of the brownfield Havieron underground mining development.

Experienced operator joins at growth phase Strong brings more than 25 years of operational and leadership experience across the mining industry, with a background spanning gold, base metals and other commodities.

His career includes senior roles with Northern Star Resources, Rio Tinto and Newcrest Mining, with experience managing large-scale underground and open pit mining operations, including at KCGM and Cadia.

Most recently, Strong served as general manager – Hemi & KCGM Growth at Northern Star Resources, where he directed approvals and operational growth workstreams after previously leading KCGM operations.

Greatland said Strong would work closely with Telfer general manager Mark Benson to maintain consistent mining and processing performance at Telfer while supporting delivery of Havieron’s development pathway.

Otto Richter moves into CTO role The leadership changes will also see Otto Richter transition from acting chief operating officer to chief technical officer when Strong starts in October.

Richter joined Greatland in 2021 as group mining engineer and led technical due diligence for the acquisition of Telfer and Havieron. He has since been responsible for strategic mine planning and Ore Reserves compilation.

In his new role, Richter will focus on advancing Greatland’s growth strategy through strategic mine planning and technical studies, including work on projects such as West Dome Underground.

“Exciting time” for Greatland Greatland managing director Shaun Day said Strong was joining the company at an important point in its growth journey.

“I am delighted that Nick will be joining Greatland as our Chief Operating Officer. Nick joins at an exciting time and is very well placed to lead our operations and substantial growth projects,” Day said.

“Nick has deep experience in overseeing large-scale underground and open pit gold and copper mines across Australia, and in planning and delivering large scale development projects.”

Day also acknowledged Richter’s contribution as acting COO, citing his role in delivering a strong FY26 and significant resource and reserve updates.

“I am delighted to be appointing Otto to an executive leadership role as Chief Technical Officer, allowing him to focus on strategic long-term planning as we continue pursuing a multi-decade integrated Telfer-Havieron mining hub,” Day said.

Building the Telfer-Havieron hub Greatland is a gold and copper mining company listed on the ASX and London Stock Exchange’s AIM market, operating from Western Australia.

Its portfolio includes the 100%-owned Telfer mine, the adjacent 100%-owned Havieron gold-copper development project and a significant exploration portfolio in the surrounding Paterson Province region of the East Pilbara.

The company sees the combination of Telfer and Havieron as the foundation for a substantial, long-life gold-copper operation.

What’s ahead Strong is scheduled to begin as COO on October 5, 2026, when Richter will formally move into the CTO role.

The new leadership structure is expected to support continued operational performance at Telfer, development of Havieron and longer-term mine planning across Greatland’s Western Australian portfolio.

EV Resources Ltd (ASX:EVR, OTC:EVRSF, FRA:R1EA) has strengthened both sides of its antimony strategy, defining new exploration targets in Nevada while advancing a near-term production pathway at its Tecomatlán processing plant in Mexico.

The company has outlined a 10-to-12-month timeline to complete and operate a direct-to-flotation circuit at Tecomatlán using third-party ore, while maiden soil geochemistry at its 100%-owned Milton and Dollar projects in Nevada has identified structurally controlled antimony-gold and polymetallic mineral corridors. 

Tecomatlán pathway targets near-term production EVR's updated Tecomatlán development plan combines the original gravity-only circuit and flotation circuit into a single integrated build, designed to process third-party ore secured under non-binding memoranda of understanding.

The company said the revised strategy supersedes its earlier end-of-CY2026 guidance for a gravity-only circuit, with the additional time aimed at improving recovery outcomes and producing a higher-value concentrate. 

Tecomatlán is being positioned as a hub-and-spoke processing facility for regional antimony miners across Puebla, Oaxaca and Guerrero, offering an alternative to smelters up to 1,200 kilometres away. EVR said ore volumes contemplated under existing non-binding MoUs cover more than 50% of Tecomatlán’s nameplate capacity, with further MoUs being sought. 

