The ExxonMobil of aluminum

The Nucor of aluminum

• Bauxite: The raw material, an aluminum ore, mined and sold for refining into alumina.
• Alumina: A white granular material refined from bauxite, primarily sold as an intermediate product for aluminum smelting.
• Aluminum: The lightweight, corrosion-resistant metal produced from alumina through an electrolytic smelting process.

Alcoa (symbol: AA) is primarily a business-to-business (B2B) company, selling its bauxite, alumina, and aluminum products to other companies that use these materials in their manufacturing processes. While Alcoa's annual reports indicate that no single customer accounts for more than 5% of its consolidated revenues, its major customers are typically large industrial companies across several key sectors that heavily rely on aluminum.

Here are some of the types of companies that are major customers for Alcoa's products, with examples of prominent public companies within those categories:

• Aluminum Fabricators and Rolling Mills: These companies process primary aluminum into semi-finished products like sheets, plates, and extrusions, which are then sold to various downstream industries. They are often direct, high-volume purchasers of Alcoa's primary aluminum.
  • Novelis (subsidiary of Hindalco Industries Limited, listed in India as HINDALCO, OTC symbol: HNDNF)
  • Constellium SE (symbol: CSTM)
  • Kaiser Aluminum Corporation (symbol: KALU)
• Automotive Manufacturers: Companies that utilize aluminum for lightweighting vehicles, including body structures, engine components, and wheels.
  • Ford Motor Company (symbol: F)
  • General Motors Company (symbol: GM)
• Aerospace Manufacturers: Companies that use aluminum for aircraft structures and components due to its strength-to-weight ratio.
  • The Boeing Company (symbol: BA)
  • Spirit AeroSystems Holdings, Inc. (symbol: SPR)
• Packaging Companies: Major producers of beverage cans, food containers, and other aluminum packaging solutions.
  • Ball Corporation (symbol: BALL)
  • Crown Holdings, Inc. (symbol: CCK)

William F. Oplinger, President and Chief Executive Officer

William (Bill) F. Oplinger is the President and Chief Executive Officer of Alcoa Corporation and also serves as a Director of the company. He was elected to his current role on September 24, 2023, after serving as Executive Vice President and Chief Operations Officer from February 2023. Prior to that, he held the position of Executive Vice President and Chief Financial Officer of Alcoa Corporation from November 2016 to February 2023. Before the separation of Alcoa Inc. into two publicly-traded companies in 2016, he was Executive Vice President and Chief Financial Officer, a role he assumed in 2013. Mr. Oplinger has extensive experience leading Alcoa's finance function, overseeing treasury, pension, tax, controllership, financial planning and analysis, audit, investor relations, and transformation. Before joining Alcoa, he held engineering, marketing management, and business planning positions with Westinghouse and Emerson Electric.

Molly S. Beerman, Executive Vice President and Chief Financial Officer

Molly S. Beerman is the Executive Vice President and Chief Financial Officer of Alcoa Corporation, a position she assumed in February 2023. In this role, she is responsible for the Company's finance functions, corporate development, and global Information Technology and Automated Solutions functions. Prior to her current role, Ms. Beerman served as Senior Vice President and Controller for Alcoa Corporation from November 2019 to February 2023, and as Vice President and Controller from December 2016 through October 2019. She also served as Director, Global Shared Services Strategy and Solutions from November to December 2016. Ms. Beerman initially joined Alcoa Inc. in 2001 as Manager of Corporate Financial Systems and held various leadership positions, including Director of Global Procurement Center of Excellence. She left Alcoa Inc. in 2012 to become Vice President, Finance and Administration for The Pittsburgh Foundation, a non-profit organization, returning to Alcoa Inc. in 2015 in a consulting role related to the company's separation transaction. Earlier in her career, she held financial management positions at Carnegie Mellon University, PNC Bank, and the Pittsburgh office of Deloitte. She is a Certified Public Accountant.

Matthew T. Reed, Executive Vice President and Chief Operations Officer

Matthew T. Reed is the Executive Vice President and Chief Operations Officer at Alcoa. He is responsible for the daily operations of the Company’s global bauxite, alumina, and aluminum assets. Mr. Reed joined Alcoa in June 2023 as Vice President Operations, Australia and President, Alcoa of Australia, and assumed his current role in January 2024. Before joining Alcoa, he served as the Chief Operations Officer at OZ Minerals Ltd from 2021 to 2023. He also held the position of Executive Managing Director at SIMEC Mining from 2017 to 2020.

Andrew Hastings, Executive Vice President and General Counsel

Andrew (Andy) Hastings is the Executive Vice President and General Counsel for Alcoa, with responsibility for the company's global legal, security, compliance, and governance matters. He joined Alcoa in September 2023. Prior to joining Alcoa, Mr. Hastings served as Senior Vice President and General Counsel at Lundin Mining Corporation from February 2019 to August 2023.

Renato C. A. Bacchi, Executive Vice President and Chief Commercial Officer

Renato C. A. Bacchi is the Executive Vice President and Chief Commercial Officer at Alcoa. He is responsible for the company's commercial functions.

The escalating global demand for low-carbon and green aluminum, combined with increasingly stringent carbon pricing mechanisms and environmental regulations, poses a clear emerging threat to Alcoa's existing carbon-intensive production processes. Failure to rapidly and cost-effectively transition its operations to significantly lower greenhouse gas emissions could lead to reduced market access, diminished competitiveness, and higher operating costs, especially as customers and investors prioritize sustainability.

Alcoa Corporation's main products are bauxite, alumina, and aluminum.

