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What changed in Alcoa Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Alcoa Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+583 added−552 removedSource: 10-K (2026-02-26) vs 10-K (2025-02-20)

Top changes in Alcoa Corp's 2025 10-K

583 paragraphs added · 552 removed · 371 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

90 edited+51 added−44 removed55 unchanged
Biggest changeAWAC Operations In 2024, AWAC entities’ assets included the following interests: • 100% of the bauxite mining and alumina refining operations of Alcoa’s affiliate, Alcoa of Australia Limited (AofA); • 100% of the Juruti bauxite deposit and mine in Brazil; • 45% interest in Halco (Mining) Inc., a bauxite consortium that owns a 51% interest in Compagnie des Bauxites de Guinée (CBG), a bauxite mine in Guinea; • 39.96% interest in the São Luís refinery in Brazil; • 55% interest in the Portland, Australia smelter that AWAC manages on behalf of the joint venture partners; • 25.1% interest in the mine and refinery in Ras Al Khair, Saudi Arabia; • 100% of the refinery and alumina-based chemicals assets at San Ciprián, Spain; • 100% of Alcoa Steamship Company LLC, a company that procures ocean freight and commercial shipping services for Alcoa in the ordinary course of business; • 100% of the assets at the closed, former alumina refining facility in Point Comfort, Texas, United States; and, • 100% interest in various assets formerly used for mining and refining in the Republic of Suriname (Suriname).
Biggest changeAWAC Operations Prior to the completion of the Alumina Limited acquisition, AWAC entities’ assets included the following interests: • 100% of the bauxite mining and alumina refining operations of Alcoa’s affiliate, AofA; • 100% of the Juruti bauxite deposit and mine in Brazil; • 45% interest in Halco (Mining) Inc., a bauxite consortium that owns a 51% interest in CBG, a bauxite mine in Guinea; • 39.96% interest in the São Luís refinery in Brazil; • 55% interest in the Portland, Australia smelter that AWAC manages on behalf of the joint venture partners; • 25.1% interest in MBAC located in Ras Al Khair, Saudi Arabia; • 100% of the refinery and alumina-based chemicals assets at San Ciprián, Spain; • 100% of Alcoa Steamship Company LLC, a company that procures ocean freight and commercial shipping services for Alcoa in the ordinary course of business; • 100% of the assets at the closed, former alumina refining facility in Point Comfort, Texas, United States; and, • 100% interest in various assets formerly used for mining and refining in the Republic of Suriname (Suriname). 11 Sources and Availability of Raw Materials The Company believes that the raw materials necessary to its business are and will continue to be available and that the sources and availability of such raw materials are currently adequate.
The Brazilian hydroelectric facilities produce energy which is transmitted across the national grid to Alcoa’s refineries in Brazil and the excess generation capacity is sold into the market. Below is an overview of our external energy for our smelters and refineries.
The Brazilian hydroelectric facilities produce energy which is transmitted across the national grid to Alcoa’s refineries in Brazil and the excess generation capacity is sold into the market. 6 Below is an overview of our external energy for our smelters and refineries.
Renewable energy is derived from natural processes that are replenished constantly, such as sunlight, wind, and hydropower. The Company intends to continue to focus on optimizing value add product capacity utilization. 12 Patents, Trade Secrets, and Trademarks The Company believes that its domestic and international patent, trade secret, and trademark assets provide it with a competitive advantage.
Renewable energy is derived from natural processes that are replenished constantly, such as sunlight, wind, and hydropower. The Company intends to continue to focus on optimizing value add product capacity utilization. 13 Patents, Trade Secrets, and Trademarks The Company believes that its domestic and international patent, trade secret, and trademark assets provide it with a competitive advantage.
Iceland Landsvirkjun, the Icelandic national power company, supplies competitively priced electricity from a hydroelectric facility to the smelter under a 40-year power contract, which expires in 2047 with a price renegotiation effective from 2028. Spain The San Ciprián refinery has been operating at 50 percent of its capacity since the third quarter of 2022.
Iceland Landsvirkjun, the Icelandic national power company, supplies competitively priced electricity from a hydroelectric facility to the smelter under a 40-year power contract, which expires in 2048 with a price renegotiation effective from 2028. Spain The San Ciprián refinery has been operating at 50 percent of its capacity since the third quarter of 2022.
Beerman is a certified public accountant. Renato Bacchi, 48, has served as Executive Vice President and Chief Commercial Officer of Alcoa Corporation since August 1, 2023. He leads the Company’s sales and trading, marketing, supply chain, commercial operations, and procurement and oversees the Company’s global energy assets and innovation and technology programs. Mr.
Beerman is a certified public accountant. Renato Bacchi, 49, has served as Executive Vice President and Chief Commercial Officer of Alcoa Corporation since August 1, 2023. He leads the Company’s sales and trading, marketing, supply chain, commercial operations, and procurement and oversees the Company’s global energy assets and innovation and technology programs. Mr.
In general, each alloy type has a major alloying element other than aluminum but will also include lesser amounts of other constituents. 11 Competition Alcoa is subject to highly competitive conditions in all aspects of the aluminum supply chain in which it competes.
In general, each alloy type has a major alloying element other than aluminum but will also include lesser amounts of other constituents. 12 Competition Alcoa is subject to highly competitive conditions in all aspects of the aluminum supply chain in which it competes.
The CSRD applies not only to local operations in the EU, but under certain circumstances, to global companies with operations in the EU. The CSRD is applicable to Alcoa operations for 2025 with reporting in 2026. Further, in 2024 Australia passed legislation to mandate climate-related financial disclosures applicable to Alcoa effective for 2025 with reporting in 2026.
The CSRD applies not only to local operations in the EU, but under certain circumstances, to global companies with operations in the EU. The CSRD is applicable to Alcoa operations for 2027 with reporting in 2028. Further, in 2024 Australia passed legislation to mandate climate-related financial disclosures applicable to Alcoa effective for 2025 with reporting in 2026.
The Baie-Comeau contract has an automatic renewal through February 2036. Massena, New York (Massena West) The Massena West smelter in New York purchases power from the New York Power Authority (NYPA) pursuant to a contract between Alcoa and NYPA that expires in March 2026.
The Baie-Comeau contract has an automatic renewal through February 2036. Massena, New York (Massena West) The Massena West smelter in New York purchases renewable energy from the New York Power Authority (NYPA) pursuant to a contract between Alcoa and NYPA that expires in March 2026.
The strength of our position in the primary aluminum market is largely attributable to: our integrated supply chain and regional presence in key markets, primarily North America and Europe; long-term energy arrangements; the ability of our casthouses to provide customers with a diverse product portfolio in terms of shapes and alloys, while meeting high product quality standards; and low carbon footprint for the majority of our production, as approximately 87 percent of the aluminum smelting portfolio operated by the Company was powered by renewable (primarily hydropower) energy sources in 2024.
The strength of our position in the primary aluminum market is largely attributable to: our integrated supply chain and regional presence in key markets, primarily North America and Europe; long-term energy arrangements; the ability of our casthouses to provide customers with a diverse product portfolio in terms of shapes and alloys, while meeting high product quality standards; and low carbon footprint for the majority of our production, as approximately 86 percent of the aluminum smelting portfolio operated by the Company was powered by renewable (primarily hydropower) energy sources in 2025.
Alcoa sources bauxite from its own resources and believes its present sources of bauxite on a global basis are sufficient to meet the forecasted requirements of its alumina refining operations for the foreseeable future. Certain alumina refineries generate electricity through the digestor process that meets or exceeds their power needs, while others purchase electricity from third-party suppliers.
Alcoa sources bauxite from its own resources and believes its present sources of bauxite on a global basis are sufficient to meet the forecasted requirements of its alumina refining operations for the foreseeable future. Certain alumina refineries generate electricity that meets or exceeds their power needs, while others purchase electricity from third-party suppliers.
Environmental Alcoa is subject to extensive federal, state/provincial, and local environmental laws and regulations and other requirements in the U.S. and abroad, including those relating to the release or discharge of materials into the air, water, and soil; waste management, pollution prevention measures; the generation, storage, handling, use, transportation, and disposal of hazardous materials; and the exposure of persons to hazardous materials.
Environmental Alcoa is subject to extensive federal, state/provincial, and local environmental laws and regulations and other requirements in the U.S. and abroad, including those relating to the release or discharge of materials into the air, water, and soil; waste management, pollution prevention measures; and the generation, storage, handling, use, transportation, and disposal of hazardous materials and wastes.
From 2012 to 2015, Ms. Beerman served as Vice President, Finance and Administration for a non-profit organization focused on community issues. Prior to that, Ms. Beerman was employed by ParentCo from 2001 to 2012, having held several roles in the finance function and eventually becoming the director of global procurement center of excellence from 2008 to 2012. Ms.
From 2012 to 2015, Ms. Beerman served as Vice President, Finance and Administration for a non-profit organization focused on community issues. Prior to that, Ms. Beerman was employed by Alcoa Inc. from 2001 to 2012, having held several roles in the finance function and eventually becoming the director of global procurement center of excellence from 2008 to 2012. Ms.
Alcoa Power Generating Inc., a subsidiary of the Company, also owns certain Federal Energy Regulatory Commission (FERC)-regulated transmission assets in Indiana, Tennessee, New York, and Washington. The consolidated capacity of the Brazilian energy facilities shown above in MW is the assured energy, representing approximately 53 percent of hydropower plant nominal capacity.
Alcoa Power Generating Inc., a subsidiary of the Company, also owns certain Federal Energy Regulatory Commission (FERC)-regulated transmission assets in Indiana, Tennessee, New York, and Washington. The consolidated capacity of the Brazilian energy facilities in the table above is the assured energy, representing approximately 53 percent of hydropower plant nominal capacity.
Beerman was Senior Vice President and Controller of the Company from November 2019 through January 2023 and Vice President and Controller from December 2016 through October 2019. Ms. Beerman was Director, Global Shared Services Strategy and Solutions from November to December 2016. In 2016, Ms. Beerman held a consulting role with the Finance Department of ParentCo.
Beerman was Senior Vice President and Controller of the Company from November 2019 through January 2023 and Vice President and Controller from December 2016 through October 2019. Ms. Beerman was Director, Global Shared Services Strategy and Solutions from November to December 2016. In 2016, Ms. Beerman held a consulting role with the Finance Department of Alcoa Inc.
Additionally, we are and may become subject to various laws and regulations related to the disclosures of emissions, the impact of climate change to our business, and plans to reduce such emissions. Recent laws and regulations pertaining to climate change and greenhouse gas emissions have been implemented or are being considered.
Additionally, we are and may become subject to various laws and regulations related to the disclosures of environmental risks and impacts, the impact of climate change to our business, and plans to reduce such risks and impacts. Recent laws and regulations pertaining to climate change and greenhouse gas emissions have been implemented or are being considered.
See Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under caption Contingencies for additional information. 13 Safety and Health We are subject to a broad range of foreign, federal, state, and local laws and regulations relating to occupational health and safety, and our safety program includes measures required for compliance.
See Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under caption Contingencies for additional information related to environmental matters. 14 Safety and Health We are subject to a broad range of foreign, federal, state, and local laws and regulations relating to occupational health and safety, and our safety program includes measures required for compliance.
Alcoa’s primary aluminum facilities and its global smelting capacity stated in metric tons per year (mtpy) as of December 31, 2024 are shown in the following table: Country Facility Nameplate Capacity 1 (000 mtpy) Alcoa Corporation Consolidated Capacity 1 (000 mtpy) Australia Portland 358 197 Brazil Poços de Caldas 2 N/A N/A São Luís (Alumar) 447 268 Canada Baie Comeau, Québec 324 324 Bécancour, Québec 467 350 Deschambault, Québec 287 287 Iceland Fjarðaál 351 351 Norway Lista 95 95 Mosjøen 200 200 Spain San Ciprián 228 228 United States Massena West, NY 130 130 Evansville, IN (Warrick) 215 215 TOTAL 3,102 2,645 Equity Interests: Country Facility Nameplate Capacity 1 (000 mtpy) Alcoa Corporation Consolidated Capacity 1 (000 mtpy) Saudi Arabia Ras Al Khair (MAC) 804 202 (1) Nameplate Capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production.
Alcoa’s primary aluminum facilities and its global smelting capacity stated in metric tons per year as of December 31, 2025 are shown in the following table: Country Facility Nameplate Capacity (1) (000 mtpy) Alcoa Corporation Consolidated Capacity (1) (000 mtpy) Australia Portland 358 197 Brazil Poços de Caldas (2) N/A N/A São Luís (Alumar) 447 268 Canada Baie-Comeau, Québec 324 324 Bécancour, Québec 467 350 Deschambault, Québec 287 287 Iceland Fjarðaál 351 351 Norway Lista 95 95 Mosjøen 200 200 Spain San Ciprián 228 228 United States Massena West, NY 130 130 Evansville, IN (Warrick) 215 215 TOTAL 3,102 2,645 (1) Nameplate Capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production.
For each metric ton (mt) of alumina produced, Alcoa consumes the following amounts of the identified raw material inputs (approximate range across relevant facilities): Raw Material Units Consumption per mt of Alumina Bauxite mt 2.2 – 4.0 Caustic soda kg 80 – 130 Electricity MWh 0.17 to 0.30 total consumed Fuel oil and natural gas GJ 6 – 10.5 Lime (CaO) kg 6 – 50 For each metric ton of aluminum produced, Alcoa consumes the following amounts of the identified raw material inputs (approximate range across relevant facilities): Raw Material Units Consumption per mt of Primary Aluminum Alumina mt 1.91 – 1.94 Aluminum fluoride kg 12.2 – 27.2 Calcined petroleum coke mt 0.26 – 0.40 Cathode blocks mt 0.003 – 0.007 Electricity MWh 13.27 – 16.77 Liquid pitch mt 0.08 – 0.12 Natural gas mcf 2.1 – 4.9 Certain aluminum we produce includes alloying materials.
For each metric ton (mt) of alumina produced, Alcoa consumes the following amounts of the identified raw material inputs (approximate range across relevant facilities): Raw Material Units Consumption per mt of Alumina Bauxite mt 2.2 – 4.0 Caustic soda kg 80 – 130 Electricity MWh 0.17 to 0.30 total consumed Fuel (fuel oil, natural gas, and coal) GJ 6 – 10.5 Lime (CaO) kg 6 – 50 For each metric ton of aluminum produced, Alcoa consumes the following amounts of the identified raw material inputs (approximate range across relevant facilities): Raw Material Units Consumption per mt of Primary Aluminum Alumina mt 1.91 – 1.94 Aluminum fluoride kg 13.2 – 23.1 Calcined petroleum coke mt 0.30 – 0.40 Cathode blocks mt 0.004 – 0.007 Electricity MWh 13.26 – 16.82 Liquid pitch mt 0.07 – 0.12 Natural gas mcf 0.8 – 4.5 Certain aluminum we produce includes alloying materials.
Energy Facilities and Sources In 2024, energy comprised approximately 24 percent of the Company’s total alumina refining production costs and electric power comprised approximately 22 percent of the Company’s primary aluminum production costs.
Energy Facilities and Sources In 2025, energy comprised approximately 24 percent of the Company’s total alumina refining production costs and electric power comprised approximately 24 percent of the Company’s primary aluminum production costs.
We have operating standards based on human performance, which teach employees how to anticipate and recognize situations where errors are likely to occur, which help enable us to predict, reduce, manage, and prevent fatalities and injuries. As of December 31, 2024, Alcoa had approximately 13,900 employees in 17 countries.
We have operating standards based on human performance, which teach employees how to anticipate and recognize situations where errors are likely to occur, which help enable us to predict, reduce, manage, and prevent fatalities and injuries. As of December 31, 2025, Alcoa had approximately 14,900 employees in 16 countries.
In 2024, Alcoa generated approximately 10 percent of the power used at its smelters worldwide and generally purchased the remainder under long-term arrangements. The following table sets forth the electricity generation capacity and 2024 generation of facilities in which Alcoa Corporation has an ownership interest. See also the Joint Ventures section above.
In 2025, Alcoa generated approximately 11 percent of the power used at its smelters worldwide and generally purchased the remainder under long-term arrangements. The following table sets forth the electricity generation capacity and 2025 generation of facilities in which Alcoa Corporation has an ownership interest. See also the Joint Ventures section below.
The shares of Ma’aden will be subject to transfer and sale restrictions, including a restriction requiring Alcoa to hold its Ma’aden shares for a minimum of three years, with one-third of the shares becoming transferable after each of the third, fourth, and fifth anniversaries of closing of the transaction.
The shares of Ma’aden are subject to transfer and sale restrictions, including a restriction requiring Alcoa to hold its Ma’aden shares for a minimum of three years, with one-third of the shares becoming transferable after each of the third, fourth, and fifth anniversaries of the closing of the transaction (the Holding Period).
We had an average cost position in the first quartile of global alumina production in 2024, as determined by CRU independent commodity intelligence. Increased production costs in 2024 caused by lower bauxite grades in Australia could place Alumina in the second quartile until new mine regions are accessed.
We had an average cost position in the first quartile of global alumina production in 2025, as determined by CRU independent commodity intelligence. Increased production costs in recent years caused by lower bauxite grades in Australia could place our Alumina segment in the second quartile until new mine regions are accessed.
In 2024, Alcoa-operated mines, mines operated by partnerships, and bauxite offtake agreements supplied approximately 85 percent of bauxite volume to Alcoa refineries and approximately 15 percent of Alcoa’s bauxite shipments were sold to third-party customers. Our principal competitors in the third-party bauxite market include Rio Tinto and multiple suppliers from Guinea, Australia, and Brazil, among other countries.
In 2025, approximately 77 percent of bauxite volume from Alcoa-operated mines, mines operated by partnerships, and bauxite offtake agreements was supplied to Alcoa refineries, and approximately 23 percent of Alcoa’s bauxite shipments were sold to third-party customers. Our principal competitors in the third-party bauxite market include Rio Tinto and multiple suppliers from Guinea, Australia, and Brazil, among other countries.
Alcoa has the right to purchase up to 40 percent of the metal produced from the demonstration, allowing for Alcoa customers to benefit from ELYSIS’s carbon-free electrolytic process early in the technology development cycle. The target for first production is by 2027.
Alcoa has the right to purchase up to 40 percent of the metal produced from the demonstration, allowing for Alcoa customers to benefit from ELYSIS’s carbon-free electrolytic process early in the technology development cycle. There has been no change to the target for first production which is expected by 2027.
Manicouagan owns and operates the 335 megawatt McCormick hydroelectric project, which is located on the Manicouagan River in the Province of Québec, Canada. Alcoa owns 40% of the joint venture.
Manicouagan owns and operates the 335 megawatt McCormick hydroelectric project, which is located on the Manicouagan River in the Province of Québec, Canada.
As a result of product development and technological advancement, the Company continues to pursue patent protection in jurisdictions throughout the world. As of December 31, 2024, Alcoa’s worldwide patent portfolio consisted of approximately 360 granted patents and approximately 200 pending patent applications.
As a result of product development and technological advancement, the Company continues to pursue patent protection in jurisdictions throughout the world. As of December 31, 2025, Alcoa’s worldwide patent portfolio consisted of approximately 370 granted patents and approximately 220 pending patent applications.
Prior to 2022, AofA secured a significant portion of gas supplies through 2032. On a combined basis, these gas supply arrangements are expected to cover approximately 90 percent of the Pinjarra and Wagerup refineries’ gas requirements through 2027, with decreasing percentages thereafter through 2032.
Prior to 2022, AofA secured a significant portion of gas supplies through 2032. On a combined basis, these gas supply arrangements are expected to cover approximately 90 percent of the Pinjarra and Wagerup refineries’ gas requirements (after the closure of the Kwinana refinery in September 2025) through 2027, with decreasing percentages thereafter through 2032.
In August 2023, Alcoa’s impoundments with very high or extreme consequence classification were audited by an independent third party and assessed as in conformance with GISTM as required by the International Council on Mining and Metals Conformance Protocol. This represents the first phase of implementation with lower consequence impoundment conformance required by August 2025.
In August 2023, Alcoa’s impoundments with very high or extreme consequence classification were audited by an independent third party and assessed as in conformance with GISTM as required by the International Council on Mining and Metals Conformance Protocol. In 2025, lower-consequence impoundments were audited by an independent third-party.
Prior to the Separation Transaction, Mr. Bacchi served as the Assistant Treasurer of ParentCo from October 2014 through October 2016 and the Director, Corporate Treasury from 2012 to 2014. Prior to this time, Mr. Bacchi held various roles of increasing responsibility in areas including finance, strategy, procurement, energy and sales. Mr. Bacchi joined ParentCo in Brazil in 1997. Nicol A.
Prior to November 2016, Mr. Bacchi served as the Assistant Treasurer of Alcoa Inc. from October 2014 through October 2016 and the Director, Corporate Treasury from 2012 to 2014. Prior to this time, Mr. Bacchi held various roles of increasing responsibility in areas including finance, strategy, procurement, energy, and sales. Mr. Bacchi joined Alcoa Inc. in Brazil in 1997.
The market for primary aluminum is global, and demand for aluminum varies widely from region to region. We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum, and Vedanta Aluminum Ltd.
The market for primary aluminum is global, and demand for aluminum varies widely from region to region. We compete with commodity traders, such as Glencore, Trafigura, Vitol, Mercuria and Gunvor, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum, and Vedanta Aluminum Ltd.
Oplinger served as Executive Vice President and Chief Financial Officer of ParentCo from April 1, 2013 to November 2016. Mr. Oplinger joined ParentCo in 2000, and through 2013 held key corporate positions in financial analysis and planning and also served as Director of Investor Relations. Mr.
Oplinger served as Executive Vice President and Chief Financial Officer of Alcoa Inc. from April 1, 2013 to October 2016. Mr. Oplinger joined Alcoa Inc. in 2000, and through 2013 held key corporate positions in financial analysis and planning and also served as Director of Investor Relations. Mr. Oplinger also held principal positions in the Alcoa Inc.
In 2024, capital expenditures for new or expanded facilities for environmental control were $131 and approximately $170 is expected in 2025.
In 2025, capital expenditures for new or expanded facilities for environmental control were $140 and approximately $170 is expected in 2026.
Item 1. B usiness. (dollars in millions, except per-share amounts, average realized prices, and average cost amounts) The Company Alcoa Corporation, a Delaware corporation (Alcoa or the Company), is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting.
Item 1. B usiness. (dollars in millions, except per-share amounts, average realized prices, and average cost amounts) The Company Alcoa Corporation, a Delaware corporation (Alcoa or the Company) which became an independent, publicly traded company on November 1, 2016, is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting.
The Company has direct and indirect ownership of 26 operating locations across nine countries on six continents. The Company’s operations are comprised of two reportable business segments: Alumina and Aluminum.
The Company has direct and indirect ownership of 25 operating locations across eight countries on five continents. The Company’s operations are comprised of two reportable business segments: Alumina and Aluminum.
In 2022, Alcoa entered into two long-term power purchase agreements (PPAs) with renewable energy providers that are expected to supply up to 50 percent of the smelter's power needs at its full capacity. The supply of energy will continue to depend on the permitting and development of the windfarms included in the PPAs.
In 2022, Alcoa entered into two long-term power purchase agreements (PPAs) with renewable energy providers that are expected to supply approximately 40 percent of the smelter’s power needs at its full capacity. The supply of energy is dependent on the permitting and development of the windfarms included in the PPAs.
Information regarding the Company’s bauxite mining properties and bauxite mineral resources and reserves is included in Part 1 Item 2 of this Form 10-K. 5 Alcoa’s alumina refining facilities and its worldwide alumina capacity stated in metric tons per year (mtpy) as of December 31, 2024 are shown in the following table: Country Facility Nameplate Capacity 1 (000 mtpy) Alcoa Corporation Consolidated Capacity 1 (000 mtpy) Australia (AofA) Kwinana 2,190 2,190 Pinjarra 4,700 4,700 Wagerup 2,879 2,879 Brazil Poços de Caldas 390 390 São Luís (Alumar) 3,860 2,084 Spain San Ciprián 1,600 1,600 TOTAL 15,619 13,843 Equity Interests: Country Facility Nameplate Capacity 1 (000 mtpy) Alcoa Corporation Consolidated Capacity 1 (000 mtpy) Saudi Arabia Ras Al Khair (MBAC) 1,800 452 (1) Nameplate Capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production.