Flotation improves antimony recoveries Metallurgical test work from the Chinantla third-party feedstock source confirmed a flotation-led route recovered about 81% of contained antimony and produced concentrate grading 42.4% Sb, compared with gravity concentration recovery of 29.25% Sb and concentrate grading 20.54% Sb. 

EVR will continue to advance the gravity circuit to preserve processing flexibility, including for Los Lirios material. Previous test work from Los Lirios returned gravity recoveries of up to 90.8% Sb, while flotation test work on a high-grade sulphide sample returned 99.2% Sb recovery. 

Los Lirios work supports Phase 2 drilling At Los Lirios, EVR has confirmed laboratory assays from the Cofradia zone, where channel sampling returned 2.2 metres at 5.20% antimony, validating previously reported pXRF results. 

Phase 1 drilling at Los Lirios had now concluded, with results being incorporated alongside recent channel sampling and CSMAT geophysics to help vector targets for Phase 2 drilling. EVR said recent exploration confirmed Los Lirios as a very shallow strata-bound carbonate replacement deposit, with high-grade antimony spatially related to feeder structures. 

Nevada soil work defines new antimony-gold corridors In the US, EVR’s maiden high-density soil geochemistry program at Milton and Dollar in Nye County, Nevada, has produced the company’s first systematic target areas across its domestic antimony portfolio.

The survey comprised 567 soil samples, including 324 at Milton and 243 at Dollar, collected on 100-metre lines with 25-metre stations. 

At Milton, geochemical fingerprinting defined a coherent 1,100-metre anomalous pathfinder corridor of gold, arsenic, antimony, mercury and thallium, directly matching mapped north-south jasperoid trends. 

At Dollar, high-resolution sampling mapped two mineralised systems: a northern Dollar Mine node with soil peaks up to 0.415 ppm gold and 2,080 ppm antimony, and a southern Resurrection node returning up to 17.05 ppm silver, 872 ppm lead and 2,680 ppm zinc. 

Next steps EVR plans to advance rock-chip and channel sampling across the Milton jasperoid ridges and Dollar copper breccias, review ground geophysics options and use the combined data to generate a maiden diamond or RC drilling campaign. 

In Mexico, the company’s next steps include submitting the Informe Preventivo, completing MIA preparation, advancing further metallurgical test work, progressing feedstock MoUs into definitive agreements and continuing offtake discussions. 

About EV Resources EV Resources is a critical minerals exploration and development company focused on securing the North American antimony supply chain. Its portfolio includes the Tecomatlán Processing Plant and Los Lirios Antimony Project in Mexico, as well as the 100%-owned Dollar and Milton antimony projects in Nevada.

Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has strengthened its executive team with the appointment of experienced mining engineer Nick Strong as chief operating officer, putting him in charge of operations at Telfer and Havieron from 5 October 2026.

Strong brings more than 25 years of operational and leadership experience across the mining industry, mainly in gold and base metals, with previous roles at Northern Star Resources, Rio Tinto and Newcrest Mining.

He will work with Telfer general manager Mark Benson to maintain mining and processing performance at Telfer, while also overseeing the team delivering the brownfield Havieron underground mining development.

Greatland said Otto Richter will move from acting COO to chief technical officer when Strong starts. Richter joined the company in 2021 as group mining engineer and led technical due diligence for the acquisition of Telfer and Havieron.

In the new CTO role, Richter will focus on strategic mine planning and growth work across the portfolio, including technical studies for projects such as West Dome Underground.

Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the solid-state battery developer, said its retail offer was oversubscribed and raised around £500,000 through the issue of shares at 28 pence each.

The offer forms part of a wider capital raising that brought in roughly £5.0 million in gross proceeds.

Ilika said the money would support the commercial launch of its small-format Stereax technology and continued development of its larger Goliath battery.

Dealings in the new shares are expected to begin on AIM on 9 July.