Addressable Market Sizes:

Aluminum:

• The global aluminum market was valued at approximately USD 162.0 billion in 2023 and is projected to reach USD 285.4 billion by 2033, with a compound annual growth rate (CAGR) of 5.9% from 2024 to 2033.
• Other estimates for the global aluminum market size include USD 178.5 billion in 2024, growing at a 5.9% CAGR from 2025 to 2034, USD 199.83 billion in 2024, projected to reach USD 307.36 billion by 2033 at a CAGR of 4.9%, USD 190.98 billion in 2025, expected to reach around USD 329.08 billion by 2034 at a CAGR of 6.24%, and USD 183.1 billion in 2025, estimated to reach USD 331.1 billion by 2035 at a CAGR of 6.1%.
• The Asia-Pacific region is the largest regional market for aluminum.

Alumina:

• The global alumina market was valued at approximately USD 78.52 billion in 2024 and is expected to reach around USD 106.56 billion by 2034, growing at a CAGR of roughly 3.10% between 2025 and 2034.
• Other estimations for the global alumina market size include USD 44.73 billion in 2024, anticipated to reach around USD 70.8 billion by 2034 with a CAGR of 4.70%, and US$ 80 billion in 2025, projected to reach US$ 106 billion by the end of 2032. The market is also expected to reach USD 46.53 billion by 2030, at a CAGR of 5% from 2022 to 2030.
• Asia Pacific is the largest alumina market, accounting for approximately 60% of the global market share in 2024.
• Smelter-grade alumina (SGA), used for aluminum production, constituted roughly 90% of the total alumina demand in 2022.
• The global high purity alumina (HPA) market, a specialized segment of alumina, was estimated at USD 4.63 billion in 2024 and is projected to reach USD 15.81 billion by 2030, growing at a CAGR of 23.0% from 2025 to 2030. The Asia Pacific HPA market dominated the global market, with a 73.9% revenue share in 2024.

Bauxite:

• The global bauxite market is projected to reach US$ 16.4 billion by 2024 and is anticipated to grow at a CAGR of 3.1% to attain a value of US$ 20.3 billion by 2031.
• Another source states the global bauxite market size reached USD 16.7 billion in 2024 and is expected to reach USD 21.4 billion by 2033, exhibiting a CAGR of 2.94% during 2025-2033.
• Other estimates for the global bauxite market include USD 13.5 billion in 2024, expected to reach USD 18.6 billion by 2033 at a CAGR of 2.7%. The global bauxite mining market specifically is anticipated to grow from USD 16.2 billion in 2025 to approximately USD 22.9 billion by 2035, at a CAGR of 3.5%.
• Metallurgical-grade bauxite dominated the global bauxite market, holding approximately 76% of the market share in 2022.
• The Asia Pacific region leads the bauxite market.

Alcoa (AA) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Favorable Aluminum Pricing and Tightening Global Supply: A significant driver of Alcoa's future revenue growth is the expectation of sustained higher aluminum prices, propelled by tightening global supply and increasing demand. Aluminum prices have recently surged to multi-year highs, with momentum linked to global supply constraints, including China's plans to cut its aluminum output growth guidance for 2025 and 2026. This tighter supply, coupled with accelerating demand, is creating a favorable pricing environment for Alcoa.
2. Increased Demand from Key End Markets: Demand for aluminum from critical sectors like automotive, aerospace, and construction is projected to expand. The global aluminum market is anticipated to grow by approximately 6% annually, fueled by the expansion of the transportation sector and construction industry. Additionally, sustained demand from the renewable energy and electric vehicle (EV) markets is expected to be a significant contributor to Alcoa's revenue growth.
3. Operational Efficiencies and Production Optimization: Alcoa's focus on operational improvements and cost management is expected to enhance profitability and contribute to revenue growth. The company has achieved aluminum production records at several smelters and has seen improved operational efficiency contributing to net income. Efforts to improve margins and manage costs strategically are anticipated to drive higher earnings in the coming quarters and years.
4. Strategic Initiatives and Technology Adoption: Alcoa's strategic actions, such as the ELYSIS carbon-free smelting technology and the acquisition of Alumina Limited, are poised to drive future revenue. The ELYSIS technology, which emits pure oxygen as a byproduct, offers a significant long-term growth opportunity as Alcoa intends to license it to other companies. Furthermore, the acquisition of Alumina Limited is expected to strengthen Alcoa's market position, simplify its corporate structure, and enhance control over global bauxite and alumina assets, leading to key synergies and market share growth. The company is also expanding its recycling capabilities and advancing sustainability initiatives.

Capital Allocation Decisions (Last 3-5 Years) for Alcoa (AA)

Share Repurchases

• In October 2021, Alcoa announced a new $500 million share repurchase program, which, combined with a remaining $150 million from a prior authorization, brought the total authorized amount to $650 million.
• In October 2025, a new share repurchase program of $150 million was announced.
• Over the last five years, Alcoa has returned $1 billion to shareholders, which includes share repurchases.

Share Issuance

• No significant dollar amount of new share issuance by Alcoa has been reported in the last 3-5 years.

Inbound Investments

• No significant large inbound investments from third-parties (e.g., strategic partners or private equity firms) into Alcoa have been reported in the last 3-5 years.

Outbound Investments

• In July 2025, Alcoa completed the sale of its entire 25.1 percent ownership interest in the Ma'aden joint venture for a total consideration of $1.35 billion, composed of shares and $150 million in cash.
• In March 2025, Alcoa invested USD 81 million for a 75 percent stake and management control in a joint venture with IGNIS Equity Holdings to support the restart of its San Ciprián smelter.

Capital Expenditures

• Alcoa's capital expenditures were $580 million for the full year 2024.
• Expected capital expenditures for 2025 are projected to be $625 million.
• Significant capital investments include approximately $60 million through 2028 to rebuild and modernize the anode baking furnace at the Massena smelter, focusing on operational efficiency and stability.