Information regarding the Company’s bauxite mining properties and bauxite mineral resources and reserves is included in Part I Item 2 of this Form 10-K. 3 Alcoa’s alumina refining facilities and its worldwide alumina capacity stated in metric tons per year (mtpy) as of December 31, 2025 are shown in the following table: Country Facility Nameplate Capacity (1) (000 mtpy) Alcoa Corporation Consolidated Capacity (1) (000 mtpy) Australia Pinjarra 4,700 4,700 Wagerup 2,879 2,879 Brazil Poços de Caldas 390 390 São Luís (Alumar) 3,860 2,084 Spain San Ciprián 1,600 1,600 TOTAL 13,429 11,653 (1) Nameplate Capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production.
Mosjøen, Norway Alcoa has several long-term power purchase agreements securing approximately 80 percent of the necessary power for the smelter through 2035. The remaining power at the smelter is purchased at spot rates.
Mosjøen, Norway Alcoa has several long-term power purchase agreements securing approximately 90 percent of the necessary power for the smelter through 2028 and 65 percent of the necessary power for the smelter from 2029 through 2035. The remaining power at the smelter is purchased at spot rates.
As of December 31, 2024, women comprised approximately 20 percent of our global workforce. Approximately 10,300 of our global employees are covered by collective bargaining agreements with certain unions and varying expiration dates, including approximately 1,000 employees in the U.S., 1,900 employees in Europe, 1,400 employees in Canada, 3,500 employees in South America, and 2,500 employees in Australia.
As of December 31, 2025, women comprised approximately 22 percent of our global workforce. Approximately 11,400 of our global employees are covered by collective bargaining agreements with certain unions and varying expiration dates, including approximately 1,100 employees in the U.S., 2,000 employees in Europe, 1,400 employees in Canada, 4,500 employees in South America, and 2,400 employees in Australia.
Oplinger also held principal positions in the ParentCo’s Global Primary Products division, including as Controller, Operational Excellence Director, Chief Financial Officer, and Chief Operating Officer. Molly S. Beerman , 61, has served as Executive Vice President and Chief Financial Officer of Alcoa Corporation since February 1, 2023. Prior to this, Ms.
Global Primary Products division, including as Controller, Operational Excellence Director, Chief Financial Officer, and Chief Operating Officer. Molly S. Beerman , 62, has served as Executive Vice President and Chief Financial Officer of Alcoa Corporation since February 1, 2023. Prior to this, Ms.
The smelter and casthouse are owned by Alcoa Alumínio (60%) and South32 (40%). 4 Strathcona calciner is a joint venture between affiliates of Alcoa and Rio Tinto located in Alberta, Canada. Calcined coke is used as a raw material in aluminum smelting. The calciner is owned by Alcoa (39%) and Rio Tinto (61%).
Strathcona calciner is a joint venture between affiliates of Alcoa and Rio Tinto located in Alberta, Canada. Calcined coke is used as a raw material in aluminum smelting. The calciner is owned by Alcoa (39%) and Rio Tinto (61%).
The Company’s largest customer for smelter grade alumina is its own aluminum smelters, which in 2024 accounted for approximately 32 percent of its total alumina shipments. A small portion of the alumina (non-metallurgical grade) is sold to third-party customers who process it into industrial chemical products. This segment also includes Alcoa's 25.1% share of MBAC.
The Company’s largest customer for smelter grade alumina is its own aluminum smelters, which in 2025 accounted for approximately 34 percent of its total alumina shipments. A small portion of the alumina (non-metallurgical grade) is sold to third-party customers who process it into industrial chemical products.
Alcoa Corporation’s consolidated capacity is its share of Nameplate Capacity based on its ownership interest in the respective smelter. (2) The Poços de Caldas facility is a casthouse and does not include a smelter. As of December 31, 2024, Alcoa had approximately 374,000 mtpy of idle smelting capacity relative to total Alcoa consolidated capacity of 2,645,000 mtpy.
Alcoa Corporation’s Consolidated Capacity represents its share of the Nameplate Capacity of these facilities. (2) The Poços de Caldas facility is a casthouse and does not include a smelter. As of December 31, 2025, Alcoa had approximately 196,000 mtpy of idle smelting capacity relative to total Alcoa consolidated capacity of 2,645,000 mtpy.
Reed was the Operations Executive (Chief Operations Officer) of OZ Minerals Limited, a mining company based in South Australia, from September 2021 through May 2023. He was General Manager, Projects at OZ Minerals Limited from January 2021 through August 2021. Previously, Mr.
He was General Manager, Projects at OZ Minerals Limited from January 2021 through August 2021. Previously, Mr. Reed was the Executive Managing Director (Chief Operating Officer) at SIMEC Mining, a mining company based in South Australia, from September 2017 through December 2020.
Alcoa owns 74.95% of the joint venture through its 50% equity investment in Pechiney Reynolds Quebec, Inc., which owns a 50.1% share of the smelter, and two wholly-owned Canadian subsidiaries, which own 49.9% of the smelter. Rio Tinto owns the remaining 25.05% interest in the joint venture through its 50% ownership in Pechiney Reynolds Quebec, Inc.
(ABI) smelter is a joint venture between Alcoa and Rio Tinto located in Bécancour, Québec. Alcoa owns 74.95% of the joint venture through its 50% equity investment in Pechiney Reynolds Quebec, Inc., which owns a 50.1% share of the smelter, and two wholly-owned Canadian subsidiaries, which own 49.9% of the smelter.
In 2022 , production at the San Ciprián refinery was reduced to approximately 50 percent of the 1.6 million metric tons of annual capacity to mitigate the financial impact of high natural gas costs.
In 2022, production at the San Ciprián refinery was reduced to approximately 50 percent of the 1.6 million metric tons of annual capacity to mitigate the financial impact of high natural gas costs. On March 31, 2025, Alcoa and Trento Equity Holdings, S.L.U.
Alcoa World Alumina and Chemicals (AWAC) On August 1, 2024, Alcoa completed the acquisition of all of the ordinary shares of Alumina Limited (Alumina Shares) through a wholly-owned subsidiary, AAC Investments Australia 2 Pty Ltd. At acquisition, Alumina Limited, a company previously listed on the Australian Securities Exchange, held a 40% ownership interest in the AWAC joint venture.
Alcoa owns 40% of the joint venture. 10 Alcoa World Alumina and Chemicals (AWAC) On August 1, 2024, Alcoa completed the acquisition of all of the ordinary shares of Alumina Limited (Alumina Shares) through a wholly-owned subsidiary, AAC Investments Australia 2 Pty Ltd.
Jones served as Human Resources Director, Aluminum (at ParentCo until the Separation Transaction), and she served as Human Resources Director for ParentCo Wheels and Transportation Products from April 2013 to April 2015. Ms.
Jones served as Human Resources Director, Aluminum (at Alcoa Inc. until Alcoa Corporation’s separation in November 2016), and she served as Human Resources Director for Alcoa Inc. Wheels and Transportation Products from April 2013 to April 2015. Ms.
The smelting operations produce molten primary aluminum, which is then formed by the casting operations into either common alloy ingot (e.g., t-bar, sow, standard ingot) or into value add ingot products (e.g., foundry, billet, rod, and slab).
The smelting operations produce molten primary aluminum, which is then formed by the casting operations into either commodity grade ingot (e.g., t-bar, sow, standard ingot) or into value add ingot products (e.g., foundry, billet, rod, and slab), virtually all of which are sold to external customers and traders.
The Alumina segment primarily consists of the Company’s bauxite mines and alumina refineries, which generally includes the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina. The Aluminum segment consists of the Company’s aluminum smelting and casting operations along with most of the Company’s energy production assets.
The Alumina segment primarily consists of the Company’s bauxite mines and alumina refineries, and its operations generally include the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina.
In 2024, approximately 95 percent of the Company’s smelter grade alumina shipments to third parties were sold on an adjusted API price or fixed price spot basis.
In 2025, approximately 95 percent of the Company’s smelter grade alumina shipments to third parties were sold on an adjusted API price or fixed price spot basis. A portion of this segment’s third-party sales are completed through alumina traders.
Jones oversees all aspects of human resources management, including talent and recruitment, compensation and benefits, inclusion, training and development, and labor relations. Ms. Jones served as Vice President, Compensation and Benefits of Alcoa Corporation from January 2019 through March 2020 and was the Director, Organizational Effectiveness from April 2017 to December 2018. From April 2015 through March 2017, Ms.
Jones served as Vice President, Compensation and Benefits of Alcoa Corporation from January 2019 through March 2020 and was the Director, Organizational Effectiveness from April 2017 to December 2018. From April 2015 through March 2017, Ms.
Development scale quantities of aluminum produced by ELYSIS have been sold for commercial purposes, including to Ball Corporation for its low-carbon aluminum cup launched at the World Economic Forum in Davos, Switzerland and to Nexans, producing the world’s first cable containing metal from this breakthrough technology.
Development scale quantities of aluminum produced by ELYSIS have been sold for commercial purposes, including to Ball Corporation for its low-carbon aluminum cup launched in January 2024; to Nexans, which produced the world’s first cable containing metal from this breakthrough technology; and to Ball Corporation and Unilever PLC for use in consumer personal care and home care packaging.
The energy assets supply power to external customers in Brazil and the United States, as well as internal customers in the Aluminum segment (Baie-Comeau (Canada) smelter and Warrick (Indiana) smelter) and, to a lesser extent, the Alumina segment (Brazilian refineries). This segment also includes Alcoa’s 25.1% share of MAC, the smelting joint venture company in Saudi Arabia.
The energy assets supply power to external customers in Brazil and the United States, as well as internal customers in the Aluminum segment (Warrick (Indiana) smelter and Baie-Comeau (Canada) smelter) and, to a lesser extent, the Alumina segment (Brazilian refineries).
Alcoa Corporation Consolidated Capacity represents our share of production from these facilities. As of December 31, 2024, Alcoa had approximately 3,204,000 mtpy of idle capacity relative to total Alcoa consolidated capacity of 13,843,000 mtpy. The idle capacity includes: 2,190,000 mtpy at the Kwinana refinery, 800,000 mtpy at the San Ciprián refinery, and 214,000 mtpy at the Poços de Caldas facility.
Alcoa Corporation Consolidated Capacity represents its share of the Nameplate Capacity of these facilities. As of December 31, 2025, Alcoa had approximately 1,014,000 mtpy of idle capacity relative to total Alcoa consolidated capacity of 11,653,000 mtpy. The idle capacity includes: 800,000 mtpy at the San Ciprián refinery and 214,000 mtpy at the Poços de Caldas facility.
In the near term, Alcoa will focus on maintaining operational stability while strategically managing its portfolio to maximize profitability and value creation, including advancing Australia mine approvals, improving the long-term outlook for the San Ciprián operations (Spain), and completing the Alumar smelter (Brazil) restart while maintaining operational stability.
In the near term, Alcoa intends to focus on maintaining operational stability while strategically managing its portfolio of assets to maximize profitability, including advancing Australia mine approvals to unlock value from mine transitions in future periods and improving the long-term outlook for the San Ciprián complex.
During 2024, the C ompany maintained the controlled pace for the restart of the Alumar smelter in São Luís, Brazil and continued actions to improve the smelter's overall performance. The site was operating at approximately 84 percent of the site’s total annual capacity of 268,000 mtpy (Alcoa share) as of December 31, 2024.
During 2025, the C ompany continued to progress the restart of the Alumar smelter in Brazil, which was operating at approximately 91 percent of the site’s total annual capacity of 268,000 mtpy (Alcoa share) as of December 31, 2025.
CBG is a joint venture between Boké Investment Company (51%) and the Government of Guinea (49%) for the operation of a bauxite mine in the Boké region of Guinea. Boké Investment Company is owned 100% by Halco (Mining) Inc.; Alcoa World Alumina LLC (AWA LLC) holds a 45% interest in Halco (Mining) Inc.
Boké Investment Company is owned 100% by Halco (Mining) Inc.; Alcoa World Alumina LLC, a wholly-owned subsidiary of Alcoa, holds a 45% interest in Halco (Mining) Inc. Alumar is an unincorporated joint venture for the operation of a refinery, smelter, and casthouse in Brazil.
Based on Alcoa’s closing share price as of July 31, 2024, the Agreed Ratio implied a value of A$1.45 per Alumina Share and aggregate purchase consideration of approximately $2,700 for Alumina Limited. 3 The transaction consisted in substance of the acquisition of Alumina Limited’s noncontrolling interest in AWAC, the assumption of Alumina Limited’s indebtedness, the recognition of deferred tax assets primarily related to Alumina Limited’s prior net operating losses and the tax allocation of the fixed asset valuation to individual assets, and the acquisition of cash and other current liabilities.
The transaction consisted in substance of the acquisition of Alumina Limited’s noncontrolling interest in AWAC, the assumption of Alumina Limited’s indebtedness, the recognition of deferred tax assets primarily related to Alumina Limited’s prior net operating losses and the tax allocation of the fixed asset valuation to individual assets, and the acquisition of cash and other current liabilities.
Therefore, in 2024, Alcoa had access to 41.3 mdmt of production from its portfolio of bauxite interests and bauxite offtake and supply agreements and sold 6.4 mdmt of bauxite to third parties; 34.9 mdmt of bauxite was delivered to Alcoa refineries.
In 2025, Alcoa had access to 43.2 mdmt of production from its portfolio of bauxite interests and bauxite offtake and supply agreements and sold 10.0 mdmt of bauxite to third party customers; 33.2 mdmt of bauxite was delivered to Alcoa refineries.
Alcoa generally procures natural gas on a competitive bid basis from a variety of sources, including natural gas producers and independent gas marketers. Contract pricing for gas is typically based on a published industry index such as the New York Mercantile Exchange (NYMEX).
Contract pricing for gas is typically based on a published industry index such as the New York Mercantile Exchange (NYMEX).
Jones joined ParentCo in 2006 and held a variety of human resource positions at ParentCo, including Human Resources Director, Europe Building & Construction and Human Resources Director, UK and Ireland in ParentCo’s Building and Construction Systems division. Matthew T. Reed , 52, has served as Executive Vice President and Chief Operations Officer of Alcoa Corporation since January 1, 2024. Mr.
Jones joined Alcoa Inc. in 2006 and held a variety of human resource positions at Alcoa Inc., including Human Resources Director, Europe Building & Construction and Human Resources Director, UK and Ireland in Alcoa Inc.’s Building and Construction Systems division. Matthew T.
Alcoa-operated mines produced 33.7 mdmt of bauxite and mines operated by partnerships produced 4.6 mdmt of bauxite on a proportional equity basis, for a total Company bauxite production of 38.3 mdmt. On April 30, 2022, Alcoa completed the sale of its investment in MRN.
Alcoa-operated mines produced 33.0 mdmt of bauxite and mines operated by partnerships produced 4.5 mdmt of bauxite on a proportional equity basis, for a total Company bauxite production of 37.5 mdmt.
Lista, Norway Alcoa had several power purchase agreements securing approximately 90 percent of the necessary power for the smelter through 2024, and has a power purchase agreement securing approximately 80 percent of the necessary power for the smelter for 2025 through 2027. The remaining power at the smelter is purchased at spot rates.
Lista, Norway Alcoa has several power purchase agreements securing approximately 90 percent of the necessary power for the smelter through 2027. The remaining power at the smelter is purchased at spot rates. Both Norway smelters receive compensation for indirect carbon emissions costs in accordance with EU Commission Guidelines and the Norwegian compensation regime.
Mr. Hastings has overall responsibility for the Company’s global legal, compliance, governance, and security matters. Prior to joining the Company, Mr. Hastings was Senior Vice President and General Counsel at Lundin Mining Corporation, a mine owner and operator, from February 2019 through August 2023. Previously, Mr.
Hastings was Senior Vice President and General Counsel at Lundin Mining Corporation, a mine owner and operator, from February 2019 through August 2023. Previously, Mr. Hastings held progressive legal and commercial roles at Barrick Gold Corporation, a mining company. 16 Tammi A.
The San Ciprián refinery has access to an adequate supply at Spanish (PVB) spot gas rates. 10 External Energy Source Region Electricity Natural Gas South America Alumar The Alumar smelter was operating at 84 percent of the site’s total annual capacity of 268,000 mtpy (Alcoa share) as of December 31, 2024, following the restart that was announced in September 2021.
See Part II Item 8 of this Form 10-K in Note P to the Consolidated Financial Statements for additional information. 8 External Energy Source Region Electricity Natural Gas South America Alumar The Alumar smelter was operating at 91 percent of the site’s total annual capacity of 268,000 mtpy (Alcoa share) as of December 31, 2025, following the restart that was announced in September 2021.
Country Facility Alcoa Corporation Consolidated Capacity (MW) 2024 Generation (MWh) Brazil Barra Grande 150 1,315,259 Estreito 155 1,360,074 Machadinho 126 1,105,950 Serra do Facão 60 525,600 Canada Manicouagan 133 1,164,467 United States Warrick 657 2,838,977 TOTAL 1,281 8,310,327 The figures in this table are presented in megawatts (MW) and megawatt hours (MWh), respectively. 8 Each facility listed above generates hydroelectric power except the Warrick facility, which generates substantially all of the power used by the Warrick smelting facility from the co-located Warrick power plant using coal purchased from third parties at nearby coal reserves.
Country Facility Alcoa Corporation Consolidated Capacity (MW) 2025 Generation (MWh) Brazil Barra Grande 150 1,148,639 Estreito 155 908,276 Machadinho 126 1,306,622 Serra do Facão 60 240,543 Canada Manicouagan 133 1,162,039 United States Warrick 821 3,326,607 TOTAL 1,445 8,092,726 Each facility listed above generates hydroelectric power except Warrick, a co-located power plant which generates substantially all of the power used by the Warrick smelter using coal purchased from third parties at nearby coal reserves.
We continue to execute against our strategy, which is driven by our three pillars: (i) strengthen foundations; (ii) build awareness; and, (iii) drive accountability. Our Company policies, including the Code of Conduct and Ethics, Harassment and Bullying Free Workplace Policy, and EHS Vision, Values, Mission, and Policy, support our mission to advance our Company culture and core values.
Our Company policies, including the Code of Conduct and Ethics, Harassment and Bullying Free Workplace Policy, and EHS Vision, Values, Mission, and Policy, and Human Rights Policy, support our mission to advance our Company culture and core values.
The Alumar smelter purchases power under several long-term power purchase agreements that expire in 2038. Long-term power secured is from renewable sources. Sources and Availability of Raw Materials The Company believes that the raw materials necessary to its business are and will continue to be available and that the sources and availability of such raw materials are currently adequate.
The Alumar smelter purchases power under several long-term power purchase agreements that expire in 2038. Long-term power secured is from renewable sources.
The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA.
The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. The market for alumina is global, and demand for alumina varies from region to region.
(Rio Tinto) (48.235%), respectively, and Investissement Québec (3.53%), a company wholly-owned by the Government of Québec, Canada. The purpose of ELYSIS is to advance larger scale development and commercialization of its patent-protected technology that eliminates direct greenhouse gas emissions from the traditional aluminum smelting process and, instead, emits oxygen.
The purpose of ELYSIS is to advance larger scale development and commercialization of its patent-protected technology that eliminates direct greenhouse gas emissions from the traditional aluminum smelting process and, instead, emits oxygen. Alcoa first developed the inert anode technology for the aluminum smelting process that served as the basis for the formation of ELYSIS in 2018.
Alumina This segment consists of the Company’s worldwide refining system, including the mining of bauxite, which is then refined into alumina, a compound of aluminum and oxygen that is the raw material used by smelters to produce aluminum metal.
See Part II Item 7 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations under caption Business Update for more information. 2 Alumina This segment consists of the Company’s global bauxite mining operations and worldwide refining system, which processes bauxite into alumina, a compound of aluminum and oxygen that is the raw material used by smelters to produce aluminum metal.
The three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing about 1,000 hourly employees at the Bécancour smelter in Québec, Canada expires on July 19, 2025. ABI is preparing to negotiate new collective bargaining agreements. 14 Available Information The Company’s internet website address is https://www.alcoa.com.
The Company is actively negotiating three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing about 1,000 employees at the Bécancour (ABI) smelter in Québec, Canada that expired on July 19, 2025. While negotiations continue, the conditions and benefits of the current agreements at ABI remain in effect.
Reed is responsible for the daily operations of the Company’s global bauxite, alumina, aluminum, and transformation assets. Mr. Reed was previously Vice President Operations, Australia and President, Alcoa of Australia from June 2023, when he joined the Company, through December 2023. Prior to joining Alcoa, Mr.
Reed was previously Vice President Operations, Australia and President, Alcoa of Australia from June 2023, when he joined the Company, through December 2023. Prior to joining Alcoa, Mr. Reed was the Operations Executive (Chief Operations Officer) of OZ Minerals Limited, a mining company based in South Australia, from September 2021 through May 2023.
Information about our Executive Officers The names, ages, positions, and areas of responsibility of the executive officers of the Company as of February 14, 2025, are listed below. William F. Oplinger , 58, has served as President and Chief Executive Officer of Alcoa Corporation since September 24, 2023. Mr.
Information about our Executive Officers The names, ages, positions, and areas of responsibility of the executive officers of the Company as of February 20, 2026, are listed below.
In recent years, there has been significant growth in alumina refining in China and Indonesia. Key factors influencing competition in the alumina market include cost position, price, reliability of bauxite supply, quality, and proximity to customers and end markets.
We compete with commodity traders, a growing number of refineries in Asia (especially in China and Indonesia), and other alumina producers, such as South32, Rio Tinto, and Glencore. Key factors influencing competition in the alumina market include cost position, price, reliability of bauxite supply, quality, and proximity to customers and end markets.
Others The Company is party to several other joint ventures and consortia. See additional details within each business segment discussion below. The Aluminerie de Bécancour Inc. (ABI) smelter is a joint venture between Alcoa and Rio Tinto located in Bécancour, Québec.
During the Holding Period, Alcoa is permitted, under certain conditions, to hedge and borrow against its Ma’aden shares. Under certain circumstances, such minimum Holding period may be reduced. Others The Company is party to several other joint ventures and consortia. See additional details within each business segment discussion below. The Aluminerie de Bécancour Inc.
In addition, the Company entered into several bauxite offtake agreements with South32 Minerals S.A. (South32) to provide bauxite supply for existing long-term supply contracts. Alumar is an unincorporated joint venture for the operation of a refinery, smelter, and casthouse in Brazil. The refinery is owned by AWAB (39.96%), Rio Tinto (10%), Alcoa Alumínio (14.04%), and South32 (36%).
The refinery is owned by AWAB (39.96%), Rio Tinto (10%), Alcoa Alumínio (14.04%), and South32 Minerals S.A. (South32) (36%). AWAB and Alcoa Alumínio are wholly-owned subsidiaries of Alcoa. With respect to Rio Tinto and South32, the named company or an affiliate thereof holds the interest. The smelter and casthouse are owned by Alcoa Alumínio (60%) and South32 (40%).
Alcoa's vision is to provide trusting workplaces that are safe, respectful, and inclusive and that reflect the communities in which we operate. Our aim is to build a more inclusive culture where employees feel valued, empowered, and respected.
Alcoa’s vision is to build a legacy of excellence for future generations, supported by workplaces that are safe, respectful, and welcoming, and that reflect the communities in which we operate.
Upon completion of the acquisition by Alcoa, Alumina Limited and, as a result, the operations held by the AWAC joint venture, became wholly-owned by Alcoa Corporation. Aluminum, as an element, is abundant in the earth’s crust, but a multi-step process is required to manufacture finished aluminum metal.