Alcoa Today

$50.88 +2.20 (+4.52%)

As of 11:33 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$28.11▼

$84.38Dividend Yield0.79%

P/E Ratio12.82

Price Target$67.82

When an industrial sector powerhouse announces a multi-billion dollar acquisition, the market's first reflex is almost always to sell.

Institutional investors are notoriously skittish toward aggressive mergers and acquisitions in cyclical sectors unless they see immediate, verifiable free cash flow accretion.

Get Alcoa alerts:

Investors are seeing this reaction play out with Alcoa Corporation NYSE: AA right now. After executing an agreement to acquire South32 Limited's bauxite, alumina, and aluminum assets for an upfront consideration of $4.1 billion, the market responded.

Shares of Alcoa Corporation plummeted 9%, slicing through an established 50-day range to close at $47.41.

Unearthing a Generational Upstream Aluminum MonopolyWall Street is intensely focused on the immediate financing burden, prioritizing balance sheet preservation over asset expansion. A deeper look into the mechanics of this deal reveals a completely different reality. By absorbing tier-one bauxite and alumina operations exactly as structural supply deficits loom, Alcoa just engineered a generational upstream monopoly at a deep discount.

Bauxite is the primary ore used to produce alumina, which is then smelted into aluminum. Controlling that entire pipeline from dirt to metal gives Alcoa immense pricing power. Investors willing to look past the bridge-financing noise are being presented with a rare opportunity to accumulate shares at heavily compressed multiples.

Sifting Through the Slag: Debt, Equity, and Market FearTo understand the 9% haircut, you have to look at how institutional block traders model risk. The $4.1 billion upfront price tag requires $3.1 billion in cash and the issuance of 17 million new Alcoa shares. That stock issuance guarantees immediate equity dilution of roughly 6%.

Compounding the dilution is the debt load. To quickly secure the cash requirement, Alcoa tapped a $3.1 billion bridge commitment from Goldman Sachs NYSE: GS. Bridge loans are temporary, highly expensive financing tools utilized to lock down a transaction before permanent capital can be raised. The market is irrationally pricing in the weight of this short-term paper as a permanent leverage overhang, pushing the maximum enterprise value of the transaction toward $5.6 billion when accounting for assumed lease obligations and contingent payouts.

Investors also have to factor in the existing sentiment surrounding Alcoa. During the most recent earnings report on April 16, Alcoa delivered a slight miss. Earnings of $1.40 per share trailed consensus estimates by 20 cents, while revenues declined 5.2% year-over-year. That earnings miss created a fragile psychological environment.

When the South32 Limited deal crossed the wire, institutional patience for the long-dated realization of projected cost savings and operational efficiencies snapped. High off-exchange short volume ratios exceeding 62% indicate aggressive risk-off repositioning by institutional block traders rather than a coordinated short attack. Short interest remains benign at 2.48%, totaling roughly 6.5 million shares. Put option volume expiring in early July is clustered heavily around the $48 and $49 strikes, validating immediate downside hedging against the newly announced capital outlay.

Despite the panic, Alcoa's underlying financial health remains intact. Before this transaction, the debt-to-equity ratio was conservative at 0.36, supported by a current ratio of 1.48. Alcoa has a definitive roadmap to permanently replace the bridge loan using balance sheet cash and long-term debt financing well ahead of the anticipated closing in the first half of 2027. Alcoa has the baseline balance sheet capacity to absorb these assets easily.

Locking Down the Vault: South32 Assets Transform AlcoaMoving past the financing noise, the actual assets being acquired fundamentally reshape the global aluminum landscape. The transaction secures full ownership of the Boddington bauxite mine and the Worsley alumina refinery in Western Australia, alongside vital processing interests in Brazil and South Africa.

Alcoa models $900 million in net present value savings across the combined portfolio. While analysts often discount long-term acquisition projections, the immediate cost savings are highly verifiable.

The integration of the Western Australia operations alone is projected to deliver $50 million in direct run-rate cost savings. These savings flow straight into the cost of goods sold within 12 months of the closing date, countering fears of short-term margin compression.

The strategic alignment here gives Alcoa a commanding scale advantage. With a market capitalization above $12 billion, Alcoa dwarfs two direct upstream competitors, Constellium NYSE: CSTM and Century Aluminum NASDAQ: CENX, which hover near $4 billion. Alcoa also maintains a 0.83% dividend yield, whereas both Constellium and Century Aluminum do not offer dividends, placing the newly expanded behemoth ahead in shareholder returns.

Refining the Balance Sheet With 1 Clever Contingency ClauseOne of the most misunderstood components of this buyout is the $750 million contingent value right attached to the deal. A contingent value right provides additional compensation to the seller only if specific performance metrics are met in the future.

In this case, the payout is tightly controlled and directly tied to alumina and aluminum prices through 2030. Alcoa only surrenders this maximum consideration if commodity pricing guarantees outsized free cash flow accretion. The company effectively neutralized downside risk, ensuring it only pays top dollar if the underlying London Metal Exchange commodities generate massive revenue. This keeps the balance sheet highly protected during cyclical downturns.

Institutional Money Anchors Alcoa's AscentGlobal analysts have recently raised their aluminum forecasts on the London Metal Exchange. Structural supply disruptions and geopolitical tensions are setting the stage for multi-year pricing highs. By aggressively acquiring raw-material capacity right before projected 2026 and 2027 supply squeezes, Alcoa is positioning itself to capture massive alpha when the commodity cycle peaks.

Smart money understands this positioning. While day traders focus on intraday block selling, heavy institutional anchoring remains firmly in place. BlackRock NYSE: BLK continues to hold a 9.0% stake, representing over 23 million shares. This deep-pocketed positioning acts as a floor for institutional conviction, offering a layer of baseline support beneath the recent volatility.

The valuation metrics support a bullish outlook. The trailing price-to-earnings ratio for Alcoa is 12.3, while the forward multiple has compressed to an incredibly attractive 6.3. Alcoa is generating $6.05 per share in cash flow, providing ample liquidity to navigate the integration phase.

Melting It Down: Does Alcoa Merit Watchlist Status?The market reaction to the South32 Limited asset acquisition highlights a disconnect between short-term institutional trading algorithms and long-term business fundamentals. The market is harshly punishing the execution risk and temporary debt load required to consolidate the industry.

Alcoa (AA) Price Chart for Monday, July, 6, 2026

The underlying data points to a brilliantly timed expansion. By locking down tier-one mining and refining assets ahead of a global supply deficit, Alcoa is insulating its supply chain and setting the stage for aggressive margin expansion.

Investors willing to look past the bridge financing noise are being handed a rare opportunity to accumulate shares at heavily compressed multiples. Cautious investors might consider adding this legacy materials producer to their watchlist as the market digests the realities of this newly formed upstream monopoly.

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Alcoa CEO William Oplinger discusses the rationale behind the company's deal to buy Australian aluminum producer South32, as well as global demand and production in the face of rising energy costs.

The deal includes stakes in a bauxite mine, alumina refinery, and aluminum smelter operations, Alcoa said.

By Reuters

June 23, 20263:39 AM UTCUpdated June 23, 2026

A view shows Woodside Energy's headquarters in Perth, Australia, April 19, 2025. REUTERS/Christine Chen//File Photo Purchase Licensing Rights, opens new tab

CompaniesJune 23 (Reuters) - Woodside Energy (WDS.AX), opens new tab agreed ​to supply domestic gas to ‌Alcoa Corp's (AA.N), opens new tab Australian unit from 2027 to 2030, the Australian energy major ​said on Tuesday.