The Aluminum segment consists of the Company’s aluminum smelting and casting operations along with most of the Company’s energy production assets. Aluminum, as an element, is abundant in the earth’s crust, but a multi-step process is required to manufacture finished aluminum metal.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn 2024, the Company recorded benefits of $71 related to its Massena West smelter and its Warrick smelter, including $30 for the full year 2023 and 2024 benefit resulting from the October update. We are subject to tax audits by various tax authorities in many jurisdictions, such as Australia, Brazil, Canada, and Norway.
Biggest changeWe are subject to tax audits by various tax authorities in many jurisdictions, such as Australia, Brazil, Canada, and Norway. We regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes.
Energy supply contracts for our operations vary in length and market exposure, and we have been and could be negatively impacted by: • Significant increases in LME prices, or spot electricity, fuel oil and/or natural gas prices; • Unavailability of or interruptions or uncertainty in energy supply or unplanned outages due to political instability, droughts, hurricanes, earthquakes, wildfires, other natural disasters, equipment failure, or other causes; • Unavailability of long-term energy from renewable sources in particular locations or at competitive rates; • Curtailment of one or more refineries or smelters due to the inability to extend energy contracts upon expiration, negotiate new arrangements on cost-effective terms, or the unavailability of energy at competitive rates; and, • Curtailment of one or more facilities due to high energy costs that render their continued operation uneconomic, discontinuation of power supply interruptibility rights granted to us under a regulatory regime in the country in which the facility is located, or due to a determination that energy arrangements do not comply with applicable laws, thus rendering the operations that had been relying on such country’s energy framework uneconomic.
Power contracts for our operations vary in length and market exposure, and we have been and could be negatively impacted by: • Significant increases in LME prices, or spot electricity, fuel oil, and/or natural gas prices; • Unavailability of or interruptions or uncertainty in energy supply or unplanned outages due to political instability, droughts, hurricanes, earthquakes, wildfires, other natural disasters, equipment failure, or other causes; • Unavailability of long-term energy from renewable sources in particular locations or at competitive rates; • Curtailment of one or more refineries or smelters due to the inability to extend energy contracts upon expiration, negotiate new arrangements on cost-effective terms, or the unavailability of energy at competitive rates; and, • Curtailment of one or more facilities due to high energy costs that render their continued operation uneconomic, discontinuation of power supply interruptibility rights granted to us under a regulatory regime in the country in which the facility is located, or due to a determination that energy arrangements do not comply with applicable laws, thus rendering the operations that had been relying on such country’s energy framework uneconomic.
Some intrusions could manipulate or improperly use our systems or networks, disclose, or compromise confidential or protected information, destroy, or corrupt data, or otherwise disrupt our operations, and because of any of these things could have a material adverse effect on our business, financial condition, and results of operations. 29 In addition, some cybersecurity incidents could negatively impact our reputation and competitive position, and could result in litigation with third parties, regulatory action, loss of business, theft of assets, and significant remediation costs, and because of any of these things, have a material adverse effect on our financial condition and results of operations.
Some intrusions could manipulate or improperly use our systems or networks, disclose, or compromise confidential or protected information, destroy, or corrupt data, or otherwise disrupt our operations, and because of any of these things, could have a material adverse effect on our business, financial condition, and results of operations. 29 In addition, some cybersecurity incidents could negatively impact our reputation and competitive position, and could result in litigation with third parties, regulatory action, loss of business, theft of assets, and significant remediation costs, and because of any of these things, could have a material adverse effect on our financial condition and results of operations.
The risks associated with the Company’s global operations include: • Geopolitical risks, such as political instability, coup d’états, civil unrest, strikes and work stoppages, expropriation, nationalization of properties by a government, imposition of sanctions, changes to import or export regulations and fees, renegotiation, revocation or nullification of existing agreements, leases, licenses, and permits, and changes to mining royalty rules or laws; • Economic and commercial instability risks, including those caused by sovereign and private debt default, corruption, and changes in local government laws, regulations, and policies (including fiscal policies), such as those related to tariffs and trade barriers, trade tensions, taxation, exchange controls, employment regulations, carbon dioxide compensation support, and repatriation of earnings; • Weakening macroeconomic conditions; • Decreasing manufacturing activity, especially in the global automotive sector; • War or terrorist activities; • Major public health issues, such as a pandemic or epidemic, which could cause disruptions in our operations, supply chain, or workforce; • Information systems failures or disruptions, including due to cyber attacks; • Difficulties enforcing intellectual property and contractual rights, or limitations in the protection of technology, data, and intellectual property, in certain jurisdictions; and, • Unexpected events, accidents, or environmental incidents, including natural disasters.
The risks associated with the Company’s global operations include: • Geopolitical risks, such as political instability, coup d’états, civil unrest, strikes and work stoppages, expropriation, nationalization of properties by a government, imposition of sanctions, changes to import or export regulations and fees, renegotiation, revocation or nullification of existing agreements, leases, licenses, and permits, and changes to mining royalty rules or laws; • Economic and commercial instability risks, including those caused by sovereign and private debt default, corruption, and changes in local government laws, regulations, and policies (including fiscal policies), such as those related to tariffs (including retaliatory tariffs) and trade barriers, trade tensions, taxation, exchange controls, employment regulations, carbon dioxide compensation support, and repatriation of earnings; • Weakening macroeconomic conditions; • Decreasing manufacturing activity, especially in the global automotive sector; • War or terrorist activities; • Major public health issues, such as a pandemic or epidemic, which could cause disruptions in our operations, supply chain, or workforce; • Information systems failures or disruptions, including due to cyber attacks; • Difficulties enforcing intellectual property and contractual rights, or limitations in the protection of technology, data, and intellectual property, in certain jurisdictions; and, • Unexpected events, accidents, or environmental incidents, including natural disasters.
In addition, obligations under the Amended Japanese Revolving Credit Facility are secured by, subject to certain exceptions, a first priority security interest in substantially all assets of the Company, the Borrower, the material domestic wholly-owned subsidiaries of the Company, and the material foreign wholly-owned subsidiaries of the Company located in Australia, Brazil, Canada, Luxembourg, the Netherlands, Norway, and Switzerland including equity interests of certain subsidiaries that directly hold equity interests in AWAC entities.
In addition, obligations under the Amended Japanese Yen Revolving Credit Facility are secured by, subject to certain exceptions, a first priority security interest in substantially all assets of the Company, the Borrower, the material domestic wholly-owned subsidiaries of the Company, and the material foreign wholly-owned subsidiaries of the Company located in Australia, Brazil, Canada, Luxembourg, the Netherlands, Norway, and Switzerland including equity interests of certain subsidiaries that directly hold equity interests in AWAC entities.
This could have an adverse effect on our ability to secure expansions to our operations at all or in the expected timeframe, could significantly increase our cost of doing business, and could disrupt our operations. 20 We may be exposed to significant legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies.
This could have an adverse effect on our ability to secure expansions to our operations at all or in the expected timeframe, could significantly increase our cost of doing business, and could disrupt our operations. We may be exposed to significant legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies.
Factors affecting our ability to compete include increased competition from overseas producers, our competitors’ pricing strategies, the introduction or advancement of new technologies, equipment by our competitors or our customers, government regulation or support of certain material production, changes in our customers’ strategy or material requirements, and our ability to maintain the cost-efficiency of our facilities.
Factors affecting our ability to compete include increased competition from overseas producers, our competitors’ pricing strategies, the introduction or advancement of new technologies, equipment by our competitors or our customers, government regulation or support of certain material production, changes in our 23 customers’ strategy or material requirements, and our ability to maintain the cost-efficiency of our facilities.
If the availability of credit to fund or support the continuation and expansion of our customers’ business operations is curtailed or if the cost of that credit is increased, the resulting inability of our customers or of their customers to either access credit or absorb the increased cost of that credit could adversely affect our business by reducing our sales or by increasing our exposure to losses from uncollectible customer accounts.
If the availability of credit to fund or support the continuation and expansion of our customers’ business operations is curtailed or if the cost of that credit 17 is increased, the resulting inability of our customers or of their customers to either access credit or absorb the increased cost of that credit could adversely affect our business by reducing our sales or by increasing our exposure to losses from uncollectible customer accounts.
Thus, we may not be able to influence the resiliency of our suppliers or customers to potential physical impacts of climate change. 22 Our business, financial condition, and results of operations could be adversely affected by disruptions in the global economy caused by ongoing regional conflicts.
Thus, we may not be able to influence the resiliency of our suppliers or customers to potential physical impacts of climate change. Our business, financial condition, and results of operations could be adversely affected by disruptions in the global economy caused by ongoing regional conflicts.
For example, in October 2021, a new framework for international tax was agreed to by 137 member countries and jurisdictions of the Organisation for Economic Co-operation and Development (OECD), including the two-pillar solution for a global minimum level of taxation.
For example, in October 2021, a new framework for international tax was agreed to by 137 member countries and jurisdictions of the Organisation for Economic Co-operation and Development (OECD), including the two-pillar solution for a 21 global minimum level of taxation.
Our announced technologies under development to support our long-term goal of being one of the lowest carbon-producing alumina refineries and aluminum smelters includes investments to develop, implement, and commercialize new technologies to reduce carbon emissions in the aluminum production 25 process.
Our announced technologies under development to support our long-term goal of being one of the lowest carbon-producing alumina refineries and aluminum smelters includes investments to develop, implement, and commercialize new technologies to reduce carbon emissions in the aluminum production process.
As a result of the prolonged approval process, the Company began mining lower grade bauxite in April 2023, which impacted the Company’s refineries and cost structures by increasing the use of caustic, energy, and bauxite and decreasing alumina output.
As a result of the prolonged approval process, the Company began mining lower grade bauxite in April 2023, which impacted the Company’s refineries and cost structures by increasing the use of 19 caustic, energy, and bauxite and decreasing alumina output.
Future compliance with environmental, health, and safety legislation and other regulatory requirements or expectations may prove to be more limiting and costly than we anticipate and may disrupt our business operations and require significant expenditures.
Future compliance with environmental, health, and safety legislation and other regulatory requirements or expectations may prove to be more limiting and costly than we 24 anticipate and may disrupt our business operations and require significant expenditures.
These may include changes in rainfall patterns, wildfires, heat waves, shortages of water or other natural resources, changing sea levels, changing storm patterns, flooding, increased frequency and intensities of storms, and changing temperature levels.
These may include changes in rainfall patterns, wildfires, heat waves, shortages or availability of water or other natural resources, changing sea levels, changing storm patterns, flooding, increased frequency and intensities of storms, and changing temperature levels.
If an event of default were to occur under any of the agreements relating to our outstanding indebtedness, including the Amended Revolving Credit Facility, the Amended Japanese Yen Revolving Credit Facility, and the indenture governing our notes, we may not be able to incur additional indebtedness under the Amended Revolving Credit Facility or the Amended Japanese Yen Revolving Credit Facility and the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to be due and payable immediately.
If an event of default were to occur under any of the agreements relating to our outstanding indebtedness, including the Amended Revolving Credit Facility, the Amended Japanese Yen Revolving Credit Facility, and the indentures governing our notes, we may not be able to incur additional indebtedness under the Amended Revolving Credit Facility or the Amended Japanese Yen Revolving Credit Facility and the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to be due and payable immediately.
See Part I Item 3 of this Form 10-K and Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under caption Contingencies. Changes in tax laws or exposure to additional tax liabilities could affect our future profitability. We are subject to income taxes in both the United States and various non-U.S. jurisdictions.
See Part I Item 3 of this Form 10-K and Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under caption Contingencies. Changes in tax laws or exposure to additional tax liabilities could affect our future profitability. We are subject to income taxes in both the U.S. and various non-U.S. jurisdictions.
Changes in the valuation of the U.S. dollar against other currencies, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian kroner, which are the currencies of certain countries in which we have operations, may affect our profitability, as some important inputs are purchased in other currencies, while our products are generally sold in U.S. dollars.
Changes in the valuation of the U.S. dollar against other currencies, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian krone, which are the currencies of certain countries in which we have operations, may affect our profitability, as some important inputs are purchased in other currencies, while our products are generally sold in U.S. dollars.
As the U.S. dollar strengthens, the cost curve shifts down for smelters outside the United States, but costs for our U.S. smelting portfolio may not decline. We face significant competition globally within and beyond the aluminum industry, which may have an adverse effect on profitability.
As the U.S. dollar strengthens, the cost curve shifts down for smelters outside the U.S., but costs for our U.S. smelting portfolio may not decline. We face significant competition globally within and beyond the aluminum industry, which may have an adverse effect on profitability.
In July 2022, the Board of Directors approved an additional common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization).
In July 2022, the Board of Directors approved a common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization).
Our global operations require increased reliance on technology, which expose us to risks of theft of proprietary information, including trade secrets and other intellectual property that could have a material adverse effect on our business, financial condition, and results of operations.
Our global operations require increased reliance on technology, which expose us to risks of disruption to our operations and business processes and theft of proprietary information, including trade secrets and other intellectual property, that could have a material adverse effect on our business, financial condition, and results of operations.
For example, the San Ciprián refinery and smelter incurred substantial losses in 2024 and in prior years as a result of a challenging economic environment, primarily due to the high cost of energy.
For example, the San Ciprián refinery and smelter incurred substantial losses in 2025 and in prior years as a result of a challenging economic environment, primarily due to the high cost of energy.
Additionally, in 2022, in response to the conflict between Russia and Ukraine, we ceased purchasing raw materials from and selling our products to Russian businesses. Furthermore, governments in the U.S., United Kingdom, and European Union have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia.
Additionally, in 2022, in response to the conflict between Russia and Ukraine, we ceased purchasing raw materials from and selling our products to Russian businesses. Furthermore, governments in the United States, United Kingdom, and European Union have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia.
Business Strategy Risks We have incurred, and may incur in the future, significant costs associated with our strategy to reduce complexity and optimize our portfolio of mining, refining, and smelting assets, and we may not be able to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies.
Business Strategy Risks We have incurred, and may incur in the future, significant costs associated with our strategy to transform and optimize our portfolio of mining, refining, and smelting assets, and we may not be able to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies.
These regulatory mechanisms relating to carbon may be either voluntary or legislated and the inconsistency of associated regulations may impact our operations directly or indirectly through customers or our supply chain.
These regulatory mechanisms relating to emissions may be either voluntary or legislated and the inconsistency of associated regulations may impact our operations directly or indirectly through customers or our supply chain.
Evolving standards and expectations can result in increased litigation and/or increased costs, all of which can have a material and adverse effect on our business operations, earnings, and cash flows.
Evolving standards and expectations can result in potential litigation and/or increased compliance costs, all of which can have a material and adverse effect on our business operations, earnings, and cash flows.
To the extent that further agreements are reached on a broader range of imports, or these tariffs and other trade actions result in a decrease in international demand for aluminum produced in or imported into the United States or otherwise negatively impact demand for our products, our business may be adversely impacted, and could further exacerbate aluminum and alumina price volatility and overall market uncertainty.
To the extent that further agreements are reached on a broader range of imports, or these tariffs and other trade actions result in a decrease in international demand for aluminum produced in or imported into the U.S. or otherwise negatively impact demand for our products, our business may be adversely impacted, and could further exacerbate aluminum and alumina price volatility and overall market uncertainty.
The terms of the Amended Revolving Credit Facility, Amended Japanese Yen Revolving Credit Facility, and the indentures governing our outstanding notes contain covenants that could impose significant operating and financial restrictions on us upon non-compliance, including our ability to, among other things: • Make investments, loans, advances, and acquisitions; • Amend certain material documents; • Dispose of assets; • Incur or guarantee additional debt and issue certain disqualified equity interests and preferred stock; • Make certain restricted payments, including limiting the amount of dividends on equity securities and payments to redeem, repurchase or retire equity securities or other indebtedness; • Engage in transactions with affiliates; • Materially alter the business we conduct; • Enter into certain restrictive agreements; • Create liens on assets to secure lenders and issuers; • Consolidate, merge, sell or otherwise dispose of all or substantially all of Alcoa’s, ANHBV’s or a subsidiary guarantor’s assets; and, • Take any actions that would reduce our ownership of AWAC entities below an agreed level.
The terms of the Amended Revolving Credit Facility, Amended Japanese Yen Revolving Credit Facility, and the indentures governing such outstanding notes contain covenants that could impose significant operating and financial restrictions on us upon non-compliance, including our ability to, among other things: • Make investments, loans, advances, and acquisitions; • Amend certain material documents; • Dispose of assets; • Incur or guarantee additional debt and issue certain disqualified equity interests and preferred stock; • Make certain restricted payments, including limiting the amount of dividends on equity securities and payments to redeem, repurchase or retire equity securities or other indebtedness; • Engage in transactions with affiliates; 27 • Materially alter the business we conduct; • Enter into certain restrictive agreements; • Create liens on assets to secure lenders and issuers; • Consolidate, merge, sell, or otherwise dispose of all or substantially all of Alcoa’s, ANHBV’s, Alumina Pty Ltd’s, or a subsidiary guarantor’s assets; and, • Specific to the notes issued by ANHBV, take any actions that would reduce our ownership of AWAC entities below an agreed level.
Any such transactions could happen at any time, could be material to our business, and could take any number of forms, including, for example, an acquisition, merger, sale or distribution of certain assets, refinancing, or other recapitalization or material strategic transaction.
Any such transactions could happen at any time, could be material to our business, and could take any number of forms, including, for example, an acquisition, merger, joint venture, partnership, sale or distribution of certain assets, refinancing, or other recapitalization or material strategic transaction.
This common stock repurchase authorization does not have a predetermined expiration date. As of December 31, 2024, $500 remained available for repurchase pursuant to this authorization.
This common stock repurchase authorization does not have a predetermined expiration date. As of December 31, 2025, $500 remained available for repurchase pursuant to this authorization.
In October 2023, the CBAM entered into application of its transitional phase, which applies to aluminum, with the first reporting period for importers ending January 31, 2024, and full implementation of CBAM will begin on January 1, 2026.
In October 2023, the CBAM entered into application of its transitional phase, which applies to aluminum, with the first reporting period for importers ending January 31, 2024, and full implementation of CBAM began on January 1, 2026.
With respect to portfolio optimization actions such as divestitures, curtailments, closures, and restarts, we may face barriers to exit from unprofitable businesses or operations, including high exit costs or objections from various stakeholders, the lack of availability of buyers willing to purchase such assets at prices acceptable to us, delays due to any regulatory approvals or government intervention, continuing environmental obligations, and third parties unwilling to release us from guarantees or other credit support provided in connection with the sale of assets.
With respect to portfolio optimization actions such as divestitures, curtailments, closures, restarts, and redevelopment initiatives, we may face barriers to exit from unprofitable businesses or operations, including high exit costs or objections from various stakeholders, the lack of availability of buyers willing to purchase such assets at prices acceptable to us, delays due to our ability to obtain regulatory approvals or due to government intervention, continuing environmental obligations, and third parties unwilling to release us from guarantees or other credit support provided in connection with the sale of assets.
We have established strategies and expectations relating to certain environmental, social, and governance considerations, including regarding reducing GHG emissions, reducing water usage, reducing waste, improving safety performance, and managing social risks across our operations. These strategies and expectations reflect our current plans and aspirations, and there is no guarantee that they will be achieved.
We have established strategies and expectations relating to certain environmental, social, and governance considerations, which include reducing GHG emissions, reducing water usage, reducing waste, improving safety performance, and managing social risks across our operations. These strategies and expectations reflect our current plans and aspirations, and there is no guarantee that they will be achieved.
The results of the calculation of these 27 ratios, when considering the Company’s existing debt obligations, affects and could restrict the amount of additional borrowing capacity under the Company’s Amended Revolving Credit Facility or other credit facilities, and ANHBV’s ability to make restricted payments, to make investments, and to incur indebtedness.
The results of the calculation of these ratios, when considering the Company’s existing debt obligations, affects and could restrict the amount of additional borrowing capacity under the Company’s Amended Revolving Credit Facility or other credit facilities, and ANHBV’s and Alumina Pty Ltd’s ability to make restricted payments, to make investments, and to incur indebtedness.
Many of the markets in which our customers participate are also cyclical in nature and experience significant fluctuations in demand for their products based on economic and geopolitical conditions, consumer demand, raw material and energy costs, foreign exchange rates, and government actions.
Many of the markets in which our customers participate are also cyclical in nature and experience significant fluctuations in demand for their products based on economic and geopolitical conditions, consumer demand, raw material and energy costs, foreign exchange rates, and government actions. Many of these factors are beyond our control.
Whether or not the Company holds majority interests or maintains operational control in such arrangements, our joint venture and other business partners may take certain actions and positions, or experience difficulties that may negatively impact the Company and/or its reputation, such as: • Advancing economic, political, social, or business interests or goals that are inconsistent with, or opposed to those of, the Company and our stakeholders; • Exercising veto rights to block actions that we believe to be in our or the joint venture’s or strategic alliance’s best interests; • Taking action contrary to our policies or objectives with respect to our investments; and, • As a result of financial or other difficulties, be unable or unwilling to fulfill their obligations under the joint venture, strategic alliance, or other agreements, such as contributing capital to expansion or maintenance projects.
Whether or not the Company holds majority interests or maintains operational control in such arrangements, our joint venture and other business partners may take certain actions and positions, or experience difficulties that may negatively impact the Company and/or its reputation, such as: • Advancing economic, political, social, or business policies, agendas, interests or goals that are inconsistent with, or opposed to those of, the Company and our stakeholders; • Exercising veto rights to block actions that we believe to be in our or the joint venture’s or strategic alliance’s best interests; • Taking action contrary to our policies or objectives with respect to our investments; and, • As a result of the exercise of sovereign rights, government’s appropriation of necessary funds and adherence to ministerial functions, or financial or other difficulties, be unable or unwilling to fulfill their obligations under the joint venture, strategic alliance, or other agreements, such as contributing capital to expansion or maintenance projects.
In addition, as described elsewhere in this “Risk Factors” section, the Company’s Amended Revolving Credit Facility and Amended Japanese Yen Revolving Credit Facility could inhibit the Company’s ability to make certain restricted payments, including the amount of dividends and payments to redeem, repurchase, or retire equity securities or other indebtedness, if the Company does not maintain certain financial ratios. 28 The Company intends to pay dividends on a quarterly basis.
In addition, as described elsewhere in this “Risk Factors” section, the Company’s Amended Revolving Credit Facility and Amended Japanese Yen Revolving Credit Facility could inhibit the Company’s ability to make certain restricted payments, including the amount 28 of dividends and payments to redeem, repurchase, or retire equity securities or other indebtedness, if the Company does not maintain certain financial ratios.
While global inventories remained at historically low levels in 2024, high inventories could lead to a reduction in the price of aluminum and declines in the LME price have had a negative impact on our business, financial condition, and results of operations.
While global inventories remained at historically low levels in 2025, high inventories could lead to a reduction in the price of aluminum and declines in the LME price have in the past and could in the future have a negative impact on our business, financial condition, and results of operations.
Our business, financial condition, and results of operations have been and could continue to be negatively affected by unfavorable changes in the cost, quality, or availability of energy, raw materials, including carbon products, caustic soda, and other key inputs, such as bauxite, as well as freight costs associated with transportation of raw materials and key inputs to refining and smelting locations.
Our business, financial condition, and results of operations have been and could continue to be negatively affected by unfavorable changes in the cost, quality, or availability of energy, raw materials, including carbon products, caustic soda, and other key inputs, such as bauxite, as well as freight costs associated with transportation of raw materials and key inputs to refining and smelting locations, and the availability of water at locations where it is used in the production process.
Treasury Department clarified that commercial grade aluminum can qualify for Section 45X of the Advanced Manufacturing Tax Credit, enacted as part of the Inflation Reduction Act (IRA). Section 45X provides a tax credit for certain costs incurred in the production of critical minerals, including aluminum.
Treasury Department clarified that commercial grade aluminum can qualify for Section 45X of the Advanced Manufacturing Tax Credit, enacted as part of the Inflation Reduction Act (IRA). Section 45X provides a tax credit for certain costs incurred in the production of critical minerals, including aluminum. On October 24, 2024, the U.S.