Here are some ​details:

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Under the deal, Woodside will ⁠supply 31.1 petajoules of domestic ​gas from its Western Australian operations ​to Alcoa's refineries

The deal follows Western Australian government approval in December 2025 ​to extend the operation of ​the Pluto-Karratha Gas Plant Interconnector, which allows ‌additional ⁠Pluto-sourced gas to be processed at Karratha for the domestic market

In 2025, Woodside's Western Australian natural ​gas production ​was ⁠90.3 petajoules, nearly 21% of the state's domestic ​gas supply, the company said

Woodside ​shares ⁠dropped as much as 1.5% to A$28.350, their lowest since ⁠June ​19

Reporting by Shivangi Lahiri ​and Keshav Singh Chundawat in Bengaluru; Editing ​by Sherry Jacob-Phillips and Mrigank Dhaniwala

Our Standards: The Thomson Reuters Trust Principles., opens new tab

The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

Nutrien Ltd (NYSE:NTR) On May 26, Nutrien priced offering of an aggregate of US$1.0 billion of 5-year and 10-year senior notes. The company’s stock fell around 12% over the past month and has a 52-week low of $53.03. RSI Value: 27 NTR Price Action: Shares of Nutrien fell 1.1% to close at $61.54 on Tuesday. Edge Stock Ratings: 16.83 Momentum score with Value at 86.00. Alcoa Corp (NYSE:AA)     Olin Corp (NYSE:OLN)Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.

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(Oslo/Lista, Norway 18 June 2026) Statkraft and Alcoa have signed two new power agreements securing electricity supply to support continued operation of Alcoa’s aluminium plant at Lista, Norway. The agreements provide a solid and predictable energy foundation for the smelter and help maintain both production and further development at the site.

Production Line 2 at Lista recently completed a successful restart of 31,000 metric tonnes per annum to reach its nameplate capacity of 95,000 metric tonnes for the plant. This marked an important milestone for Alcoa in Norway, with restored capacity and a strengthened industrial presence. Building on this, access to reliable and competitively priced power is essential for continued operations.

The power agreements cover deliveries of approximately 4.8 TWh of electricity during the period 2028–2031.

“Restarting operations at Lista was an important milestone for us, and access to stable power is absolutely essential for taking the next step,” says Tor Arne Berg, Operations Manager at Alcoa Lista.

The agreement also highlights the importance of predictable regulatory frameworks and long-term access to power for Norwegian industry - particularly for power-intensive sectors such as aluminium production.

“We are pleased to contribute with predictable and competitive power prices for Alcoa at Lista and to continue our strong cooperation. For Statkraft, it is important to support continued activity and value creation in the region, both through this agreement and through other supply contracts and development plans in Southwest Norway (NO2),” says Hallvard Granheim, Executive Vice President Markets at Statkraft.

“Alcoa is the latest of several large industrial companies to enter into new long-term power agreements with Statkraft this year. The demand confirms that the power market is functioning well and that we deliver competitive terms and power supply in line with industry needs,” he adds.

The agreements form part of Alcoa’s long-term work to secure stable power prices on commercial terms for its operations in Norway.

For further information, please contact:

Lars Magnus Günther, media spokesperson Statkraft AS
Tel: +47 912 41 636
E-mail: [email protected]
or www.statkraft.no

Arooj Iftekhar, Communications Manager Alcoa Norway 
Tel: +47 46 69 02 34
E-mail: [email protected]

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, and gas-fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,200 employees in 20 countries.

About Alcoa Norway
Alcoa established its presence in Norway in 1962 through a partnership with Elkem ASA. Today, the company operates aluminum smelters at Lista and in Mosjøen, both wholly owned by Alcoa. Through modern casting technology and high-quality primary aluminum, Alcoa Norway supplies European rolling mills, extrusion plants, and casthouses with aluminum solutions. The company employs 1,001 people.