For 2025, we project capital expenditures of $700, of which $625 is for sustaining capital projects and $75 is for return-seeking capital projects. If our technology research and development projects prove feasible with an acceptable expected rate of return, our capital expenditures for return-seeking projects would increase significantly over the next several years.
For 2026, we project capital expenditures of $750, of which $675 is for sustaining capital projects and $75 is for return-seeking capital projects. If our technology research and development projects prove feasible with an acceptable expected rate of return, our capital expenditures for return-seeking projects would increase significantly over the next several years.
In the United States, the U.S. government has taken actions with respect to the implementation of significant changes to certain trade policies, including import tariffs and quotas, modifications to international trade policy, the withdrawal from or renegotiation of certain trade agreements, and other changes that have affected U.S. trade relations with other countries, any of which may require us to significantly modify our current business practices or may otherwise materially and adversely affect our business or those of our customers.
The U.S. government has taken actions with respect to the implementation of significant changes to certain trade policies, including import tariffs and quotas, modifications to international trade policy, the withdrawal from or renegotiation of certain trade agreements, and other changes that have affected U.S. trade relations with other countries, any of which may result in, and has resulted in, us modifying our business practices or may otherwise materially and adversely affect our business or those of our customers.
Though we have been able to source our raw materials and other key inputs in adequate amounts from other suppliers or our own stockpiles to date, there can be no guarantee that our operations or profitability will not be adversely affected in the future. Our suppliers, vendors, and customers could experience similar constraints that could impact our operations and profitability.
Though we have been able to source our raw materials and other key inputs in adequate amounts from other suppliers or our own stockpiles to date, there can be no guarantee that our operations or profitability will not be adversely affected in the future.
Additionally, in the current competitive labor market, if we lose critical or a significant number of workers to attrition, it may be difficult or costly to find and recruit replacement employees, which could have a material adverse effect on our business, financial condition, and results of operations.
Additionally, in the current competitive labor market, if we lose critical or a significant number of workers to attrition, it may be difficult or costly to find and recruit replacement employees, which could have a material adverse effect on our business, financial condition, and results of operations. Item 1B. Unresolve d Staff Comments. None. 30
Cyber attacks and security breaches may include, but are not limited to, unauthorized attempts to access information or digital infrastructure, efforts to direct payments to fictitious parties, viruses, ransomware, malicious codes, hacking, social engineering (such as phishing and SMSishing), denial of service, human error, and other electronic security breaches, any of which could have a material adverse effect on our business, financial condition, and results of operations.
Cyber attacks and security breaches may include, but are not limited to, unauthorized attempts to access information or digital infrastructure, efforts to direct payments to fictitious parties, system outages from viruses, ransomware, malicious code or misconfigurations, hacking, social engineering (such as phishing and SMSishing) to obtain credentials, denial of service of a website, and other electronic security breaches, any of which could have a material adverse effect on our business, financial condition, and results of operations.
A decrease in the quality of raw materials or key inputs has in the past and could continue to cause increased production costs, which also has in the past and could continue to result in lower production volumes. For example, the Company is currently mining and processing lower grade bauxite in Western Australia, which has caused increased production costs.
A decrease in the quality of raw materials or key inputs has in the past and could continue to cause increased production costs, which also has in the past and could continue to result in lower production volumes. For example, the Company continues to mine and process lower grade bauxite in Western Australia, which has caused increased production costs.
Growing expectations of hosting communities as well as increasing social activism pose additional challenges to our operations and our ability to expand our business. For example, community and stakeholder concerns in Juruti, Brazil have affected our ability to access certain mining areas at times.
Growing expectations of hosting communities as well as increasing social activism pose additional challenges to our operations and our ability to expand our business. For example, community and stakeholder concerns in Juruti, Brazil have affected our ability to access certain mining areas at times. In certain jurisdictions, there are increasing regulatory developments to protect minority groups.
Item 1A. Ri sk Factors. There are inherent risks associated with Alcoa’s business and industry. In addition to the factors discussed elsewhere in this report, the following risks and uncertainties could have a material adverse effect on our business, financial condition, or results of operations, including causing Alcoa’s actual results to differ materially from those projected in any forward-looking statements.
In addition to the factors discussed elsewhere in this report, the following risks and uncertainties could have a material adverse effect on our business, financial condition, or results of operations, including causing Alcoa’s actual results to differ materially from those projected in any forward-looking statements.
We participate in joint ventures, including some instances where the Company is a minority owner and does not operate the assets, have formed strategic alliances, including some instances with governments, and may enter into other similar arrangements in the future. For example, Alcoa is minority owner of a joint venture with the Saudi Arabian Mining Company (Ma’aden).
We participate in joint ventures, including in some instances where the Company is a minority owner and does not operate the assets, have formed strategic alliances, including in some instances with governments, and may enter into other similar arrangements in the future.
Global Operational and Regulatory Risks Our global operations expose us to risks related to economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity, which may negatively impact our business and our ability to operate in certain locations.
Our suppliers, vendors, and customers could experience similar constraints that could impact our operations and profitability. 20 Global Operational and Regulatory Risks Our global operations expose us to risks related to economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity, which may negatively impact our business and our ability to operate in certain locations.
The impact that our operations may have on the environment, as well as exposures to hazardous substances or wastes associated with our operations, could result in significant costs, civil or criminal damages, fines or penalties, and enforcement actions issued by regulatory or judicial authorities enjoining, curtailing, or closing operations or requiring corrective measures, any of which could have a material adverse effect on Alcoa. 24 The secondary listing of the Alcoa common stock on the Australian Stock Exchange (ASX) via CDIs could lead to price variations and other impacts on the price of Alcoa common stock.
The impact that our operations may have on the environment, as well as exposures to hazardous substances or wastes associated with our operations, could result in significant costs, civil or criminal damages, fines or penalties, and enforcement actions issued by regulatory or judicial authorities enjoining, curtailing, or closing operations or requiring corrective measures, any of which could have a material adverse effect on Alcoa.
Dual listing may result in price variations between Alcoa’s securities listed on the different exchanges due to a number of factors, including that Alcoa common stock listed on the NYSE is traded in U.S. dollars and CDIs listed on the ASX are traded in Australian dollars, inherently introducing exchange rate volatility, and differences between the trading schedules and time zones of the two exchanges, among other factors.
In addition to its existing primary listing on the New York Stock Exchange (NYSE), Alcoa’s CDIs, each representing one share of the Company’s common stock, are listed on the Australian Stock Exchange and trade in Australian dollars under the symbol “AAI.” Dual listing may result in price variations between Alcoa’s securities listed on the different exchanges due to a number of factors, including that Alcoa common stock listed on the NYSE is traded in U.S. dollars and CDIs listed on the ASX are traded in Australian dollars, inherently introducing exchange rate volatility, and differences between the trading schedules and time zones of the two exchanges, among other factors.
We continue to assess potential cyber threats and invest in our technology infrastructure to address these threats, including by monitoring networks and systems, training employees on cyber threats, and enhancing security policies of the Company and its third-party providers.
We continue to assess potential cyber threats and invest in our technology infrastructure, including technologies, processes, and people, to address these threats. Actions to address these threats include monitoring networks and systems, training employees on cyber threats, including as it applies to working remotely, and enhancing security policies of the Company and its third-party providers.
Chinese production rates of aluminum, both from new construction and installed smelting capacity, can fluctuate based on Chinese government policy, such as the level of enforcement of production capacity limits and/or licenses and environmental policies.
The Chinese market is a significant source of global demand for, and supply of, commodities, including aluminum. Chinese production rates of aluminum, both from new construction and installed smelting capacity, can fluctuate based on Chinese government policy, such as the level of enforcement of production capacity limits and/or licenses and environmental policies.
The Amended Revolving Credit Facility required us to comply with financial covenants which includes maintaining an interest expense coverage ratio of not less than 3.00 to 1.00 for the 2024 fiscal year, and a debt to capitalization ratio not to exceed .60 to 1.00. As of January 1, 2025, the minimum interest coverage ratio requirement reverted to 4.00 to 1.00.
The Amended Revolving Credit Facility requires us to comply with financial covenants which includes maintaining an interest expense coverage ratio of not less than 4.00 to 1.00 and a debt to capitalization ratio not to exceed .60 to 1.00.
We also have operations in jurisdictions that have implemented or are developing regulations covering a variety of environmental and social topics, including GHG emissions, such as the European Union’s Corporate Sustainability Reporting Directive, and similar regulations under consideration in U.S. states and other countries in which we operate, which contain new and extensive disclosure requirements that may require additional resources and costs associated with compliance.
As a result, we could face additional costs associated with any new regulation of GHG emissions, and our ability to modify our operations to avoid these costs may be limited in the near term. 22 We also have operations in jurisdictions that have implemented or are developing regulations covering a variety of environmental and social topics, including GHG emissions, such as the European Union’s CSRD, and similar regulations under consideration in U.S. states and other countries in which we operate, which contain new and extensive disclosure requirements that may require additional resources and costs associated with compliance.
Cyber attacks and other cyber incidents are becoming more frequent and sophisticated, are constantly evolving, including through the use of artificial intelligence, and are being made by groups and individuals with significant resources that employ a wide range of expertise and motives.
Cyber attacks and other cyber incidents are more frequent and sophisticated, are constantly evolving, including through the use of artificial intelligence, and are being made by groups and individuals with significant resources that employ a wide range of expertise and motives. Such attacks are also increasing in complexity, which may make cyber attacks more difficult to detect, contain, and mitigate.
Failure to obtain, maintain, or renew permits or approvals, or permitting or approval delays, restrictions, or conditions has in the past and may in the future impact the quality of the bauxite we are able to mine and could increase our costs and affect our ability to efficiently and economically conduct our operations, potentially having a materially adverse impact on our results of operations and profitability. 18 In addition, the permitting processes, restrictions, and requirements imposed by conditional permits or approvals, and associated costs and liabilities, have in the past and may in the future be extensive, which can delay or prevent commencing or continuing exploration or production operations.
Failure to obtain, maintain, or renew permits or approvals, or permitting or approval delays, restrictions, or conditions has in the past and may in the future impact the quality of the bauxite we are able to mine and could increase our costs and affect our ability to efficiently and economically conduct our operations, potentially having a materially adverse impact on our results of operations and profitability.
Changes in production may be delayed or impaired by the ability to secure, or the terms of long-term contracts, to buy energy or raw materials. 17 The impact of non-market forces on global aluminum industry capacity, such as political instability or pressures or governmental policies in certain countries relating to employment, trade, the environment, or maintaining or further developing industry self-sufficiency, may affect overall supply and demand in the aluminum industry.
The impact of non-market forces on global aluminum industry capacity, such as political instability or pressures or governmental policies in certain countries relating to employment, trade, the environment, or maintaining or further developing industry self-sufficiency, may affect overall supply and demand in the aluminum industry.
Market-driven balancing of global aluminum supply and demand may be disrupted by non-market forces. In response to market-driven factors relating to the global supply and demand of aluminum and alumina, including energy prices and environmental policies, other industry producers have independently undertaken to reduce or increase production.
Market-driven balancing of global aluminum supply and demand may be disrupted by non-market forces. While market-driven factors, including energy prices, generally impact the global supply and demand of aluminum and alumina, there are instances where industry producers have independently undertaken actions to reduce or increase production.
These events have disrupted our operations and resulted in production curtailments that could have a material adverse effect on our business, financial condition, or results of operations. 19 Our operations and profitability have been and could continue to be adversely affected by unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain.
Our operations and profitability have been and could continue to be adversely affected by unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain.
Failures or delays (whether actual or perceived) in achieving our strategies or expectations related to these matters could expose us to potential liabilities, increased costs, reputational harm, and other adverse effects on our business. 23 Furthermore, many governments, regulators, investors, employees, customers, media outlets, and other stakeholders are increasingly focused on environmental, social, and governance considerations relating to businesses, and in some cases have divergent views on these issues, including relating to climate change and GHG emissions, biodiversity, and human capital strategies and programs.
Furthermore, many governments, regulators, investors, employees, customers, media outlets, and other stakeholders are increasingly focused on environmental, social, and governance considerations relating to businesses, and in some cases have divergent views on these issues, including relating to climate change and GHG emissions, biodiversity, and human capital strategies and programs.
While the U.S. government has recently established or threatened to establish new tariffs on imports of Mexican-, Canadian- and Chinese-origin and on certain raw materials of any country of origin, including aluminum, the status of any such tariffs is fluid and the ultimate impact on the Company will be based on a number of variables that are not known at this time.
While the U.S. government has established or threatened to establish tariffs on a broad range of imports, including aluminum, the status of any such tariffs is fluid and the ultimate impact on the Company will be based on a number of variables.
Dividends on Alcoa Corporation common stock and preferred stock are subject to authorization by the Company’s Board of Directors.
The Company intends to pay dividends on a quarterly basis. Dividends on Alcoa Corporation stock are subject to authorization by the Company’s Board of Directors.
In 2024, LME cash prices reached a high of $2,695 per metric ton in May 2024 and a low of $2,110 per metric ton in January 2024.
In 2025, LME cash prices reached a high of $2,968 per metric ton in December 2025 and a low of $2,285 per metric ton in April 2025.
The assumptions include assessments of future earnings of the Company that could impact the valuation of our deferred tax assets.
Our tax expense includes estimates of additional tax that may be incurred for tax exposures and reflects various estimates and assumptions. The assumptions include assessments of future earnings of the Company that could impact the valuation of our deferred tax assets.
The disruption of the market-driven balancing of the global supply and demand of aluminum, a resulting weak pricing environment, and margin compression may adversely affect our business, financial condition, and results of operations.
The disruption of the market-driven balancing of the global supply and demand of aluminum, a resulting weak pricing environment, and margin compression may adversely affect our business, financial condition, and results of operations. 18 Our participation in increasingly competitive and complex global markets exposes us to risks, including legal and regulatory risks and changes in conditions beyond our control, which could adversely affect our business, financial condition, or results of operations.
The number of shares of our stock or the aggregate principal amount of our debt that we may issue in connection with such a transaction could be significant. 26 Available Capital and Credit-Related Risks Our business and growth prospects may be negatively impacted by limits on our ability to fund capital expenditures.
The number of shares of our stock or the aggregate principal amount of our debt that we may issue in connection with such a transaction could be significant. 26 Available Capital and Credit-Related Risks Significant declines in the market value of our marketable securities may have a material adverse effect on our results of operations should they occur.
For example, the ongoing conflict between Russia and Ukraine could adversely impact macroeconomic conditions and result in heightened economic sanctions from international communities in a manner that adversely affects our industry.
For example, the ongoing conflict between Russia and Ukraine could adversely impact macroeconomic conditions and has resulted and could continue to result in heightened economic sanctions from international communities in a manner that adversely affects our industry. Additionally, evolving non‑U.S. trade agreements and retaliatory tariff actions may alter global market dynamics, affecting supply and demand balances.
The global focus on climate is raising awareness in all countries, such as the agreement at the 26th United Nations Climate Change Conference of the Parties (COP26) by many governments of countries where the Company operates to combat deforestation, which could adversely affect our ability to mine and operate in sensitive areas like the Jarrah Forest and the Amazon.
In addition, regulations to combat climate change could impact the competitiveness of the Company, including the attractiveness of the locations of some of the Company’s assets. The global focus on climate is raising awareness in many countries, which could adversely affect our ability to mine and operate in sensitive areas like the Jarrah Forest and the Amazon.
Our business operations are capital intensive, and portfolio optimization actions such as the curtailment or closure of operations or facilities may include significant costs and charges, including asset impairment or restructuring charges and other measures.
In addition, we may retain liabilities from such transactions, have ongoing indemnification obligations, and incur unforeseen liabilities for divested entities if a buyer fails to honor all commitments. 25 Our business operations are capital intensive, and portfolio optimization actions such as the curtailment or closure of operations or facilities may include significant costs and charges, including asset impairment or restructuring charges and other measures.
In October 2021, the Company’s Board of Directors initiated a quarterly cash dividend program, at $0.10 per share and authorized a $500 common stock repurchase program, which was fully used with the completion of $150 in repurchases during the third quarter of 2022.
In October 2021, the Company’s Board of Directors initiated a quarterly cash dividend program, at $0.10 per share.
While the future of Pillar One remains uncertain, the global minimum tax under Pillar Two is fully effective or is expected to be fully effective in 2025 in most of the countries in which we operate.
While the future of Pillar One remains uncertain, the global minimum tax under Pillar Two was substantially in effect in 2025 in most of the countries in which we operate. The implementation of the Pillar Two Framework in these countries did not have a material impact during 2025.
The results of tax audits and examinations of previously filed tax returns or related litigation and continuing assessments of our tax exposures could materially affect our financial results.
The results of tax audits and examinations of previously filed tax returns or related litigation and continuing assessments of our tax exposures could materially affect our financial results. See Part II Item 8 of this Form 10-K in Notes Q and S to the Consolidated Financial Statements under captions Unrecognized tax benefits and Contingencies, respectively.
We are executing a strategy to achieve safety performance and operational excellence, build a high performance culture, maintain a disciplined approach to capital allocation, and pursue targeted growth opportunities by implementing productivity and cost-reduction initiatives, optimizing our portfolio of assets, and investing in technology development.
We are executing a strategy to achieve safety performance and operational excellence, build a high-performance culture, maintain a disciplined approach to capital allocation, and pursue pragmatic growth opportunities by strategically managing our portfolio of assets to maximize profitability, maintaining a strong balance sheet through monetization of non-operating assets and further reductions in total debt, while evaluating value-creating growth opportunities.
Such actions have in the past had and could in the future have a material adverse impact on our results of operations and profitability. For example, the Company seeks annual approvals from the Western Australia government for rolling five-year mine plans to maintain operations at the Huntly and Willowdale bauxite mines.
Such actions have in the past had and could in the future have a material adverse impact on our results of operations and profitability.
Our domestic and international tax liabilities are dependent upon the distribution of profits among the different jurisdictions in which we operate. Our tax expense includes estimates of additional tax that may be incurred for tax exposures and reflects various estimates and assumptions.
We continue to monitor any additional guidance released by the OECD, along with the pending and adopted legislation in the countries in which we operate. Our domestic and international tax liabilities are dependent upon the distribution of profits among the different jurisdictions in which we operate.
See Part II Item 8 of this Form 10-K in Notes Q and S to the Consolidated Financial Statements under captions Unrecognized tax benefits and Contingencies, respectively. 21 Climate change, climate change legislation or regulations, and efforts to reduce greenhouse gases (GHG) and build operational resilience to extreme weather conditions may adversely impact our operations and markets.
Climate change, climate change legislation or regulations, and efforts to reduce greenhouse gas (GHG) emissions and build operational resilience to extreme weather conditions may adversely impact our operations and markets.
Our participation in increasingly competitive and complex global markets exposes us to risks, including legal and regulatory risks and changes in conditions beyond our control, that could adversely affect our business, financial condition, or results of operations. We have operations or activities in numerous countries and regions outside the United States, including Australia, Brazil, Canada, Europe, Guinea, and Saudi Arabia.
We have operations or activities in numerous countries and regions outside the United States, including Australia, Brazil, Canada, Europe, and Guinea.
We continuously evaluate and may in the future enter into additional strategic business transactions. For example, in October 2024, Alcoa announced that it is progressing toward entering into a strategic partnership with IGNIS EQT to support the continued operation of the San Ciprián complex.
We continuously evaluate and may in the future enter into additional strategic business transactions. For example, in March 2025, Alcoa and Trento EQT entered into a joint venture agreement whereby Alcoa owns 75% of the San Ciprián operations and continues as the managing operator and Trento EQT owns 25%.
We have been taking decisive actions to reduce complexity and optimizing our portfolio of assets by safely curtailing the Kwinana (Australia) refinery, acquiring Alumina Limited, and announcing the sale of our 25.1% ownership in the Saudi Arabia joint venture. We have taken actions and may continue to plan and execute other actions to grow or streamline our portfolio.
We took actions to transform and optimize our portfolio of assets by completing the sale of our 25.1% ownership in the Saudi Arabia joint venture, announcing the closure of the Kwinana (Australia) refinery, and forming a joint venture to support the continued operation of the San Ciprián complex.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Chief Information Security Officer (CISO) and the Chief Information Officer (CIO) regularly update the Audit Committee and the Board regarding the Company’s strategy to mitigate cybersecurity risks, which includes regular vulnerability assessments and employee training on cybersecurity matters. Alcoa’s CISO is responsible for maintaining identified material cybersecurity risks within the Company’s ERM platform.
Biggest changeThe Board receives regular updates from the Chief Information Security Officer (CISO) and the Chief Information Officer (CIO) regarding the state of the Company’s cybersecurity pr ogram, cybersecurity developments, and emerging threats, as well as regarding the Company’s strategy to mitigate cybersecurity risks, which includes regular vulnerability assessments and employee training on cybersecurity matters.
Alcoa’s CISO has thirty years of experience in information technology, including over fifteen years in cybersecurity, and prior to joining Alcoa, was the CISO of the U.S. business of a large global insurance and asset company and was responsible for the security of data, systems, and processes supporting customer assets.
Alcoa’s CISO has over thirty years of experience in information technology, including over fifteen years in cybersecurity, and prior to joining Alcoa, was the CISO of the U.S. business of a large global insurance and asset company and was responsible for the security of data, systems, and processes supporting customer assets.
The Company also has a comprehensive third-party information security audit program in place. Alcoa has implemented processes designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to a security risk assessment prior to engagement to determine if they meet defined levels of security capabilities.
The Company also has a comprehensive third-party information security monitoring program in place. Alcoa has implemented processes designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to a security risk assessment prior to engagement to determine if they meet defined levels of security capabilities.
Our master services agreements with third-party service providers generally carry a number of security requirements, including audit rights for the Company. After engagement, third-party service providers are subject to audits in which contract owners within Information Technology Automation Solutions (ITAS) validate that any certifications a vendor had upon engagement are maintained throughout the life of the agreement.
Our master services agreements with third-party service providers include several security requirements, including audit rights for the Company. After engagement, third-party service providers are subject to audits in which contract owners within Information Technology Automation Solutions (ITAS) validate that any certifications a vendor had upon engagement are maintained throughout the life of the agreement.
The CISO closely collaborates with the CIO and Chief Financial Officer (CFO) in managing material risks from cybersecurity threats. Alcoa also maintains an information security steering committee (ISSC), which oversees current and emerging cybersecurity risks and investments in the cybersecurity risk protections for the Company.
The CISO closely collaborates w ith the CIO and Chief Financial Officer in managing material risks from cybersecurity threats. Alcoa also maintains an information security steering committee (ISSC), which oversees current and emerging cybersecurity risks and investments in the cybersecurity risk protections for the Company.
Governance The Alcoa Board of Directors (Board), in coordination with the Audit Committee , is responsible for the oversight of our cybersecurity risk management program, and specifically, reviews and oversees the Company’s risk management and strategy relating to cybersecurity, including cybersecurity developments and threats and the Company’s process for assessing, managing, and mitigating material cybersecurity risks and threats.
Governance The Alcoa Board of Directors (Board) is responsible for the oversight of our cybersecurity risk management program, and specifically, reviews and oversees the Company’s risk management and strategy relating to cybersecurity, including cybersecurity developments and threats and the Company’s process for assessing, managing, and mitigating material cybersecurity risks and threats.
Risks are grouped into categories that management can then assess, monitor, and prioritize based on the likelihood of an occurrence, level of impact, and mitigating factors. Our various cybersecurity risk management processes apply to various functions, including but not limited to, third-party suppliers and vulnerability management.
Risks are grouped into categories that management can then assess, monitor, and prioritize based on the likelihood of an occurrence, level of impact, and mitigating factors. The Company maintains cybersecurity risk management processes that span multiple functions, including, but not limited to, third-party risk management and vulnerability management.