Potroom Lista smelter Lista smelter

Potroom Lista smelter Potroom at Alcoa's Lista smelter Lista smelter Aerial photo of Alcoa's Lista smelter

Key Takeaways Constellium's Q1 growth was fueled by strength in packaging, aerospace and automotive markets.AA expanded capacity, lifted aluminum sales and invested in recycled aluminum production.CSTM authorized a $300M buyback program and outperformed AA shares over six months. Constellium SE (CSTM - Free Report) and Alcoa Corporation (AA - Free Report) are leading players in the aluminum industry, backed by extensive global operations and diversified business portfolios. With aluminum prices staying elevated amid ongoing economic uncertainty and trade-related challenges, comparing these companies can help investors evaluate opportunities within the Zacks Metal Products - Distribution industry.

Aluminum has become an attractive investment opportunity in recent years, supported by growing demand from lightweight and energy-efficient electric vehicles, increased adoption of recycled aluminum and advancements in rechargeable battery technologies. Demand for the metal continues to increase as industries focus on sustainability and efficiency. The ongoing recovery and expansion of global air travel have led aircraft manufacturers to ramp up production, driving demand for aluminum alloys used in aircraft fuselages and wings.

Against this backdrop, let’s take a closer look at both the companies’ fundamentals, growth prospects and challenges to find out which one is a better investment today.

The Case for ConstelliumConstellium’s Packaging & Automotive Rolled Products segment continues to be a key growth driver for the business. In the first quarter of 2026, revenues from the segment surged 24%, driven by higher metal prices. An increase in orders for packaging rolled products is also driving the segment’s performance.

Also, strength in the Aerospace & Transportation segment is aiding CSTM. The segment’s shipments increased 18% to 60 thousand metric tons in the first quarter, driven by higher shipments of aerospace and transportation, industry and defense (TID) rolled products. Revenues from the segment increased 30% to nearly $609 million, supported by strong shipments and metal prices.

The company’s Automotive Structures & Industry segment’s revenues grew 9% to approximately $415 million, supported by higher metal prices.

CSTM also remains committed to rewarding its shareholders handsomely through share buybacks. For instance, it generated a solid free cash flow of $5 million in the first three months of 2026 and returned approximately $28 million to shareholders through share repurchases.

It’s worth noting that the company’s board authorized a new share buyback program recently to repurchase up to $300 million worth of shares. This program will be effective from May 21, 2026, till Dec. 31, 2028. CSTM ended the quarter with leverage of 2.2x, remaining within the company’s target range of 1.5-2.5x.

However, Constellium has been witnessing the impacts of escalating costs and expenses over time. In the first quarter, the cost of sales increased 18.9% year over year. Selling, general and administrative expenses also rose 24.4% in the year. The increase in operating expenses, if not controlled, might adversely impact the company’s margins in the quarters ahead.

The Case for AlcoaAlcoa is gaining from strength in its Aluminum segment, driven by healthy demand across packaging, electrical and transportation end markets. The segment’s production capacity has expanded following the restart of the San Ciprián smelter in Spain, Alumar in Brazil and Lista in Norway. In the first quarter of 2026, the Aluminum segment’s third-party sales rose to $2.54 billion from $1.91 billion reported in the prior-year quarter.

In May 2026, Alcoa announced a $65 million investment to enhance production capabilities at its Mosjøen smelter in Norway. The project will enable the integration of recycled aluminum into the casting process and increase production capacity by up to 75,000 metric tons. The investment is expected to strengthen Alcoa’s low-carbon aluminum portfolio, improve alloy flexibility and help meet growing demand from the automotive and packaging sectors across Europe. The expansion will be carried out in phases, with commissioning and production ramp-up anticipated through 2028.

The company is also gaining from U.S. tariffs on imported aluminum, which have strengthened domestic market conditions. In June 2025, the U.S. administration increased tariffs on imported aluminum to 50% as a measure to correct trade imbalances and boost the domestic industry. The move has also increased aluminum prices, thus benefiting domestic producers like Alcoa. For first-quarter 2026, aluminum product sales rose to $2.58 billion from $1.96 billion in the year-ago quarter.

Its Alumina segment is poised to gain from higher alumina shipments, driven by the restart of San Ciprián smelter. AA expects alumina production in 2026 to be in the range of 9.7-9.9 million tons, while shipments are anticipated to be 11.8-12.0 million tons.

However, Alcoa has been witnessing the impacts of escalating costs and expenses over time. In the first quarter, the cost of sales increased 3% year over year. The metric, as a percentage of net sales, increased 630 bps to 78.7%. Selling, general and administrative expenses also rose 16.9% in the year. The increase in operating expenses, if not controlled, might adversely impact the company’s margins in the quarters ahead.

The company’s high debt level also remains concerning. AA exited the first quarter with a total debt of $2.55 billion compared with $2.45 billion reported at the end of fourth-quarter 2025. Considering its high debt level, its cash and cash equivalents of $1.35 billion do not look impressive.

How Does the Zacks Consensus Estimate Compare for CSTM & AA?The Zacks Consensus Estimate for CSTM’s 2026 sales and earnings per share (EPS) implies year-over-year growth of 26.3% and 74%, respectively. The company’s EPS estimates for 2026 have increased over the past 60 days.

Image Source: Zacks Investment Research

While the consensus estimate for Alcoa’s 2026 sales implies year-over-year growth of 21.4%, the same for EPS indicates an increase of 109.3%. AA’s EPS estimates have been trending upward over the past 60 days for 2026.

Image Source: Zacks Investment Research

Price Performance and Valuation of CSTM & AAIn the past six months, Constellium’s shares have surged 92.4%, while Alcoa stock has gained 47.7%.

Image Source: Zacks Investment Research

Constellium is trading at a forward 12-month price-to-earnings ratio of 11.57X compared with its median of 10.04X over the last three years. Alcoa is trading at a forward 12-month price-to-earnings ratio of 8.71X, below its median of 11.56X over the last five years.

Image Source: Zacks Investment Research

Final TakeConstellium is seeing strong growth across its key business segments, supported by higher aluminum prices. Also, the company’s shareholder-friendly policies bode well for strong growth in the quarters ahead.

Alcoa is benefiting from strong demand across key end markets and expanded production capacity, supported by smelter restarts and investments in low-carbon aluminum. However, rising operating costs and a high debt burden remain key concerns for its margins.

Given these factors, CSTM seems a better pick for investors than AA currently. While Constellium sports a Zacks Rank #1 (Strong Buy), Alcoa currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Live Updates May 7, 2026 at 9:19 AM EDT

Just yesterday, AMD shares exploded by more than $50 per share on strong earnings. And while the stock is taking a breather today, AMD could see further upside. That’s because of a surge in demand for CPUs, driven by the growth of agentic AI, according to AMD CEO Lisa Su.

CEO Su revised the company’s estimates to exceed 35% growth each year, with the market topping $120 billion by the end of the decade. Better, Goldman Sachs just hiked its price target on AMD from $240 to $250, with a buy rating.

The major indices are pushing even higher on hopes that the war with Iran is coming to an end – again. At the moment, there’s reportedly a one-page, 14-point memorandum of understanding that could end the war and establish a framework for more detailed nuclear talks. Iran is reportedly reviewing that proposal.

With that, the S&P 500 is up another 0.17%, or by 13 points. The SPDR S&P 500 ETF (SPY) is up 0.16%, or by $1.21. The Dow is up 0.25%, or by 120 points. The Nasdaq is up 0.1%, or by 32 points. Oil is down by $4.86 at $90.22. Gold is up by nearly $60 at $4,743, as Bitcoin drops by about $273 to $81,165.24.