Additionally, the Company employs staff that are specifically dedicated to raising cybersecurity awareness and training within the organization. The Company engages third-party assessors , consultants, and auditors to assist in assessing, identifying, and managing risk from cybersecurity threats.
The Company engages third-party assessors , consultants, and auditors to assist in assessing, identifying, and managing risk from cybersecurity threats.
On a quarterly basis, the CISO reviews and updates risks, as well as the control procedures in place. These risks are regularly reported to the Audit Committee and Board.
Alcoa’s CISO is responsible for maintaining identified material cybersecurity risks within the Company’s ERM platform. On a quarterly basis, the CISO reviews and updates risks, as well as the control procedures in place. These risks are regularly reported to the Board.
We have in the past experienced attempts and incidents by external parties to penetrate our, our service providers’, and our business partners’ networks and systems. Such attempts and incidents to date have not had a material adverse effect on our business, financial condition, or results of operations.
We have in the past experienced attempts and incidents by external parties to penetrate our, our service providers’, and our business partners’ networks and systems.
The Company also has a comprehensive body of policies and standards for assessing, identifying, and managing material risks from cybersecurity threats, including an incident response plan, business continuity plan, crisis management plan, as well as disaster recovery mechanisms, which are tested and updated.
The Company has established a comprehensive framework of policies and standards to assess, identify, and manage material cybersecurity risks, including an incident response plan, business continuity plan, crisis management plan, and disaster recovery capabilities, all of which are regularly tested and updated. In addition, the Company employs personnel dedicated to promoting cybersecurity awareness and delivering training across the organization.
We employ processes and technologies to bring visibility to, and protect against, cybersecurity risk, to include real time monitoring of network traffic and email.
These processes are supported by technologies designed to provide visibility into, and protection against, cybersecurity risks, including real-time monitoring of network and system traffic.
Removed
See Part I Item 1A of this Form 10-K for more information on risks.
Added
To date, no cybersecurity incident or attack, or any risk from cybersecurity threats , has materially affected or has been determined to be reasonably likely to materially affect the Company or our business strategy, results of operations, or financial condition. See Part I Item 1A of this Form 10-K for more information on risks.
Removed
The Audit Committee and the Board receive regular updates regarding the state of the Company’s cybersecurity program, cybersecurity developments, and emerging threats.
Added
Between Board meetings, the Audit Committee assists the Board in its review and oversight of the Company’s risk management and strategy relating to cybersecurity, and regularly reports to the Board on such activities. The Audit Committee also escalates matters to the full Board, as necessary.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changePoços de Caldas mineral resources are estimated at a pit discard cut-off value based on a benefit calculation that determines whether a block is economically viable. (5) Alumina for Boké is stated as Total Alumina (as T.Al 2 O 3 ) and Silica is stated as Total Silica (as T.SiO 2 ).
Biggest change(4) Alumina for Poços de Caldas is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ). Poços de Caldas mineral resources are estimated at a pit discard cut-off value based on a benefit calculation that determines whether a block is economically viable.
Additionally, the 2023-2027 MMP requires additional constraints including: a reduction in mining activities inside higher risk areas within drinking water catchments; no mining within 1 km of the top water level after June 30, 2024; no new pit clearing in areas with an average pit slope greater than 16 percent within any Reservoir Protection Zone (RPZ, 2 km from reservoir top water level); an acceleration of forest rehabilitation and a reduction in open mining areas; and a maximum annual clearing footprint of 800 ha.
Additionally, the 2023-2027 MMP requires additional constraints including: a reduction in mining activities inside higher risk areas within drinking water catchments; no mining within 1 km of the top water level after June 30, 2024; no new mining pit clearing in areas with an average pit slope greater than 16 percent within any Reservoir Protection Zone (RPZ, 2 km from reservoir top water level); an acceleration of forest rehabilitation and a reduction in open mining areas; and a maximum annual clearing footprint of 800 ha.
The reference point for the mineral reserve is the refinery processing plant gate, with crushing, washing (as applicable), and transportation being the only process employed. Metallurgical recovery factor for extractable alumina of 93% has been applied during optimization at Darling Range. Certain totals may not sum due to rounding.
The reference point for the mineral reserve is the refinery processing plant gate, with crushing, washing (as applicable), and transportation being the only process employed. Metallurgical recovery factor for extractable alumina of 93 percent has been applied during optimization at Darling Range. Certain totals may not sum due to rounding.
Ore transported via long-distance conveyor and rail to refineries. AofA 100% 2045 Mining lease from the WA Government. ML1SA. 702,261 Juruti (3) (Pará State) Accessed by road from Juruti town, by boat along the Amazon River, or by air from Juruti Airport. Ore transported from the mine to Juruti port by company-operated rail.
Ore transported via long-distance conveyor to refineries. AofA 100% 2045 Mining lease from the WA Government. ML1SA. 702,261 Juruti (3) (Pará State) Accessed by road from Juruti town, by boat along the Amazon River, or by air from Juruti Airport. Ore transported from the mine to Juruti port by company-operated rail.
The metallurgical recovery of the refineries (Kwinana, Pinjarra, and Wagerup) are beyond the boundaries of the mining operations. Certain totals may not sum due to rounding. (2) Alumina for the Darling Range is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ).
The metallurgical recovery of the refineries (Pinjarra and Wagerup) are beyond the boundaries of the mining operations. Certain totals may not sum due to rounding. (2) Alumina for the Darling Range is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ).
Mineral resources for the polygonal models are estimated at a ≥ 27.5% A.Al 2 O 3 and ≤3.5% R.SiO 2 cut-off grade and at a minimum mining thickness of 1.5 meters (m). (3) Alumina for Juruti is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ).
Mineral resources for the polygonal models are estimated at a ≥ 27.5 percent A.Al 2 O 3 and ≤3.5 percent R.SiO 2 cut-off grade and at a minimum mining thickness of 1.5 meters (m). (3) Alumina for Juruti is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ).
The required infrastructure includes the following: • Rail siding and loading equipment; • Bauxite beneficiation plant for ore crushing and washing; • Mine waste facilities including tailings thickening lagoons and tailings disposal ponds; • ROM and product stockpiles and materials handling conveyors; • Ancillary buildings (offices, warehouses, laboratory, workshops); • Fuel station; • Water supply intake raft, pumps, and approximate 9 km pipeline from the Juruti Grande stream; • Power generation via thermoelectric units at the mine and port; • Surface water management including drainage channels and pumps; • Off-site rail corridor between the mine and port; and, • Port facilities including rail siding, material handling equipment, ship loader.
The required infrastructure includes the following: • Rail siding and loading equipment; • Bauxite beneficiation plant for ore crushing and washing; • Mine waste facilities including tailings thickening lagoons and tailings disposal ponds; • ROM and product stockpiles and materials handling conveyors; • Ancillary buildings (offices, warehouses, laboratory, workshops); • Fuel station; • Site access road; • Water supply intake raft, pumps, and approximate 9 km pipeline from the Juruti Grande stream; • Power generation via thermoelectric units at the mine and port; • Surface water management including drainage channels and pumps; • Off-site rail corridor between the mine and port; and, • Port facilities including rail siding, material handling equipment, and ship loader.
(5) Alumina for Boké is stated as Total Alumina (as T.Al 2 O 3 ) and Silica is stated as Total Silica (as T.SiO 2 ). Boké reserves are estimated at a ≥ 45% T.Al 2 O 3 and ≤10% T.SiO 2 cut-off grade. Tonnage reported on a 3% moisture basis.
(5) Alumina for Boké is stated as Total Alumina (as T.Al 2 O 3 ) and Silica is stated as Total Silica (as T.SiO 2 ). Boké reserves are estimated at a ≥ 45 percent T.Al 2 O 3 and ≤10 percent T.SiO 2 cut-off grade. Tonnage reported on a 3 percent moisture basis.
See Part I Item 1 of this Form 10-K for additional information, including the ownership, capacity, and utilization of these facilities, used in the Alumina and Aluminum segments. A discussion of our bauxite mining properties is below. The following map shows the locations of our operations as of December 31, 2024: Alcoa Locations and Properties.
See Part I Item 1 of this Form 10-K for additional information, including the ownership, capacity, and utilization of these facilities, used in the Alumina and Aluminum segments. A discussion of our bauxite mining properties is below. The following map shows the locations of our operations as of December 31, 2025: Alcoa Locations and Properties.
Additionally, refer to the Darling Range TRS Section 11.0 and 12.0 for more information on the mineral resources and mineral reserves of the Darling Range mines. Individual Property Disclosure—Juruti Property Location and Description The Juruti bauxite mine is located in the west of Para State in northern Brazil.
Additionally, refer to the Darling Range TRS Section 11.0 and 12.0 for more information on the mineral resources and mineral reserves of the Darling Range mines. Individual Property Disclosure—Juruti Property Location and Description The Juruti bauxite mine is located in the west of Pará State in northern Brazil.
Alcoa has shown that the Company works proactively with key regulatory agencies to address any operational non-compliances and implement operational improvements to reduce releases to the environment. No significant compliance issues were identified in the 2022/2023 and 2023/2024 annual environmental reports.
Alcoa has shown that the Company works proactively with key regulatory agencies to address any operational non-compliances and implement operational improvements to reduce releases to the environment. No significant compliance issues were identified in the 2023/2024 and 2024/2025 annual environmental reports.
Reference should be made to the full text of the Technical Report Summary for Darling Range, Western Australia, dated February 20, 2025, with an effective date of December 31, 2024, filed as Exhibit 96.1 to this Form 10-K (the Darling Range TRS), and the Technical Report Summary for Juruti, Brazil, dated February 24, 2022, with an effective date of December 31, 2021, incorporated by reference as Exhibit 96.2 to this Form 10-K (the Juruti TRS), which are incorporated by reference herein. 33 Bauxite Interests and Operators: Property (Region) Access/Transportation Operator Owners’ Mining Rights (1) Expiration Date of Mining Rights Titles, Rights, Leases or Options Area (hectares) Darling Range (2) (WA) Accessed by road.
Reference should be made to the full text of the Technical Report Summary for Darling Range, Western Australia, dated February 26, 2026, with an effective date of December 31, 2025, filed as Exhibit 96.1 to this Form 10-K (the Darling Range TRS), and the Technical Report Summary for Juruti, Brazil, dated February 24, 2022, with an effective date of December 31, 2021, incorporated by reference as Exhibit 96.2 to this Form 10-K (the Juruti TRS), which are incorporated by reference herein. 33 Bauxite Interests and Operators: Property (Region) Access/Transportation Operator Owners’ Mining Rights (1) Expiration Date of Mining Rights Titles, Rights, Leases or Options Area (hectares) Darling Range (2) (WA) Accessed by road.
In September 2024 and October 2024, AofA delivered bank guarantees totaling $62 (A$100). The requirement to provide financial assurance will expire upon the completion of the WA EPA’s assessment of the Company’s mine plans.
In September 2024 and October 2024, AofA delivered bank guarantees totaling $67 (A$100). The requirement to provide financial assurance will expire upon the completion of the WA EPA’s assessment of the Company’s mine plans.
Fine materials removed from ore are deposited in a thickening pond for settling and water reclamation, after which solid tailings are discarded into separate tailings ponds. There is currently one thickening pond and seven disposal ponds.
Fine materials removed from ore are deposited in a thickening pond for settling and water reclamation, after which solid tailings are discarded into separate tailings ponds. There is currently one thickening pond and eight disposal ponds.
There are several airstrips in the region, although the closest major airport is in Perth, approximately 70 km north of North Dandalup. The nearest commercial port is at the Kwinana refinery, approximately 40 km south of Perth.
There are several airstrips in the region, although the closest major airport is in Perth, approximately 70 km north of North Dandalup. The nearest commercial port is at the permanently closed Kwinana refinery, approximately 40 km south of Perth.
Mining infrastructure in the Darling Range is generally concentrated in the Myara area in the northwest of the Huntly mining center, and at the Larego area (20 km southeast of the Wagerup refinery) in the center of the Willowdale mining center.
Mining infrastructure in the Darling Range is generally concentrated at the Myara site in the northwest of the Huntly mining center, and at the Larego site (20 km southeast of the Wagerup refinery) in the center of the Willowdale mining center.
Tons of bauxite are reported on a zero-moisture basis in millions of dry metric tons (mdmt) unless otherwise stated. 32 As of December 31, 2024, the Company’s individually material mining properties, as determined in accordance with subpart 1300 of Regulation S-K, are our bauxite mining properties in the Darling Range of Western Australia (Darling Range) and Juruti, Brazil (Juruti).
Tons of bauxite are reported on a zero-moisture basis in millions of dry metric tons (mdmt) unless otherwise stated. 32 As of December 31, 2025, the Company’s individually material mining properties, as determined in accordance with subpart 1300 of Regulation S-K, are its bauxite mining properties in the Darling Range of Western Australia (Darling Range) and Juruti, Brazil (Juruti).
(2) For more information, see Individual Property Disclosure—Darling Range below. (3) For more information, see Individual Property Disclosure—Juruti below. (4) Brazilian mineral legislation does not limit the duration of mining concessions; rather, the concession remains in force until the deposit is exhausted.
(3) For more information, see Individual Property Disclosure—Juruti below. (4) Brazilian mineral legislation does not limit the duration of mining concessions; rather, the concession remains in force until the deposit is exhausted.
Net book value of these facilities as of December 31, 2024 of $392 is included in Properties, plants, and equipment, net on the Consolidated Balance Sheet. Refer to the Juruti TRS in Sections 14.0 and 15.0 for more information on the surface infrastructure and facilities of the Juruti mine.
Net book value of these facilities as of December 31, 2025 of $429 is included in Properties, plants, and equipment, net on the Consolidated Balance Sheet. Refer to the Juruti TRS in Sections 14.0 and 15.0 for more information on the surface infrastructure and facilities of the Juruti mine.
The nearest major city to Juruti is Santarem, approximately 160 km to the east and is only accessible by boat or by air from Juruti Airport (JRT) to Santarem-Maestro Wilson Fonseca Airport (STM).
The nearest major city to Juruti is Santarém, approximately 160 km to the east and is only accessible by boat or by air from Juruti Airport (JRT) to Santarém-Maestro Wilson Fonseca Airport (STM).
Bauxite Mineral Resources and Mineral Reserves In accordance with subpart 1300 of Regulation S-K, management engaged SLR International Corporation as the qualified persons to prepare technical report summaries for the disclosure of mineral resources and reserves at Darling Range and Juruti.
Bauxite Mineral Resources and Mineral Reserves In accordance with subpart 1300 of Regulation S-K, management engaged SLR Consulting Limited as the qualified persons to prepare technical report summaries for the disclosure of mineral resources and reserves at Darling Range and Juruti.
Concession holders are required to: o Commence mining activities within 6 months of being granted; o Submit annual reports on all mining / processing activities (Relatorio Annual de Lavra, or RAL) to the ANM; o Make compensation payments to landowners in line with the agreements made for mining easement; and, o Make Brazilian Mineral Royalty payments (Compensacao Financeira pela Exploracao de Recursos Minerais, or CFEM).
Concession holders are required to: o Commence mining activities within 6 months of being granted; o Submit annual reports on all mining / processing activities (Relatório Annual de Lavra, or RAL) to the ANM; o Make compensation payments to landowners in line with the agreements made for mining easement; and, o Make Brazilian Mineral Royalty payments (Compensação Financeira pela Exploração de Recursos Minerais, or CFEM).
Item 2. P roperties. Alcoa Corporation’s principal executive office, located at 201 Isabella Street, Pittsburgh, Pennsylvania 15212-5858, is leased. Alcoa also leases several office facilities and sites, both domestically and internationally. In addition, Alcoa owns or has an ownership interest in its production sites, both domestically and internationally.
Item 2. P roperties. (dollars in millions, except per-ton amounts) Alcoa Corporation’s principal executive office, located at 201 Isabella Street, Pittsburgh, Pennsylvania 15212-5858, is leased. Alcoa also leases several office facilities and sites, both domestically and internationally. In addition, Alcoa owns or has an ownership interest in its production sites, both domestically and internationally.
National roads connect Santarem to wider Para State including the port city of Belem on Brazil’s northern coast, approximately 1,400 km by road via the 230 and PA-151 roads. Juruti began production in 2009 and the facilities are in a well-maintained condition.
National roads connect Santarém to wider Pará State including the port city of Belém on Brazil’s northern coast, approximately 1,400 km by road via the 230 and PA-151 roads. Juruti began production in 2009 and the facilities are in a well-maintained condition.
Summary of Attributable Annual Bauxite Production (mdmt) for the years ended December 31, 2024, 2023, and 2022, respectively: Country Property (Region) 2024 2023 2022 Australia Darling Range (Western Australia, WA) 27.7 30.9 31.4 Brazil Juruti (Pará State) 5.6 5.0 4.9 Brazil Trombetas (Pará State) (1) — — 0.5 Brazil Poços de Caldas (Minas Gerais) 0.4 0.4 0.4 Guinea Boké (Sangaredi) 3.4 3.6 3.6 Saudi Arabia Al Ba’itha (Al Qassim) 1.2 1.1 1.3 38.3 41.0 42.1 (1) Amounts shown for the year ended December 31, 2022 represent production prior to the Company’s sale of its interest in the MRN mine in April 2022.
Summary of Attributable Annual Bauxite Production in mdmt for the years ended December 31, 2025, 2024, and 2023, respectively: Country Property (Region) 2025 2024 2023 Australia Darling Range (Western Australia, WA) 25.8 27.7 30.9 Brazil Juruti (Pará State) 6.7 5.6 5.0 Brazil Poços de Caldas (Minas Gerais) 0.5 0.4 0.4 Guinea Boké (Sangaredi) 3.7 3.4 3.6 Saudi Arabia Al Ba’itha (Al Qassim) (1) 0.8 1.2 1.1 37.5 38.3 41.0 (1) Amounts shown for the year ended December 31, 2025 represent production prior to the Company’s sale of its interest in MBAC on July 1, 2025.
Land Tenure and Permitting All exploration and mining activities are managed by the National Mining Agency, Agencia Nacional de Mineracao (ANM), under the Mining Code (1967). Permits are granted by the ANM and fall into two categories: • Exploration Permits: granted to support ongoing exploration activities.
Land Tenure and Permitting All exploration and mining activities are managed by the National Mining Agency, Agência Nacional de Mineração (ANM), under the Mining Code (1967). Permits are granted by the ANM and fall into two categories: • Exploration Permits: granted to support ongoing exploration activities.
For comparative purposes: • measured and indicated mineral resources were 64.0 mdmt and 64.2 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of less than 1 percent; • inferred mineral resources were 514.3 mdmt and 563.6 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 9 percent; • proven reserves were 43.5 mdmt and 46.2 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 6 percent; and • probable reserves were 33.0 mdmt and 34.7 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 5 percent.
For comparative purposes: • measured and indicated mineral resources were 63.5 mdmt and 64.0 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of less than 1 percent; • inferred mineral resources were 514.2 mdmt and 514.3 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of less than 1 percent; • proven reserves were 38.9 mdmt and 43.5 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of 11 percent; and, • probable reserves were 31.1 mdmt and 33.0 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of 6 percent.
The decrease in mineral resources is attributable to changes in the application of mineral rights to the block models. The decrease in mineral reserves from December 31, 2023 reflects mining depletion during 2024. Refer to the Juruti TRS for more information on the mineral resources and mineral reserves of the Juruti mine.
The decrease in mineral resources is attributable to mining depletion. The decrease in mineral reserves from December 31, 2024 reflects mining depletion during 2025. Refer to the Juruti TRS for more information on the mineral resources and mineral reserves of the Juruti mine.
Mineral Resources and Mineral Reserves In 2024, the economic cut-off for long term mine planning blocks at Darling Range was determined using an optimization that considers a base alumina price with deductions for costs associated with mining and processing the ore from each resource pit. 40 For information on Darling Range mineral resources and mineral reserves, refer to the tables above.
Refer to the Darling Range TRS in Section 17.0 for more information on the environmental, social, compliance, and permitting aspects of the Darling Range. 40 Mineral Resources and Mineral Reserves In 2025, the economic cut-off for long term mine planning blocks at Darling Range was determined using an optimization that considers a base alumina price with deductions for costs associated with mining and processing the ore from each resource pit.
Summary of Attributable Bauxite Mineral Reserves at December 31, 2024: Proven Probable Total Property (Region) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Darling Range (2) 26.1 29.2 1.6 397.6 30.8 1.6 423.7 30.7 1.6 Juruti (Pará State) (3) 43.5 47.6 3.6 33.0 46.3 3.5 76.5 47.0 3.5 Poços de Caldas (Minas Gerais) (4) 0.9 40.8 3.6 1.4 39.8 3.9 2.3 40.2 3.8 Boké (Sangaredi) (5) 74.3 47.0 1.9 3.7 48.7 2.5 78.1 47.1 1.9 Al Ba’itha (Al Qassim) (6) 14.0 50.2 8.0 31.8 45.5 11.1 45.7 46.9 10.1 (1) This table shows only the Alcoa share (proportion) of mineral reserves.
Summary of Attributable Bauxite Mineral Reserves at December 31, 2025: Proven Probable Total Property (Region) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Darling Range (2) 33.4 29.3 1.8 359.5 31.4 1.5 392.9 31.2 1.5 Juruti (Pará State) (3) 38.9 47.8 3.6 31.1 46.3 3.5 70.0 47.0 3.6 Poços de Caldas (Minas Gerais) (4) 0.8 40.8 3.6 1.3 40.6 3.7 2.1 40.7 3.7 Boké (Sangaredi) (5) 78.8 46.3 1.9 3.5 45.3 1.8 82.2 46.3 1.9 (1) This table shows only the Alcoa share (proportion) of mineral reserves.
The controls include: surveying of drillhole collar locations, drill sample logging, collection and security, database verification and security, quality assurance/quality control (QA/QC) programs, internal and third-party qualified person statistical analysis, internal and third-party qualified person model validation, and reconciliation.
The controls include: surveying of drillhole collar locations, drill sample logging, collection and security, database verification and security, QA/QC programs, internal and third-party qualified person statistical analysis, internal and third-party qualified person model validation, and reconciliation. Modelling and analysis of the Company’s resources is completed internally and reviewed by a qualified person.
Alcoa Alumínio 100% 2031 (4) Mining licenses from the Government of Brazil and Minas Gerais. Company claims and third-party leases. Operation licenses were renewed and unified and now expires in 2032. 11,008 Boké (Sangaredi) Accessed by road from Sangaredi and public airports. Ore transported by company-operated rail to Kamsar port. CBG 22.95% 2038 Mining lease from Government of Guinea.
Alcoa Alumínio 100% 2035 (4) Mining licenses from the Government of Brazil and Minas Gerais. Company claims and third-party leases. 11,137 Boké (Sangaredi) Accessed by road from Sangaredi and public airports. Ore transported by company-operated rail to Kamsar port. CBG 22.95% 2039 Mining lease from Government of Guinea. The lease is renewable in 25-year increments.
Boké resources are estimated at a ≥ 41% T.Al 2 O 3 and ≤10% T.SiO 2 cut-off grade. Tonnage reported on a 3% moisture basis. (6) Alumina for Al Ba’itha is stated as Total Available Alumina (as TAA) and Silica is stated as Total Silica (as T.SiO 2 ).
(5) Alumina for Boké is stated as Total Alumina (as T.Al 2 O 3 ) and Silica is stated as Total Silica (as T.SiO 2 ). Boké resources are estimated at a ≥ 41 percent T.Al 2 O 3 and ≤10 percent T.SiO 2 cut-off grade.
Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2024: Measured Indicated Measured + Indicated Inferred Property (Region) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Darling Range (WA) (2) 139.6 30.4 1.8 48.7 30.3 1.4 188.4 30.4 1.7 101.4 32.4 1.2 Juruti (Pará State) (3) 5.6 44.5 5.3 58.4 45.3 4.4 64.0 45.3 4.5 514.3 45.6 4.6 Poços de Caldas (Minas Gerais) (4) 2.1 38.0 4.8 7.5 36.5 5.2 9.6 36.8 5.1 3.0 35.4 5.3 Boké (Sangaredi) (5) — — — 1,357.2 46.6 2.3 1,357.2 46.6 2.3 173.5 45.8 2.4 Al Ba’itha (Al Qassim) (6) — — — — — — — — — 0.7 48.3 11.7 (1) This table shows only the Alcoa share (proportion) of mineral resources.
Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2025: Measured Indicated Measured + Indicated Inferred Property (Region) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Tonnage (mdmt) (1) Alumina (%) Silica (%) Darling Range (WA) (2) 133.6 30.1 1.9 53.2 29.7 1.6 186.8 30.0 1.8 51.9 31.9 1.1 Juruti (Pará State) (3) 5.6 44.5 5.3 57.9 45.3 4.4 63.5 45.3 4.5 514.2 45.6 4.6 Poços de Caldas (Minas Gerais) (4) 2.0 38.0 4.8 7.2 36.8 5.5 9.2 37.1 5.4 2.9 35.5 5.6 Boké (Sangaredi) (5) 65.0 44.3 2.2 1,373.1 46.6 2.3 1,438.1 46.6 2.3 174.5 45.8 2.4 (1) This table shows only the Alcoa share (proportion) of mineral resources.
Refer to the Darling Range TRS in Sections 14.0 and 15.0 for more information on the surface infrastructure and facilities of the Darling Range. Land Tenure and Permitting Bauxite occurrences were first recorded in the Darling Range in 1902, with studies and exploration subsequently conducted by the Geological Survey of Western Australia until the 1950s.
Land Tenure and Permitting Bauxite occurrences were first recorded in the Darling Range in 1902, with studies and exploration subsequently conducted by the Geological Survey of Western Australia until the 1950s.
For comparative purposes: • measured and indicated mineral resources were 188.4 mdmt and 198.4 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 5 percent; • inferred mineral resources were 101.4 mdmt and 106.9 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 5 percent; • probable reserves were 397.6 mdmt and 296.0 mdmt as of December 31, 2024 and 2023, respectively, representing an increase of 34 percent; and • proven reserves were 26.1 mdmt and 48.0 mdmt as of December 31, 2024 and 2023, respectively, representing a decrease of 46 percent.
For comparative purposes: • measured and indicated mineral resources were 186.8 mdmt and 188.4 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of less than 1 percent; • inferred mineral resources were 51.9 mdmt and 101.4 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of 49 percent; • proven reserves were 33.4 mdmt and 26.1 mdmt as of December 31, 2025 and 2024, respectively, representing an increase of 28 percent; and, • probable reserves were 359.5 mdmt and 397.6 mdmt as of December 31, 2025 and 2024, respectively, representing a decrease of 10 percent.
Al Ba’itha mineral resources are estimated at a ≥ 40% TAA cut-off grade. The following table shows only the Alcoa share (proportion) of mineral reserves. These estimates are periodically updated to reflect past bauxite production, updated mine plans, new exploration information, and other geologic or mining data.
Tonnage reported on a 3 percent moisture basis. 35 The following table shows only the Alcoa share (proportion) of mineral reserves. These estimates are periodically updated to reflect past bauxite production, updated mine plans, new exploration information, and other geologic or mining data.
Alcoa is modernizing its environmental approvals framework for the Huntly bauxite mine and referred future mining plans to access Myara North and Holyoake to the WA EPA for assessment in 2020. Refer to the Darling Range TRS in Section 17.0 for more information on the environmental, social, compliance, and permitting aspects of the Darling Range.
Alcoa is modernizing its environmental approvals framework for the Huntly bauxite mine and referred future mining plans to access Myara North and Holyoake to the WA EPA for assessment in 2020.
The Huntly and Willowdale mines commenced commercial production in 1972 and 1984, respectively. Huntly supplies bauxite to the Pinjarra refinery (approximately 17 Mtpa), while Willowdale supplies the Wagerup refinery (approximately 10 Mtpa).
The Huntly and Willowdale mines commenced commercial production in 1972 and 1984, respectively. Huntly supplies bauxite to the Pinjarra refinery (approximately 16 Mtpa), while Willowdale supplies the Wagerup refinery (approximately 10 Mtpa). 38 The ML1SA lease allows for exploration and mining of bauxite within the tenement boundaries.
Juruti mineral resources are estimated at a pit discard cut-off value based on a benefit calculation that determines whether a block is economically viable and has a minimum thickness of 1 m.
Juruti mineral resources are estimated at a pit discard cut-off value based on a benefit calculation that determines whether a block is economically viable and has a minimum thickness of 1 m. Further, mineral resources are estimated using a long-term bauxite price of approximately $35 (wet-base) per ton, representing a 30 percent increase over the mineral reserve bauxite price.
The following table shows the AWAC and/or Alcoa share (proportion) of annual production tonnage at each of our bauxite mining properties and in the aggregate for each of the last three fiscal years. AWAC became wholly-owned by Alcoa upon its completion of the Alumina Limited acquisition on August 1, 2024.
The following table shows the Alcoa share (proportion) of annual production tonnage at each of our bauxite mining properties and in the aggregate for each of the last three fiscal years.
The operation actively seeks to maintain lower noise levels than those mandated, thus mining in these areas is undertaken by contract miners on day shifts only. The Company has all environmental permits and operating licenses required for current mining activities.
Mining on a day-only basis is conducted in “noise zones” where noise from the mining operations will potentially exceed allowable levels. The operation actively seeks to maintain lower noise levels than those mandated. The Company has all environmental permits and operating licenses required for current mining activities.
The decrease in measured and indicated mineral resources from December 31, 2023 to December 31, 2024 is reflected in the increase in reserves and is primarily due to changes in mine scheduling, partially offset by deferred mining of the RPZ and ongoing exploration activities.
The decrease in measured and indicated mineral resources from December 31, 2024 to December 31, 2025 is due to mining depletion, changes to constraints, and extensions to MAZ partially offset by changes to mine scheduling.
The decrease in inferred mineral resources from December 31, 2023 to December 31, 2024 is reflected in the increase in reserves and is primarily due to ongoing exploration activities.
The decrease in inferred mineral resources from December 31, 2024 to December 31, 2025 is due to ongoing exploration activities, extensions to MAZ, and changes to constraints. The mineral reserves decrease from December 31, 2024 to December 31, 2025 is primarily attributable to changes to constraints, extensions to MAZ, and mining depletion in 2025, partially offset by ongoing exploration activities.
Mine: Administrative buildings, workshops, and water/power supply are in Sangaredi. Port: Administrative buildings, port control, ore stockpiles, ore drying facilities, rail siding, and ship loader. Power supplied by fuel oil generators at the mine and port. Al Ba’itha (Al Qassim) Production/ Operating Open-cut mine.
Mine: Administrative buildings, workshops, and water/power supply are in Sangaredi. Port: Administrative buildings, port control, ore stockpiles, ore drying facilities, rail siding, and ship loader. Power supplied by fuel oil generators at the mine and port. (1) For more information, see Individual Property Disclosure—Darling Range Mines below. (2) For more information, see Individual Property Disclosure—Juruti below.
In 2024 the historically low water levels in the Amazon River required dredging to alleviate the impact on shipping operations. Closing the harbor affected community use, resulting in an increase in community complaints. Alcoa consulted the affected communities and have agreed upon compensation arrangements.
Closing the harbor affected community use, resulting in an increase in community complaints. Alcoa consulted the affected communities and have agreed upon compensation arrangements.
Mineral resource estimation is reviewed and adopted by a qualified person. Mineral reserve estimation is completed internally and reviewed by a qualified person, with the exception of Boké and Al Ba’itha where reserve estimation is completed by a third-party consultant.
Mineral resource estimation is reviewed and adopted by a qualified person. Mineral reserve estimation is completed internally and reviewed by a qualified person, with the exception of Boké where reserve estimation is completed by a third-party consultant. Labelled samples from the drill site are securely transported for logging or temporary storage by the drilling contractor or Alcoa personnel.
Drillhole databases are all site specific; most sites use industry standard drillhole database software, applications, and processes with security and backup protocols in place. Prior to modelling, secondary validation and cleansing of the modelling datasets is performed. Wherever possible, data collection is digital to allow direct loading into the database. The Company has well-established QA/QC programs that are site specific.
Additional transport to internal or external laboratories is controlled and completed, as necessary, by Alcoa personnel or by courier. Drillhole databases are all site specific; most sites use industry standard drillhole database software, applications, and processes with security and backup protocols in place. Prior to modelling, secondary validation and cleansing of the modelling datasets is performed.
The mineral resources and mineral reserves have been adjusted to reflect the conditions and will continue to change as new commitments are made or if future approvals require additional constraints. Mining on a day-only basis is conducted in “noise zones” where noise from the mining operations will potentially exceed allowable levels.
The mineral resources and mineral reserves have been adjusted to reflect the conditions and will continue to change as new commitments are made or if future approvals require additional constraints. The Company is aiming to have the 2025-2029 MMP in place in the first half of 2026.
The Wagerup refinery, supplied by Willowdale, is located immediately adjacent to the east of the South Western Highway, approximately 8 km south of Waroona and 20 km west of the Willowdale mining area. The Kwinana refinery was also supplied by Huntly until the completion of the full curtailment of the refinery in the second quarter of 2024.
The Wagerup refinery, supplied by Willowdale, is located immediately adjacent to the east of the South Western Highway, approximately 8 km south of Waroona and 20 km west of the Willowdale mining area. The process plant is a dry crushing operation and therefore water is not required as a consumable for the plant.
Alcoa’s Darling Range mining operations do not produce mine waste in the same manner as conventional mining operations and waste dumps are not constructed. Alcoa’s Darling Range facilities are in a well-maintained condition. Net book value of these facilities as of December 31, 2024 of $569 is included in Properties, plants, and equipment, net on the Consolidated Balance Sheet.
There is an extensive haul road network and overland conveyors transport crushed bauxite from the main mining hubs to the Wagerup and Pinjarra refineries. Alcoa’s Darling Range mining operations do not produce mine waste in the same manner as conventional mining operations and waste dumps are not constructed. Alcoa’s Darling Range facilities are in a well-maintained condition.
Removed
The lease is renewable in 25-year increments. CBG’s rights are specified within the Basic Agreement and Amendment 1 to the Basic Agreement with the Government of Guinea. 293,900 Al Ba’itha (Al Qassim) Accessed by road. Ore is transported to the refinery by rail and truck.
Added
CBG’s rights are specified within the Basic Agreement and Amendment 1 to the Basic Agreement with the Government of Guinea. 293,900 (1) Owners’ Mining Rights reflects Alcoa’s ownership interest(s) in the properties and related share (proportion) of the mineral resources and reserves and annual production. (2) For more information, see Individual Property Disclosure—Darling Range below.
Removed
MBAC 25.1% 2037 Mining lease granted to Ma’aden by Kingdom of Saudi Arabia Ministry of Petroleum and Mineral Resources, with a duration of 30 years. Exclusive rights to utilize bauxite and annexed minerals. 14,776 (1) Owners’ Mining Rights reflects Alcoa’s ownership interest(s) in the properties and related share (proportion) of the mineral resources and reserves and annual production.
Added
Net book value of these facilities as of December 31, 2025 of $691 is included in Properties, plants, and equipment, net on the Consolidated Balance Sheet. Refer to the Darling Range TRS in Sections 14.0 and 15.0 for more information on the surface infrastructure and facilities of the Darling Range.
Removed
Bauxite occurs as a paleolaterite profile developed at an angular unconformity between underlying late Triassic to early Cretaceous sediments (parent rock sequence Biyadh Formation) and the overlying late Cretaceous Wasia Formation (overburden sequence). Fixed plant for ore crushing and train loading The mine includes fixed plants for crushing and train loading; workshops and ancillary services; power plant; and water supply.
Added
In January 2026, Alcoa submitted responses to comments received from government entities during the 12-week public comment period (which opened in May 2025) for the 2023-2027 MMP and the future mine areas (referred in 2020). The Company is committed to continuing to work collaboratively with stakeholders to achieve Ministerial decisions by the end of 2026.
Removed
There is a company village with supporting facilities (1) For more information, see Individual Property Disclosure—Darling Range Mines below. (2) For more information, see Individual Property Disclosure—Juruti below.
Added
In February 2026, Alcoa agreed with the Australian federal government to undertake a strategic assessment for all current and potential future mine areas (excluding Myara North and Holyoake) through the term of its existing mine lease ending in 2045 under the Environment Protection and Biodiversity Conservation Act.
Removed
Further, mineral resources are estimated using a long-term bauxite price of approximately $35 (wet-base) per ton, representing a 30% increase over the mineral reserve bauxite price. 35 (4) Alumina for Poços de Caldas is stated as Available Alumina (as A.Al 2 O 3 ) and Silica is stated as Reactive Silica (as R.SiO 2 ).
Added
The Australian federal government granted Alcoa a national interest exemption that allows Alcoa to continue its mining operations at the Huntly and Willowdale mines for 18 months while the strategic assessment is completed.
Removed
(6) Alumina for Al Ba’itha is stated as Total Available Alumina (as TAA) and Silica is stated as Total Silica (as T.SiO 2 ). Al Ba’itha mineral reserves are estimated at a ≥ 40% TAA cut-off grade and a minimum mining thickness of 1.0 m.
Added
In addition, Alcoa entered into two enforceable undertakings with the Department of Climate Change, Energy, the Environment and Water (DCCEEW), related to mining activities for the period from 2019 to 2025 at the Huntly mine.
Removed
While an extensive haul road network and overland conveyors transport crushed bauxite from the main mining hub to the Wagerup and Pinjarra refineries, bauxite was also transferred to the Kwinana refinery via the Kwinana freight railway system, using the Kwinana–Mundijong line prior to the full curtailment of the refinery in the second quarter of 2024.
Added
Under the terms of the enforceable undertakings, Alcoa is required to provide a total of $36 (A$55) for investments in environmental offsets to counterbalance impacts caused by mine development and the funding of various conservation programs.
Removed
The Kwinana refinery was also supplied by Huntly until the completion of the full curtailment of the refinery in the second quarter of 2024. 38 The ML1SA lease allows for exploration and mining of bauxite within the tenement boundaries.
Added
For information on Darling Range mineral resources and mineral reserves, refer to the tables above.
Removed
The Kwinana refinery is approximately 50 km northwest of Huntly in the city of Kwinana, approximately 40 km south of Perth. The process plant is a dry crushing operation and therefore water is not required as a consumable for the plant.
Added
Alcoa obtained approval to move the surface water abstraction point in the Grande waterbody in 2024, due to low water levels. The operation now has three options for abstraction points. In 2024, the historically low water levels in the Amazon River required dredging to alleviate the impact on shipping operations.
Removed
The mineral reserves increase from December 31, 2023 to December 31, 2024 is primarily attributable to pit optimization considering base alumina and caustic soda prices, changes in mine scheduling, ongoing exploration activities, and the conversion from mineral resources to mineral reserves, partially offset by deferred mining of the RPZ, constraints required under the 2023-2027 MMP, and mining depletion in 2024.
Added
Wherever possible, data collection is digital to allow direct loading into the database. The Company has well-established QA/QC programs that are site specific.
Removed
Due to drought conditions, the mine applied for and received approval to move the water abstraction point in the Rio Juruti Grande water body in 2024. This new approval allows the abstraction of surface water at three points, to be used alternately.
Removed
Modelling and analysis of the Company’s resources is completed internally and reviewed by a qualified person, with the exception of Al Ba’itha where modelling and analysis is completed by a third-party consultant.
Removed
Labelled samples from the drill site are securely transported for logging or temporary storage by the drilling contractor or Alcoa personnel. Additional transport to internal or external laboratories is controlled and completed, as necessary, by Alcoa personnel or by courier.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeThis matter is now closed. 45 Asbestos Litigation Some of our subsidiaries as premises owners are defendants in active lawsuits filed in various jurisdictions on behalf of persons seeking damages for alleged personal injury as a result of occupational exposure to asbestos at various facilities.
Biggest changeAsbestos Litigation Some of our subsidiaries as premises owners are defendants in active lawsuits filed in various jurisdictions on behalf of persons seeking damages for alleged personal injury as a result of occupational exposure to asbestos at various facilities. Our subsidiaries and acquired companies all have had numerous insurance policies over the years that provide coverage for asbestos based claims.
In addition to the matters discussed below, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against Alcoa Corporation, including those pertaining to environmental, safety and health, commercial, tax, product liability, intellectual property infringement, governance, employment practices, employee and retiree benefit matters, and other actions and claims arising out of the normal course of business.
In addition to the matters discussed below, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against Alcoa Corporation, including those pertaining to environmental, safety and health, commercial, tax, product liability, intellectual property infringement, governance, employment, employee and retiree benefit matters, and other actions and claims arising out of the normal course of business.
See Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements for additional information regarding proceedings.
See Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements for additional information regarding legal proceedings.
The costs of defense and settlement have not been and are not expected to be material to the results of operations, cash flows, and financial position of Alcoa Corporation. Item 4. Mine Saf ety Disclosures. Not applicable. 46 PART II
The costs of defense and settlement have not been and are not expected to be material to the results of operations, cash flows, and financial position of Alcoa Corporation. Item 4. Mine Saf ety Disclosures. Not applicable. 45 PART II
However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the financial position of the Company. St. Croix Proceedings - Abednego and Abraham cases .
However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the financial position of the Company.
Our subsidiaries and acquired companies all have had numerous insurance policies over the years that provide coverage for asbestos based claims. Many of these policies provide layers of coverage for varying periods of time and for varying locations. We have significant insurance coverage and believe that our reserves are adequate for known asbestos exposure related liabilities.
Many of these policies provide layers of coverage for varying periods of time and for varying locations. We have significant insurance coverage and believe that our reserves are adequate for known asbestos exposure related liabilities.
The most significant of these matters are discussed in Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under the caption Contingencies. Intalco (Washington) Notice of Violation—In May 2022, the Company received a Notice of Violation (NOV) from the U.S. Environmental Protection Agency (the EPA).
The most significant of these matters are discussed in Part II Item 8 of this Form 10-K in Note S to the Consolidated Financial Statements under the caption Contingencies.
Removed
In January 2010, ParentCo was served with a multi-plaintiff action complaint involving several thousand individual persons claiming to be residents of St. Croix alleging personal injury or property damage from Hurricane Georges or winds blowing material from the St. Croix Alumina, L.L.C. (SCA) facility on the island of St. Croix (U.S. Virgin Islands). This complaint, Abednego, et al. v.
Removed
Alcoa, et al., which added the then current owners of the facility to a February 1999 action, was filed in the Superior Court of the Virgin Islands, St. Croix Division. In 2012, ParentCo was served with a separate multi-plaintiff action alleging claims essentially identical to those set forth in the Abednego v. Alcoa complaint.
Removed
In 2015, the Superior Court dismissed all plaintiffs’ complaints without prejudice, permitting the plaintiffs to re-file the complaints individually. In 2017, the court issued an order that consolidated all timely complaints into the Red Dust Claims docket (Master Case No.: SX-15-CV-620).
Removed
Following this order, a total of approximately 430 complaints were filed and accepted by the court, which included claims of approximately 1,360 individuals. In November 2018, the Red Dust Claims docket was transferred to the Complex Litigation Division within the Superior Court of the Virgin Islands.
Removed
At such time, the Company was unable to reasonably predict an outcome or to estimate a range of reasonably possible loss, and thereafter the Red Dust Claims docket became inactive for several years.
Removed
In March 2022, the Superior Court of the Virgin Islands issued an amended case management order dividing the complaints filed in the Red Dust docket into groups of 50 complaints, designated Groups A though I. The parties selected 10 complaints from Group A to proceed to trial as the Group A lead cases.
Removed
In May 2024, the Court issued an amended case management order with regard to the Group A lead cases scheduling trials to begin in November 2024. The Court further ordered the parties to participate in mediation on or before August 31, 2024.
Removed
Alcoa participated in the court-ordered mediation in August 2024 and reached a settlement agreement to resolve the matter in its entirety, which resulted in no further impact to Alcoa’s results of operations. The settlement was finalized in January 2025 upon receiving signed release agreements or final dismissals from every plaintiff. This matter is now closed.
Removed
The NOV alleges violations under the Clean Air Act at the Company’s Intalco smelter from when the smelter was operational. The EPA referred the matter to the U.S. Department of Justice, Environment and Natural Resources Division (the DOJ) in May 2022.
Removed
The DOJ and the Company agreed to a stipulated settlement, which was filed with the United States District Court for the Western District of Washington at Seattle on July 18, 2024, requiring the Company to pay a civil fine of $5.
Removed
On October 15, 2024, the Court approved the stipulated settlement of $5, and payment has been remitted by the Company.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+2 added−0 removed6 unchanged
Biggest changeUnregistered Sales of Equity Securities Information required by Item 701 of Regulation S-K with respect to the Company’s issuance of Alcoa common stock (including common stock underlying CDIs) and Alcoa Series A convertible preferred stock is included in the Company’s Current Report on Form 8-K, filed with the SEC on August 1, 2024. 47 Stock Performance Graph The following graph compares Alcoa Corporation’s cumulative total stockholder return (i.e., stock price change plus reinvestment of dividends) with the cumulative total stockholder returns of (1) the Standard and Poor’s (S&P) Metals & Mining Select Industry Index, and (2) the S&P MidCap 400 ® Index.
Biggest changeInformation required by Item 701 of Regulation S-K with respect to the Company’s issuance of Alcoa Series A convertible preferred stock is included in the Company’s Current Report on Form 8-K, filed with the SEC on August 1, 2024.
(dollars in millions, except share and per-share amounts) Shares of the Company’s common stock are listed on the New York Stock Exchange, its principal market, and trade in U.S. dollars under the symbol “AA.” Alcoa Corporation CHESS Depositary Interests (CDIs), each representing one share of the Company’s common stock, are listed on the Australian Stock Exchange and trade in Australian dollars under the symbol “AAI.” On October 14, 2021, Alcoa Corporation announced the initiation of a quarterly cash dividend program and the Board of Directors declared the first quarterly cash dividend of $0.10 per share of the Company’s common stock, which was paid during the fourth quarter of 2021.
(dollars in millions, except per-share amounts) Shares of the Company’s common stock are listed on the New York Stock Exchange, its principal market, and trade in U.S. dollars under the symbol “AA.” Alcoa Corporation CHESS Depositary Interests (CDIs), each representing one share of the Company’s common stock, are listed on the Australian Stock Exchange and trade in Australian dollars under the symbol “AAI.” On October 14, 2021, Alcoa Corporation announced the initiation of a quarterly cash dividend program and the Board of Directors declared the first quarterly cash dividend of $0.10 per share of the Company’s common stock, which was paid during the fourth quarter of 2021.
This comparison was based on an initial investment of $100, including the reinvestment of any dividends, on December 31, 2019 through December 31, 2024. The stock performance information included in this graph is based on historical results and is not necessarily indicative of future stock price performance.
This comparison was based on an initial investment of $100, including the reinvestment of any dividends, on December 31, 2020 through December 31, 2025. The stock performance information included in this graph is based on historical results and is not necessarily indicative of future stock price performance.
Alcoa Corporation paid quarterly cash dividends of $0.10 per share in 2022, 2023, and 2024. Dividends on Alcoa Corporation common stock and Series A preferred stock are subject to authorization by the Company’s Board of Directors.
Alcoa Corporation paid quarterly cash dividends of $0.10 per share in 2022, 2023, 2024, and 2025. Dividends on Alcoa Corporation stock are subject to authorization by the Company’s Board of Directors.
December 31, 2019 2020 2021 2022 2023 2024 Alcoa Corporation $ 100 $ 107 $ 278 $ 213 $ 161 $ 182 S&P Metals & Mining Select Industry Index 100 116 158 179 218 209 S&P MidCap 400 Index 100 114 142 123 144 164 Issuer Purchases of Equity Securities Fourth Quarter 2024 Total Number of Shares Purchased Weighted Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (1) October 1 to October 31 — $ — — $ 500 November 1 to November 30 — — — 500 December 1 to December 31 — — — 500 Total — — — (1) On July 20, 2022, Alcoa Corporation announced that its Board of Directors approved a common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization).
December 31, 2020 2021 2022 2023 2024 2025 Alcoa Corporation $ 100 $ 259 $ 199 $ 151 $ 169 $ 241 S&P Metals & Mining Select Industry Index 100 135 154 187 179 331 S&P MidCap 400 Index 100 125 108 126 144 155 Issuer Purchases of Equity Securities Fourth Quarter 2025 Total Number of Shares Purchased Weighted Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (1) October 1 to October 31 — — — $ 500 November 1 to November 30 — — — 500 December 1 to December 31 — — — 500 Total — — — (1) On July 20, 2022, Alcoa Corporation announced that its Board of Directors approved a common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization).
As of February 14, 2025, there were approximately 7,200 holders of record of shares of the Company’s common stock and approximately 39,800 holders of record of the Company’s CDIs.
As of February 20, 2026, there were approximately 6,700 holders of record of shares of the Company’s common stock and approximately 35,500 holders of record of the Company’s CDIs.
Added
In the fourth quarter 2025, all 4,041,989 issued and outstanding shares of Alcoa Series A convertible preferred stock were converted into 4,041,989 shares of common stock, and the associated preferred shares were retired and cancelled.
Added
On February 25, 2026, the Company filed a certificate of cancellation with the Secretary of State of the State of Delaware, thereby eliminating the Series A convertible preferred stock as a designated series and restoring the 10,000,000 previously designated shares to the status of authorized but unissued. 46 Stock Performance Graph The following graph compares Alcoa Corporation’s cumulative total stockholder return (i.e., stock price change plus reinvestment of dividends) with the cumulative total stockholder returns of (1) the Standard and Poor’s (S&P) Metals & Mining Select Industry Index, and (2) the S&P MidCap 400 ® Index.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

124 edited+120 added−84 removed60 unchanged
Biggest changeAnnual Comparison Overview Net income (loss) attributable to Alcoa Corporation increased $711 primarily as a result of: • Higher average realized price of alumina and aluminum • Lower equity losses • Favorable energy and raw material costs • Absence of Net income attributable to noncontrolling interest following Alumina Limited acquisition • Favorable mark-to-market results on derivative instruments Partially offset by: • Higher restructuring charges • Unfavorable currency impacts • Higher taxes on higher earnings, partially offset by the absence of a net charge for valuation allowances on certain deferred tax assets in 2023 • Decrease in value add product sales 54 Sales Sales increased $1,344 primarily as a result of: • Higher average realized price of alumina and aluminum • Higher shipments of aluminum and alumina • Increased offtake from an aluminum joint venture supply agreement Partially offset by: • Lower volumes and price from bauxite offtake and supply agreements • Decrease in value add product sales Cost of goods sold Cost of goods sold as a percentage of sales decreased 9% primarily as a result of: • Higher average realized price of alumina and aluminum • Lower energy costs across both segments • Favorable currency impacts • Lower production costs in the Aluminum segment • Favorable raw material costs Partially offset by: • Higher production costs in the Alumina segment Selling, general administrative, and other expenses Selling, general administrative, and other expenses increased $49 primarily as a result of: • Higher labor and variable compensation costs and increased fees for professional services, primarily in support of portfolio transformation Provision for depreciation, depletion, and amortization The Provision for depreciation, depletion, and amortization increased $10 primarily as a result of: • Higher depreciation in Brazil and Australia for mine reclamation and bauxite residue storage asset retirement obligations Partially offset by: • Lower amortization of mine development costs • Lower depreciation due to the absence of write offs of assets for projects no longer being pursued Interest expense Interest expense increased $49 primarily as a result of: • Interest incurred on the $750 7.125% Senior Notes issued in March 2024 • Interest incurred on the Alumina Limited Facility that was assumed on August 1, 2024, until Alcoa repaid outstanding amounts under the Alumina Limited Facility on November 29, 2024 Other expenses, net Other expenses, net was $91 in 2024, compared with $134 in 2023.
Biggest changeThe LME pricing component represents the underlying base metal component, based on quoted prices for aluminum on the exchange. 53 Annual Comparison Overview Net income attributable to Alcoa Corporation increased $1,097 primarily as a result of: • Higher aluminum prices • Gain on sale of interest in the Saudi Arabia joint venture • Lower taxes • Favorable mark-to-market results on the Ma’aden shares • Higher volumes and price from bauxite offtake and supply agreements • Favorable currency impacts Partially offset by: • Higher restructuring charges • Tariffs on U.S. imports of aluminum from Canada • Lower alumina prices • Impairment of goodwill associated with a 1994 acquisition in the Alumina segment Sales Sales increased $936 primarily as a result of: • Higher average realized price of aluminum • Higher volumes and price from bauxite offtake and supply agreements Partially offset by: • Lower average realized price of alumina • Lower shipments of aluminum due to the absence of volumes from a joint venture supply agreement Cost of goods sold Cost of goods sold as a percentage of sales decreased 1 percent primarily as a result of: • Higher aluminum prices • Higher volumes and price from bauxite offtake and supply agreements Partially offset by: • Tariffs on U.S. imports of aluminum from Canada • Lower alumina prices Selling, general administrative, and other expenses Selling, general administrative, and other expenses increased $24 primarily as a result of: • Increased fees for professional services, increased information technology services, and higher labor costs Provision for depreciation, depletion, and amortization The Provision for depreciation, depletion, and amortization decreased $19 primarily as a result of: • Lower depreciation in Brazil for mine reclamation and bauxite residue storage asset retirement obligations • Favorable currency impacts • Lower depreciation expense related to the Kwinana refinery closure Partially offset by: • Write offs of assets for projects no longer being pursued 54 Interest expense Interest expense increased $2 primarily as a result of: • Interest on $500 6.125% Senior Notes due 2030 and $500 6.375% Senior Notes due 2032 issued in March 2025 • Interest on $750 7.125% Senior Notes due 2031 issued in March 2024 • Interest on unfavorable value added tax assessments in Brazil Partially offset by: • Absence of interest partially offset by debt settlement expenses for the portion of the 2027 Notes and the 2028 Notes extinguished in March 2025 • Correction to capitalized interest primarily related to certain capital expenditures in Europe associated with prior periods • Absence of interest on the Alumina Limited revolving credit facility that was assumed on August 1, 2024, until Alcoa repaid outstanding amounts under the facility in November 2024 Other (income) expenses, net Other (income) expenses, net was ($1,057) in 2025 compared with $91 in 2024.
Generally, this segment’s aluminum sales are transacted in U.S. dollars while costs and expenses of this segment are transacted in the local currency of the respective operations, which are the U.S. dollar, the euro, the Norwegian krone, the Icelandic króna, the Canadian dollar, the Brazilian real, and the Australian dollar.
Generally, this segment’s aluminum sales are transacted in U.S. dollars while costs and expenses of this segment are transacted in the local currency of the respective operations, which are the Canadian dollar, U.S. dollar, the Icelandic króna, the Brazilian real, the Norwegian krone, the Australian dollar, and the euro.
Management determines the likelihood of an unfavorable outcome based on many factors such as, among others, the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters.
Management determines the likelihood of an unfavorable outcome based on many factors such as, and among others, the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters.
See Part II Item 8 of this Form 10-K in Note P to the Consolidated Financial Statements for more information regarding derivatives and hedging and related activity during the period. Income Taxes. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized.
See Part II Item 8 of this Form 10-K in Note P to the Consolidated Financial Statements for more information regarding derivatives and hedging and related activity during the period. Income Taxes. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50 percent) that a tax benefit will not be realized.
Other segment items include costs associated with trading activity, the purchase of bauxite from offtake or other supply agreements, and commercial shipping services; other direct and non-production related charges; Selling, general administrative, and other expenses; and Research and development expenses. 57 Overview. This segment represents the Company’s global bauxite mining operations and worldwide refining system, which processes bauxite into alumina.
Other segment items include costs associated with trading activity, the purchase of bauxite from offtake or other supply agreements, and commercial shipping services; other direct and non-production related charges; Selling, general administrative, and other expenses; and Research and development expenses. Overview. This segment represents the Company’s global bauxite mining operations and worldwide refining system, which processes bauxite into alumina.
The requirement to provide financial assurance will expire upon the completion of the WA EPA’s assessment of the Company’s five-year mine plans. In August 2017, Alcoa Corporation entered into a standby letter of credit agreement with three financial institutions, which was most recently amended in May 2024 and expires on May 1, 2026.
The requirement to provide financial assurance will expire upon the completion of the WA EPA’s assessment of the Company’s five-year mine plans. 67 In August 2017, Alcoa Corporation entered into a standby letter of credit agreement with three financial institutions, which was most recently amended in May 2024 and expires on May 1, 2026.
Related Party Transactions Alcoa Corporation buys products from and sells products to various related companies, consisting of entities in which Alcoa Corporation retains a 50% or less equity interest, at negotiated prices between the two parties. These transactions were not material to the financial position or results of operations of Alcoa Corporation for all periods presented.
Related Party Transactions Alcoa Corporation buys products from and sells products to various related companies, consisting of entities in which Alcoa Corporation retains a 50 percent or less equity interest, at negotiated prices between the two parties. These transactions were not material to the financial position or results of operations of Alcoa Corporation for all periods presented.
This segment consists of the Company’s (i) worldwide smelting and casthouse system, which processes alumina into primary aluminum, and the (ii) portfolio of energy assets in Brazil, Canada, and the United States. Aluminum’s combined smelting and casting operations produce primary aluminum products, virtually all of which are sold to external customers and traders.
Overview. This segment consists of the Company’s (i) worldwide smelting and casthouse system, which processes alumina into primary aluminum, and the (ii) portfolio of energy assets in Brazil, Canada, and the United States. Aluminum’s combined smelting and casting operations produce primary aluminum products, virtually all of which are sold to external customers and traders.
As of January 1, 2025, the minimum interest coverage ratio requirement reverted to 4.00 to 1.00 and the maximum addback for cash restructuring charges in Consolidated EBITDA reverted to 15% of Consolidated EBITDA. The requirement that the Company maintain a debt to capitalization ratio not to exceed .60 to 1.00 was not changed by Amendment No. 1.
As of January 1, 2025, the minimum interest coverage ratio requirement reverted to 4.00 to 1.00 and the maximum addback for cash restructuring charges in Consolidated EBITDA reverted to 15 percent of Consolidated EBITDA. The requirement that the Company maintain a debt to capitalization ratio not to exceed .60 to 1.00 was not changed by Amendment No. 1.
In the above table, total aluminum third-party shipments include metric tons that were not produced by the Aluminum segment. Such aluminum was purchased by this segment to satisfy certain customer commitments. The Aluminum segment bears the risk of loss of the purchased aluminum until control of the product has been transferred to this segment’s customer.
In the above table, total aluminum third-party shipments include metric tons that were not produced by the Aluminum segment. Such aluminum was purchased by this segment to satisfy certain customer commitments. The Aluminum segment bears the risk of loss of the purchased aluminum until control of the product has been transferred to this segment’s customers.
Changes in market conditions caused by U.S., global, or macroeconomic events, such as ongoing regional conflicts, high inflation, and changing U.S. or global monetary policies could have adverse effects on Alcoa’s ability to obtain additional financing and cost of borrowing.
Changes in market conditions caused by U.S., global, or macroeconomic events, such as ongoing regional conflicts, high inflation, and changing U.S. or global monetary or trade policies could have adverse effects on Alcoa’s ability to obtain additional financing and cost of borrowing.
The Revolving Credit Facility also contains customary events of default, including failure to make payments under the Revolving Credit Facility, cross-default and cross-judgment default, and certain bankruptcy and insolvency events. 64 On January 17, 2024, Alcoa Corporation, ANHBV, and certain subsidiaries of the Company entered into Amendment No. 1 (Amendment No. 1) to the Revolving Credit Facility (Amended Revolving Credit Facility).
The Revolving Credit Facility also contains customary events of default, including failure to make payments under the Revolving Credit Facility, cross-default and cross-judgment default, and certain bankruptcy and insolvency events. On January 17, 2024, Alcoa Corporation, ANHBV, and certain subsidiaries of the Company entered into Amendment No. 1 (Amendment No. 1) to the Revolving Credit Facility (Amended Revolving Credit Facility).
In connection with Amendment No. 1, the Company also agreed to provide collateral for its obligations under the Amended Revolving Credit Facility, which requires it to execute all security documents to re-secure collateral under the Amended Revolving Credit Facility by, subject to certain exceptions, a first priority security interest in substantially all assets of the Company, the Borrower, the material domestic wholly-owned subsidiaries of the Company, and the material foreign wholly-owned subsidiaries of the Company located in Australia, Brazil, Canada, Luxembourg, the Netherlands, Norway, and Switzerland including equity interests of certain subsidiaries that directly hold equity interests in AWAC entities.
In connection with Amendment No. 1, the Company also agreed to provide collateral for its obligations under the Amended Revolving Credit Facility, which required it to execute all security documents to re-secure collateral under the Amended Revolving Credit Facility by, subject to certain exceptions, a first priority security interest in substantially all assets of the Company, the Borrower, the material domestic wholly-owned subsidiaries of the Company, and the material foreign wholly-owned subsidiaries of the Company located in Australia, Brazil, Canada, Luxembourg, the Netherlands, Norway, and Switzerland including equity interests of certain subsidiaries that directly hold equity interests in AWAC entities.
All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding 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; and statements about capital allocation and return of capital.
All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding 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.
The impact of a change in the weighted average discount rate of ¼ of 1% would be approximately $60 on combined pension and other postretirement liabilities and immaterial to pretax earnings in the following year.
The impact of a change in the weighted average discount rate of ¼ of 1 percent would be approximately $60 on combined pension and other postretirement liabilities and immaterial to pretax earnings in the following year.
The Amended Revolving Credit Facility provides additional flexibility to the Company and the Borrower by temporarily (i) reducing the minimum interest coverage ratio required thereunder from 4.00 to 1.00 to 3.00 to 1.00 and (ii) providing for a maximum addback for cash restructuring charges in Consolidated EBITDA (as defined in the Revolving Credit Facility) of $450, in each case for the 2024 fiscal year.
The Amended Revolving Credit Facility provided additional flexibility to the Company and the Borrower by temporarily (i) reducing the minimum interest coverage ratio required thereunder from 4.00 to 1.00 to 3.00 to 1.00 and (ii) providing for a maximum addback for cash restructuring charges in Consolidated EBITDA (as defined in the Revolving Credit Facility) of $450, in each case for the 2024 fiscal year.
Other purchase obligations consist principally of freight for bauxite and alumina with expiration dates ranging from less than 1 to 12 years. Many of these purchase obligations contain variable pricing components, and, as a result, actual cash payments may differ from the estimates provided in the preceding table.
Other purchase obligations consist principally of freight for bauxite and alumina with expiration dates ranging from less than 1 to 9 years. Many of these purchase obligations contain variable pricing components, and, as a result, actual cash payments may differ from the estimates provided in the preceding table.
The Company utilizes a Receivables Purchase Agreement facility to sell up to $150 of certain receivables through a special purpose entity (SPE) to a financial institution on a revolving basis. Alcoa Corporation guarantees the performance obligations of the Company subsidiaries, and unsold customer receivables are pledged as collateral to the financial institution to secure the sold receivables.
The Company utilizes a Receivables Purchase Agreement facility to sell up to $175 of certain receivables through a special purpose entity (SPE) to a financial institution on a revolving basis. Alcoa Corporation guarantees the performance obligations of the Company subsidiaries, and unsold customer receivables are pledged as collateral to the financial institution to secure the sold receivables.
Raw material obligations consist mostly of bauxite (relates to Alcoa's bauxite mine interests in Guinea and Brazil), caustic soda, lime, alumina, aluminum fluoride, calcined petroleum coke, anodes, and cathode blocks with expiration dates ranging from less than 1 year to 10 years.
Raw material obligations consist mostly of bauxite (relates to Alcoa’s bauxite mine interests in Guinea and Brazil), caustic soda, lime, alumina, aluminum fluoride, calcined petroleum coke, anodes, and cathode blocks with expiration dates ranging from less than 1 year to 9 years.
A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including markets and market share, sales volumes and prices, production costs, production capability, tax rates, capital spending, discount rate, and working capital changes.
A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including production costs, production capability, tax rates, capital expenditures, discount rate, markets and market share, sales volumes and prices, and working capital changes.
To calculate the fair value of certain derivatives, management uses DCF and other simulation models that consider the following inputs and assumptions: quoted market prices (e.g., aluminum prices on the 10-year London Metal Exchange (LME) forward curve and energy prices), information concerning time premiums and volatilities for certain option type embedded derivatives and regional premiums for aluminum contracts, aluminum and energy prices beyond those quoted in the market, and the estimated credit spread between Alcoa and the counterparty.
To calculate the fair value of certain derivatives, management uses DCF and other simulation models that consider the following inputs and assumptions: quoted market prices (e.g., aluminum prices on the 10-year LME forward curve and energy prices), information concerning time premiums and volatilities for certain option type embedded derivatives and regional premiums for aluminum contracts, aluminum and energy prices beyond those quoted in the market, and the estimated credit spread between Alcoa and the counterparty.
See Part II Item 8 of this Form 10-K in Note B to the Consolidated Financial Statements for more information regarding management’s impairment assessment process. Management performed a quantitative assessment for the Alumina reporting unit in the fourth quarter of 2024.
See Part II Item 8 of this Form 10-K in Note B to the Consolidated Financial Statements for more information regarding management’s impairment assessment process. Management performed a quantitative assessment for the Alumina reporting unit in the fourth quarter of 2025.
See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to these facilities. 65 Guarantees of Third Parties. As of December 31, 2024 and 2023, the Company had no outstanding potential future payments for guarantees issued on behalf of a third party. Bank Guarantees and Letters of Credit.
See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to these facilities. Guarantees of Third Parties. As of December 31, 2025 and 2024, the Company had no outstanding potential future payments for guarantees issued on behalf of a third party. Bank Guarantees and Letters of Credit.
A variety of external customers purchase the primary aluminum products for use in fabrication operations, which produce products primarily for the transportation, building and construction, packaging, wire, and other industrial markets. Results from the sale of aluminum powder and scrap are also included in this segment, as well as the impacts of embedded aluminum derivatives related to energy supply contracts.
A variety of external customers purchase the primary aluminum products for use in fabrication operations, which produce products primarily for the transportation, building and construction, packaging, wire, and other industrial markets. Results from the sale of aluminum powder and scrap are also included in this segment, as well as the impacts of embedded aluminum derivatives related to power contracts.
Several assumptions are used to estimate the costs required to demolish, environmentally remediate, reclaim, or restore the site, including: • Engineering designs for construction or closure; • Materials and services costs; • Volume of regulated materials to be removed (asbestos, PCB fluids, spent potlining); • Disposition of demolition materials; • Extent of contamination based on available data; • Scope of remediation to mitigate human health or environmental risks and/or to meet regulatory requirements; • Timing to complete construction or closure; and, • Commercial availability and pricing for off-site treatment or disposal applications.
Several assumptions are used to estimate the costs required to demolish, environmentally remediate, reclaim, or restore the site, including: • Engineering designs for construction or closure; • Materials and services costs; • Volume of regulated materials to be removed (asbestos, polychlorinated biphenyls, spent potlining); • Disposition of demolition materials; • Extent of contamination based on available data; • Scope of remediation to mitigate human health or environmental risks and/or to meet regulatory requirements; • Timing to complete construction or closure; and, • Commercial availability and pricing for off-site treatment or disposal applications.
(dollars in millions, except per-share amounts, average realized prices, and average cost amounts; metric tons in thousands (kmt); dry metric tons in millions (mdmt)) Forward-Looking Statements This report 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.
(dollars in millions, except per-share amounts, average realized prices, and average cost amounts; metric tons in thousands (kmt); dry metric tons in millions (mdmt)) Cautionary Statement on Forward-Looking Statements This report 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.
Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) 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 LME or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, 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; (s) our ability to obtain or maintain adequate insurance coverage; (t) 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; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) our ability to fund capital expenditures; (w) deterioration in our credit profile or increases in interest rates; (x) impacts on our current and future operations due to our indebtedness; (y) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (z) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (aa) labor market conditions, union disputes and other employee relations issues; (bb) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (cc) the other risk factors discussed in Part 1 Item 1A of this Form 10-K and other reports filed by Alcoa Corporation with the SEC, including those described in this report.
Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) 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; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company ’ s stockholders, 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; (s) our ability to obtain or maintain adequate insurance coverage; (t) 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; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) significant declines in the market value of our marketable securities; (w) our ability to fund capital expenditures; (x) deterioration in our credit profile or increases in interest rates; (y) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (z) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (aa) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (bb) labor market conditions, union disputes and other employee relations issues; and (cc) the other risk factors discussed in Part I Item 1A of this Form 10-K and other reports filed by Alcoa Corporation with the SEC, including those described in this report.
Adjusted operating costs include all production related costs for aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses. Other segment items include costs associated with trading activity and energy assets; other direct and non-production related charges; Selling, general administrative, and other expenses; and Research and development expenses. Overview.
Adjusted operating costs include all production related costs for aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses. Other segment items include costs associated with trading activity and energy assets; other direct and non-production related charges, including tariff costs; Selling, general administrative, and other expenses; and Research and development expenses.
Long-term debt and Short-term borrowings—Total debt amounts in the preceding table represent the principal amounts of all outstanding long-term debt and Short-term borrowings, which have maturities that extend to 2031. 68 Critical Accounting Policies and Estimates The preparation of the Company’s Consolidated Financial Statements in accordance with GAAP requires management to make certain estimates based on judgments and assumptions regarding uncertainties that affect the amounts reported in the Consolidated Financial Statements and disclosed in the Notes to the Consolidated Financial Statements.
Long-term debt and Short-term borrowings—Total debt amounts in the preceding table represent the principal amounts of all outstanding long-term debt and Short-term borrowings, which have maturities that extend to 2032. 70 Critical Accounting Policies and Estimates The preparation of the Company’s Consolidated Financial Statements in accordance with GAAP requires management to make certain estimates based on judgments and assumptions regarding uncertainties that affect the amounts reported in the Consolidated Financial Statements and disclosed in the Notes to the Consolidated Financial Statements.
As of December 31, 2024, Alcoa Corporation had four outstanding series of Notes maturing at varying times. A summary of the Notes and other long-term debt is shown below. See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to the Company’s debt.
As of December 31, 2025, Alcoa Corporation had five outstanding series of Notes maturing at varying times. A summary of the Notes and other long-term debt is shown below. See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to the Company’s debt.
A change in the assumption for the weighted average expected long-term rate of return on plan assets of ¼ of 1% would impact pretax earnings by approximately $5 for 2025. 70 Mortality rate assumptions are based on mortality tables and future improvement scales published by third parties, such as the Society of Actuaries, and consider other available information including historical data as well as studies and publications from reputable sources.
A change in the assumption for the weighted average expected long-term rate of return on plan assets of ¼ of 1 percent would impact pretax earnings by approximately $5 for 2026. 72 Mortality rate assumptions are based on mortality tables and future improvement scales published by third parties, such as the Society of Actuaries, and consider other available information including historical data as well as studies and publications from reputable sources.
Management regularly evaluates the judgments and assumptions used in its estimates, and results could differ from those estimates upon future events and their effects or new information. 53 Results of Operations The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for the fiscal years ended December 31, 2024 and 2023.
Management regularly evaluates the judgments and assumptions used in its estimates, and results could differ from those estimates upon future events and their effects or new information. 52 Results of Operations The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for the fiscal years ended December 31, 2025 and 2024.
For a comparison of changes for the fiscal years ended December 31, 2023 and 2022, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operation in Part II Item 7 of Alcoa Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 (filed February 21, 2024).
For a comparison of changes for the fiscal years ended December 31, 2024 and 2023, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operation in Part II Item 7 of Alcoa Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 (filed February 20, 2025).