AI Bull Market Has Another Year or Two to Run That’s according to Paul Tudor Jones, who said “recent advances in AI resemble the emergence of transformative technologies such as Microsoft’s early software dominance in the 1980s and the commercialization of the internet in the mid-1990s, periods that ushered in years of productivity gains and market upside,” as noted by CNBC.

“Those were both the beginning of productivity miracles that lasted four to five and a half years,” Jones added, “We’re kind of, I’d say, 50 or 60%. If I had to pick a period, we’ve got another year or two to run.”

Market Movers: Alcoa is on fire, says Wells Fargo  Investors may want to keep an eye on aluminum stocks, like Alcoa (NYSE: AA | AA Price Prediction), says Wells Fargo.  The firm, which has an overweight rating on the stock and a $70 price target, still believes the s strength of the aluminum market is still being underappreciated.

“Our upgrade reflects conviction of sticky aluminum price strength that can exceed our forecasts. We also see catalysts from monetizing idled assets for data center conversion, as mgmt has noted several deals in the works, plus capital deployment news from strong profits,” said the firm, as quoted by CNBC.

Goldman Sachs just reiterated a buy on Nvidia (NASDAQ: NVDA), saying that it expects to see a beat and raise quarter. “We expect investors to focus on: (1) the magnitude of upside to Nvidia’s $1 trillion datacenter guidance at GTC; (2) potential upside from agentic AI to the server CPU business; (3) competitive dynamics; (4) gross margin outlook given rising input costs,” added the firm.

And analysts at Evercore just reiterated an outperform rating on Apple (NASDAQ: AAPL), noting that the tech giant’s supply chain is robust. The firm has a price target of $330 on Apple.

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PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA, ASX: AAI) (“Alcoa” or the “Company”), today announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen smelter in Norway.

The investment provides strategic benefits to the Company by further delivering low-carbon aluminum products that our customers demand in a key market, while incorporating post consumer recycled aluminum into its products for the first time.

Since 2020, Alcoa has invested approximately $180 million in sustaining and return-seeking capital projects at the smelter. This additional investment of $65 million will expand and upgrade the Mosjøen casthouse, increasing production capacity by up to 75,000 metric tons.

The investment reflects Alcoa’s response to evolving customer requirements, including recycled‑content expectations in the automotive and packaging sectors, while strengthening its competitive position in Europe.

The investment introduces a new open mold foundry casting line, melting furnaces and additional casthouse improvements that will enable Mosjøen to increase production capacity. The upgrade will also enable a broader foundry alloy portfolio, offering greater flexibility in ingot size and format, expanded alloy diversity, and enhanced recycled content capabilities.

“This investment places Alcoa at the forefront of delivering low-carbon aluminum while creating long-term value for our customers and shareholders,” Alcoa President and CEO, William F. Oplinger. “The increased capacity, combined with recycling capabilities, positions Mosjøen as a cornerstone of low-carbon aluminum supply across Europe.”

Mosjøen is one of the largest industrial employers in Northern Norway, with more than 700 direct employees and significant regional impact. The investment will help secure long-term activity, jobs and expertise in the Helgeland region, while also supporting local suppliers and contributing to broader industrial value creation in Norway. As a key part of the European aluminum value chain, Mosjøen plays an important role in delivering materials to the EU market.

Stable and predictable framework conditions, including competitive long-term power arrangements, underpin the site’s competitiveness and support continued investment.

The upgrade project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028.

About Alcoa Corporation

Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in bauxite, alumina, and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and leading with courage, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.

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This press release contains statements that relate to future events and expectations relating to a capital investment and the expected impact and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “potential,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Factors which could cause actual results to differ from such forward-looking statements include, but are not limited to, industry, global, economic and other conditions. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation’s filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

On May 12, 2026, Alcoa Corp (AA) shares rose 7.0% to a current price of $67.62. This move comes as part of a volatile price performance, with the stock trading

AA shares surge 91% in six months as higher aluminum prices, tariff support and stronger demand boosted sales growth.