At December 31, 2024 and December 31, 2023, the SPE held unsold customer receivables of $247 and $104, respectively, pledged as collateral against the sold receivables. The Company continues to service the customer receivables that were transferred to the financial institution. As Alcoa collects customer payments, the SPE transfers additional receivables to the financial institution rather than remitting cash.
At December 31, 2025 and December 31, 2024, the SPE held unsold customer receivables of $486 and $247, respectively, pledged as collateral against the sold receivables. The Company continues to service the customer receivables that were transferred to the financial institution. As Alcoa collects customer payments, the SPE transfers additional receivables to the financial institution rather than remitting cash.
Alcoa Corporation has a number of commitments and obligations related to the Company’s operations in various foreign jurisdictions, resulting in the need for cash outside the United States. Alcoa Corporation continuously evaluates its local and global cash needs for future business operations, which may influence future repatriation decisions.
Alcoa Corporation has a number of commitments and obligations related to the Company’s operations in various foreign jurisdictions, resulting in the need for cash outside the U.S. Alcoa Corporation continuously evaluates its local and global cash needs for future business operations, which may influence future repatriation decisions.
See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to the Company’s debt. As of December 31, 2024, letters of credit aggregating $87 were issued under this facility. Surety Bonds.
As of December 31, 2025, letters of credit aggregating $84 were issued under this facility. See Part II Item 8 of this Form 10-K in Note M to the Consolidated Financial Statements for additional information related to the Company’s debt. Surety Bonds.
The decision of whether to pay future cash dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, business conditions, the requirements of applicable law, and any other factors the Board of Directors may deem relevant.
The decision of whether to pay future cash dividends and the amount of any such dividends will be based on the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, the requirements of applicable law, and any other factors the Board of Directors may deem relevant. Common Stock Repurchase Program.
The Revolving Credit Facility, established in September 2016, most recently amended and restated in June 2022 and amended in January 2024, is scheduled to mature in June 2027. Subject to the terms and conditions under the Revolving Credit Facility, the Company or ANHBV may borrow funds or issue letters of credit.
The Revolving Credit Facility, established in September 2016, most recently amended and restated in June 2022 and amended in August 2025, is scheduled to mature in June 2027. Subject to the terms and conditions under the Revolving Credit Facility, the Company or ANHBV may borrow funds or issue letters of credit.
Cash collections from previously sold receivables yet to be reinvested of $50 and $99 were included in Accounts payable, trade on the accompanying Consolidated Balance Sheet as of December 31, 2024 and 2023, respectively. Cash received from sold receivables under the agreement are presented within operating activities in the Statement of Consolidated Cash Flows.
Cash collections from previously sold receivables yet to be reinvested of $69 and $50 were included in Accounts payable, trade on the Consolidated Balance Sheet as of December 31, 2025 and 2024, respectively. Cash received from sold receivables under the agreement are presented within operating activities in the Statement of Consolidated Cash Flows.
The smelting operations produce molten primary aluminum, which is then formed by the casting operations into either common alloy ingot (e.g., t-bar, sow, standard ingot) or into value add ingot products (e.g., foundry, billet, rod, and slab).
The smelting operations produce molten primary aluminum, which is then formed by the casting operations into either commodity grade ingot (e.g., t-bar, sow, standard ingot) or into value add ingot products (e.g., foundry, billet, rod, and slab).
These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances.
These statements reflect beliefs and assumptions that are based on Alcoa Corporation ’ s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances.
Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed, and no liability is recorded.
Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed to the extent material.
Alcoa Corporation has outstanding surety bonds primarily related to tax matters, contract performance, workers compensation, environmental-related matters, and customs duties. The total amount committed under these bonds, which automatically renew or expire at various dates between 2025 and 2029, was $245 at December 31, 2024.
Alcoa Corporation has outstanding surety bonds primarily related to tax matters, contract performance, workers compensation, environmental-related matters, and customs duties. The total amount committed under these bonds, which automatically renew or expire at various dates between 2026 and 2030, was $357 at December 31, 2025.
In 2024, the Company sold gross customer receivables of $1,186, and reinvested collections of $1,170 from previously sold receivables, resulting in net cash proceeds from the financial institution of $16. In 2023, the Company sold gross customer receivables of $591, and reinvested collections of $477 from previously sold receivables, resulting in net cash proceeds from the financial institution of $114.
In 2024, the Company sold gross customer receivables of $1,186, and reinvested collections of $1,170 from previously sold receivables, resulting in net cash proceeds from the financial institution of $16.
Dividend . In 2024, the Board of Directors declared and paid quarterly cash dividends of $0.10 per share of the Company’s common stock (including common stock underlying CDIs) and Series A convertible preferred stock , totaling $89 and $1, respectively, for the year.
In 2025, the Board of Directors declared and paid quarterly cash dividends of $0.10 per share of the Company’s common stock (including common stock underlying CDIs) and Series A convertible preferred stock , totaling $104 and $1, respectively, for the year.
Credit Facilities. Revolving Credit Facility The Company and Alcoa Nederland Holding B.V. (ANHBV), a wholly-owned subsidiary of Alcoa Corporation and the borrower, have a $1,250 revolving credit and letter of credit facility in place for working capital and/or other general corporate purposes (the Revolving Credit Facility).
Revolving Credit Facility The Company and ANHBV, a wholly-owned subsidiary of Alcoa Corporation and the borrower, have a $1,250 revolving credit and letter of credit facility in place for working capital and/or other general corporate purposes (the Revolving Credit Facility).
See Part II Item 8 of this Form 10-K in Note Q to the Consolidated Financial Statements for additional information related to undistributed net earnings. Cash from Operations Cash provided from operations was $622 in 2024 compared with $91 in 2023.
See Part II Item 8 of this Form 10-K in Note Q to the Consolidated Financial Statements for additional information related to undistributed net earnings. 64 Cash from Operations Cash provided from operations was $1,185 in 2025 compared with $622 in 2024.
Interest related to total debt—Interest is based on interest rates in effect as of December 31, 2024 and is calculated on debt with maturities that extend to 2031.
Interest related to total debt—Interest is based on interest rates in effect as of December 31, 2025 and is calculated on debt with maturities that extend to 2032.
The Company did not record sales upon each shipment of inventory and the net cash received of $50 and $56 related to these agreements was recorded in Short-term borrowings within Other current liabilities on the Consolidated Balance Sheet as of December 31, 2024 and December 31, 2023, respectively. 66 In 2024, the Company recorded borrowings of $88 and repurchased $94 of inventory related to these agreements.
The Company did not record sales upon each shipment of inventory and the net cash received of $9 and $50 related to these agreements was recorded in Short-term borrowings within Other current liabilities on the Consolidated Balance Sheet as of December 31, 2025 and December 31, 2024, respectively.
Repurchases under this program may be made using a variety of methods, which may include open market purchases, privately negotiated transactions, or pursuant to a Rule 10b5-1 plan. This program may be suspended or discontinued at any time and does not have a predetermined expiration date.
Repurchases under this program may be made using a variety of methods, which may include open market purchases, privately negotiated transactions, or pursuant to a Rule 10b5-1 plan. This program may be suspended or discontinued at any time and does not have a predetermined expiration date. Alcoa Corporation intends to retire repurchased shares of common stock.
On September 30, 2024 and October 1, 2024, AofA delivered bank guarantees totaling $62 (A$100). After March 27, 2025, Alcoa may, with the Western Australian government’s consent, replace the bank guarantee with a parent company guarantee or a surety bond.
On September 30, 2024 and October 1, 2024, AofA delivered bank guarantees totaling $67 (A$100). Alcoa may, with the Western Australian government’s consent, replace the bank guarantee with a parent company guarantee or a surety bond.
As a result of the assessment, the estimated fair value of the Alumina reporting unit was substantially in excess of its carrying value, resulting in no impairment.
The estimated fair value of the Alumina reporting unit was substantially in excess of its carrying value, resulting in no impairment.
Aluminum is a commodity that is traded on the London Metal Exchange (LME) and priced daily.
Aluminum is a commodity that is traded on the LME and priced daily.
In the event ParentCo would be required to perform under any of these instruments, ParentCo would be indemnified by Alcoa Corporation in accordance with the Separation and Distribution Agreement. Likewise, the Company has outstanding bank guarantees and letters of credit related to ParentCo of $6 at December 31, 2024.
Likewise, the Company has outstanding bank guarantees and letters of credit related to Howmet of $8 at December 31, 2025. In the event Alcoa Corporation would be required to perform under any of these instruments, the Company would be indemnified by Howmet in accordance with the Separation and Distribution Agreement dated October 31, 2016.
As a result, the price of both aluminum and alumina is subject to significant volatility and, therefore, influences the operating results of Alcoa Corporation. Through direct and indirect ownership, Alcoa Corporation has 26 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and the United States.
As a result, the prices of both aluminum and alumina are subject to significant volatility and, therefore, influence the operating results of Alcoa. Through direct and indirect ownership, Alcoa Corporation has 25 operating locations in eight countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and the United States.
Likewise, the Company has outstanding surety bonds related to ParentCo of $7 at December 31, 2024. In the event Alcoa Corporation would be required to perform under any of these instruments, the Company would be indemnified by ParentCo in accordance with the Separation and Distribution Agreement. Debt.
Likewise, the Company has outstanding surety bonds related to Howmet of $9 at December 31, 2025. In the event Alcoa Corporation would be required to perform under any of these instruments, the Company would be indemnified by Howmet in accordance with the Separation and Distribution Agreement dated October 31, 2016. Debt.
The energy assets supply power to external customers in Brazil and, to a lesser extent, in the United States, as well as internal customers in the Aluminum (Canadian smelters and Warrick (Indiana) smelter) and Alumina segments (Brazilian refineries).
The energy assets supply power to external customers in Brazil and the United States, as well as internal customers in the Aluminum segment (Warrick (Indiana) smelter and Baie-Comeau (Canada) smelter) and, to a lesser extent, the Alumina segment (Brazilian refineries).
At December 31, 2024, the Aluminum segment had 374 kmt of idle smelting capacity on a base capacity of 2,645 kmt, a decrease from 2023 of 91 kmt in idle capacity primarily due to the Alumar, Warrick, San Ciprián, and Portland smelter restarts (see above).
At December 31, 2025, the Aluminum segment had 196 kmt of idle smelting capacity on a base capacity of 2,645 kmt, a decrease from 2024 of 178 kmt in idle capacity primarily due to the San Ciprián, Lista, and Alumar smelter restarts (see above).
Additionally, ParentCo has outstanding surety bonds related to the Company of $7 at December 31, 2024. In the event ParentCo would be required to perform under any of these instruments, ParentCo would be indemnified by Alcoa Corporation in accordance with the Separation and Distribution Agreement.
Additionally, Howmet has outstanding surety bonds related to the Company of $6 at December 31, 2025. In the event Howmet would be required to perform under any of these instruments, Howmet would be indemnified by Alcoa Corporation in accordance with the Separation and Distribution Agreement dated October 31, 2016.
Additionally, the impact on market conditions from such events could adversely affect the liquidity of Alcoa’s customers, suppliers, and joint venture partners and equity method investments, which could negatively impact the collectability of outstanding receivables and our cash flows. At December 31, 2024, the Company’s cash and cash equivalents were $1,138, of which $948 was held outside the United States.
Additionally, the impact on market conditions from such events could adversely affect the liquidity of Alcoa’s customers, suppliers, and joint venture partners and equity method investments, which could negatively impact the collectability of outstanding receivables and our cash flows. At December 31, 2025, the Company’s cash and cash equivalents were $1,597, of which $1,449 was held by foreign subsidiaries.
In 2022, the Company repurchased 8,565,200 shares of its common stock for $500; the shares were immediately retired. As of the date of this report, the Company is currently authorized to repurchase up to a total of $500, in the aggregate, of its outstanding shares of common stock under the July 2022 authorization.
As of the date of this report, the Company is currently authorized to repurchase up to a total of $500, in the aggregate, of its outstanding shares of common stock under the July 2022 authorization.
The source of cash in 2024 was primarily $737 of net proceeds from the bond issuance (see below), partially offset by $385 for the repayment of the Alumina Limited debt (see below), and $90 of dividends paid on stock.
The source of cash in 2024 was primarily $737 net proceeds from the issuance of the 7.125% Senior Notes due 2031, partially offset by $385 for the repayment of the Alumina Limited debt (see below), and $90 of dividends paid on stock. Credit Facilities.
Material Cash Requirements As discussed above, the Company relies primarily on operating cash flows to fund its cash commitments and management believes its cash on hand, projected cash flows, and liquidity options combined with its strategic actions, will be adequate to fund its short-term (at least 12 months) and long-term operating and investing needs.
The timing and amount of capital expenditures may fluctuate as a result of the Company’s normal operations. 69 Material Cash Requirements As discussed above, the Company relies primarily on operating cash flows to fund its cash commitments and management believes its cash on hand, projected cash flows, and liquidity options, combined with its strategic actions, will be adequate to fund its short-term (at least 12 months) and long-term operating and investing needs.
The representations, warranties and covenants contained in the Amended Revolving Credit Facility were made only for purposes of Amendment No. 1 and as of specific dates and were solely for the benefit of the parties to the Amended Revolving Credit Facility. As of December 31, 2024, the Company was in compliance with all financial covenants.
The representations, warranties and covenants contained in the Amended Revolving Credit Facility were made only for purposes of Amendment No. 1 and as of specific dates and were solely for the benefit of the parties to the Amended Revolving Credit Facility.
Further, the Company has flexibility related to its use of cash; the Company has no significant debt maturities until 2027 and no significant cash contribution requirements related to its pension plan obligations (see Material Cash Requirements below for more information).
Further, the Company has flexibility related to its use of cash; the Company has a debt maturity of $219 on the 2028 Notes and no other significant debt maturities until 2029. Additionally, the Company has no significant cash contribution requirements related to its pension plan obligations (see Material Cash Requirements below for more information).
On July 20, 2022, Alcoa Corporation announced that its Board of Directors approved an additional common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization).
In July 2022, Alcoa Corporation’s Board of Directors approved a common stock repurchase program under which the Company may purchase shares of its outstanding common stock up to an aggregate transactional value of $500, depending on the Company’s continuing analysis of market, financial, and other factors (the July 2022 authorization). No shares were repurchased in 2025 or 2024.
For the year ended December 31, Statement of Operations 2024 2023 Sales $ 11,895 $ 10,551 Cost of goods sold (exclusive of expenses below) 10,044 9,813 Selling, general administrative, and other expenses 275 226 Research and development expenses 57 39 Provision for depreciation, depletion, and amortization 642 632 Restructuring and other charges, net 341 184 Interest expense 156 107 Other expenses, net 91 134 Total costs and expenses 11,606 11,135 Income (loss) before income taxes 289 (584 ) Provision for income taxes 265 189 Net income (loss) 24 (773 ) Less: Net loss attributable to noncontrolling interest (36 ) (122 ) Net income (loss) attributable to Alcoa Corporation $ 60 $ (651 ) Selected Financial Metrics 2024 2023 Diluted income (loss) per share attributable to Alcoa Corporation common shareholders $ 0.26 $ (3.65 ) Third-party shipments of alumina (kmt) 9,005 8,698 Third-party shipments of aluminum (kmt) 2,590 2,491 Average realized price per metric ton of alumina $ 472 $ 358 Average realized price per metric ton of aluminum $ 2,841 $ 2,828 Average Alumina Price Index (API) (1) $ 471 $ 343 Average London Metal Exchange (LME) 15-day lag (2) $ 2,409 $ 2,249 (1) API (Alumina Price Index) is a pricing mechanism that is calculated by the Company based on the weighted average of a prior month’s daily spot prices published by the following three indices: CRU Metallurgical Grade Alumina Price, Platts Metals Daily Alumina PAX Price, and FastMarkets Metal Bulletin Non-Ferrous Metals Alumina Index.
For the year ended December 31, Statement of Operations 2025 2024 Sales $ 12,831 $ 11,895 Cost of goods sold (exclusive of expenses below) 10,658 10,044 Selling, general administrative, and other expenses 299 275 Research and development expenses 24 57 Provision for depreciation, depletion, and amortization 623 642 Impairment of goodwill 144 — Restructuring and other charges, net 918 341 Interest expense 158 156 Other (income) expenses, net (1,057 ) 91 Total costs and expenses 11,767 11,606 Income before income taxes 1,064 289 (Benefit from) provision for income taxes (55 ) 265 Net income 1,119 24 Less: Net loss attributable to noncontrolling interest (38 ) (36 ) Net income attributable to Alcoa Corporation $ 1,157 $ 60 Selected Financial Metrics 2025 2024 Diluted income per share attributable to Alcoa Corporation common shareholders $ 4.37 $ 0.26 Third-party shipments of alumina (kmt) 8,829 9,005 Third-party shipments of aluminum (kmt) 2,522 2,590 Average realized price per metric ton of alumina $ 415 $ 472 Average realized price per metric ton of aluminum $ 3,376 $ 2,841 Average Alumina Price Index (API) (1) $ 420 $ 471 Average London Metal Exchange (LME) 15-day lag (2) $ 2,614 $ 2,409 (1) API (Alumina Price Index) is a pricing mechanism that is calculated by the Company based on the weighted average of a prior month’s daily spot prices published by the following three indices: CRU Metallurgical Grade Alumina Price; Platts Metals Daily Alumina PAX Price; and FastMarkets Metal Bulletin Non-Ferrous Metals Alumina Index.
Approximately two-thirds of the production of alumina is sold under supply contracts to third parties worldwide, while the remainder is used internally by the Aluminum segment. Alumina produced by this segment and used internally is transferred to the Aluminum segment at prevailing market prices. A portion of this segment’s third-party sales are completed through alumina traders.
Alumina produced by this segment and used internally is transferred to the Aluminum segment at prevailing market prices. A portion of this segment’s third-party sales are completed through alumina traders.
See Part II Item 8 of this Form 10-K in Note I to the Consolidated Financial Statements for additional information related to this facility. Financing Activities Cash provided from financing activities was $201 in 2024 compared with $57 in 2023.
See Part II Item 8 of this Form 10-K in Note P to the Consolidated Financial Statements. 65 Financing Activities Cash used for financing activities was $261 in 2025 compared with cash provided from financing activities of $201 in 2024.
See the below sections for additional details on the above-described actions. Basis of Presentation The Consolidated Financial Statements of Alcoa Corporation are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP).
Basis of Presentation The Consolidated Financial Statements of Alcoa Corporation are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP).
Further, in 2025, the Alumina segment expects higher raw material and energy costs to be partially offset by increased sales from bauxite offtake and supply agreements. 59 Alumi num 2024 2023 Aluminum production (kmt) 2,215 2,114 Total aluminum shipments (kmt) 2,590 2,491 Produced aluminum shipments (kmt) 2,277 2,166 Third-party aluminum sales $ 7,359 $ 7,045 Other (1) (129 ) (120 ) Total segment third-party sales $ 7,230 $ 6,925 Intersegment sales 16 15 Total sales $ 7,246 $ 6,940 Adjusted operating costs 5,488 5,281 Other segment items 1,101 1,198 Segment Adjusted EBITDA $ 657 $ 461 Average realized third-party price per metric ton of aluminum $ 2,841 $ 2,828 Adjusted operating cost per metric ton of produced aluminum shipped $ 2,410 $ 2,438 (1) Other includes third-party sales of energy, as well as realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum.
Further, in 2026, the Alumina segment expects lower sales from bauxite offtake and supply agreements. 59 Alumi num 2025 2024 Aluminum production (kmt) 2,319 2,215 Total aluminum shipments (kmt) 2,522 2,590 Produced aluminum shipments (kmt) 2,349 2,277 Third-party aluminum sales $ 8,515 $ 7,359 Other (1) (156 ) (129 ) Total segment third-party sales $ 8,359 $ 7,230 Intersegment sales 20 16 Total sales $ 8,379 $ 7,246 Adjusted operating costs 6,107 5,488 Other segment items 1,214 1,101 Segment Adjusted EBITDA $ 1,058 $ 657 Average realized third-party price per metric ton of aluminum $ 3,376 $ 2,841 Adjusted operating cost per metric ton of produced aluminum shipped $ 2,600 $ 2,410 (1) Other includes third-party sales of energy, as well as realized gains and losses related to embedded derivative instruments designated as cash flow hedges of forward sales of aluminum.
Alumina Limited Revolving Credit Facility In connection with the acquisition of Alumina Limited (see Note C), the Company assumed $385 of indebtedness as of August 1, 2024, representing the amount drawn on Alumina Limited's revolving credit facility.
Alumina Limited Revolving Credit Facility In connection with the acquisition of Alumina Limited (see Part II Item 8 of this Form 10-K in Note C to the Consolidated Financial Statements), the Company assumed $385 of indebtedness as of August 1, 2024, representing the amount drawn on the Alumina Limited revolving credit facility.
Management believes that the Company’s cash on hand, projected cash flows, and liquidity options, combined with its strategic actions, will be adequate to fund its short-term (at least 12 months) and long-term operating and investing needs.
In each quarter of 2025, the Board of Directors declared and paid a quarterly cash dividend of $0.10 per share of the Company’s stock. Management believes that the Company’s cash on hand, projected cash flows, and liquidity options, combined with its strategic actions, will be adequate to fund its short-term (at least 12 months) and long-term operating and investing needs.
The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery.
The difference between production and shipments, which decreased from 2025, reflects trading volumes and externally sourced alumina to fulfill customer contracts.
In 2023, the Company recorded borrowings of $117 and repurchased $61 of inventory related to these agreements. The cash received and subsequently paid under the inventory repurchase agreements is included in Cash provided from financing activities on the Statement of Consolidated Cash Flows. Ratings.
The cash received and subsequently paid under the inventory repurchase agreements is included in Cash (used for) provided from financing activities on the Statement of Consolidated Cash Flows. 68 Ratings.
(2) 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.
(2) 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. (3) Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.
On March 4, 2024, Standard and Poor’s Global Ratings downgraded the rating of Alcoa Corporation’s long-term debt from BB+ to BB and revised the outlook from positive to stable. Ratings are not a recommendation to buy or hold any of Alcoa’s securities and they may be revised or revoked at any time at the sole discretion of the rating organization.
On February 28, 2025, Fitch Ratings affirmed the rating for Alcoa Corporation and ANHBV’s long-term debt as BB+ and affirmed the outlook as stable. Ratings are not a recommendation to buy or hold any of Alcoa’s securities and they may be revised or revoked at any time at the sole discretion of the rating organization. Dividend.
Additionally, tax expense in 2023 included a charge of $152 to record a full valuation allowance against the deferred tax assets of Alcoa World Alumina Brasil Ltda. (AWAB), partially offset by the full reversal of the valuation allowance of $58 recorded against the deferred tax assets of the Company’s subsidiaries in Iceland.
Additionally, the tax benefit in 2025 included the full reversal of the valuation allowance recorded against the deferred tax assets of Alcoa World Alumina Brasil Ltda. (AWAB) of $133, partially offset by a tax charge of $30 to revalue the deferred tax assets of AWAB at the tax holiday rate.
Generally, this segment’s sales are transacted in U.S. dollars while costs and expenses are transacted in the local currency of the respective operations, which are the Australian dollar, the Brazilian real, and the euro. Most of the operations that comprise the Alumina segment are part of AWAC, which is now wholly-owned by Alcoa (see Noncontrolling Interest above).
Generally, this segment’s sales are transacted in U.S. dollars while costs and expenses are transacted in the local currency of the respective operations, which are the Australian dollar, the Brazilian real, and the euro.
Bauxite sales to third-parties are conducted on a contract basis. The alumina produced by this segment is sold primarily to internal and external aluminum smelter customers; a portion of the alumina is sold to external customers who process it into industrial chemical products.
The alumina produced by this segment is sold primarily to internal and external aluminum smelter customers; a portion of the alumina is sold to external customers who process it into industrial chemical products. Approximately two-thirds of the production of alumina is sold under supply contracts to third parties worldwide, while the remainder is used internally by the Aluminum segment.

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