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The ExxonMobil of aluminum.

Like Archer Daniels Midland (ADM) for the aluminum industry.

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• Bauxite: This is the raw ore mined by Alcoa, which is then processed into alumina.
• Alumina: An intermediate product derived from bauxite, sold to customers who process it into industrial chemical products or further into aluminum.
• Primary Aluminum: Offered in forms such as alloy ingot and value-add ingot, serving industries like transportation, building and construction, packaging, and wire.
• Electricity: Generated from Alcoa's owned hydropower plants and sold in the wholesale market to various consumers and companies.

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William F. Oplinger, President and Chief Executive Officer

William F. Oplinger joined Alcoa in 2000 and has served as President, Chief Executive Officer, and a director since September 2023. Prior to his current role, he was Chief Operating Officer from February to September 2023, and Chief Financial Officer for Alcoa Corporation from 2016 to February 2023, and for Alcoa Inc. from 2013 to 2016. Mr. Oplinger has extensive experience leading Alcoa's finance function, overseeing treasury, pension, tax, controllership, financial planning and analysis, audit, investor relations, and transformation. He also served as Chief Operating Officer for Alcoa Global Primary Products, where he was responsible for the daily operations of its mining, refining, smelting, casting, and energy businesses, and oversaw significant restructuring efforts and the optimization of centers of excellence. Before joining Alcoa, he held engineering and management positions at Westinghouse and Emerson Electric.

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

Molly S. Beerman was appointed Executive Vice President and Chief Financial Officer, effective February 1, 2023. Prior to this, she served as Vice President and Controller for Alcoa Corporation since December 2016. Ms. Beerman is a seasoned financial executive known for her expertise in technical accounting, process improvement, and technology. She held various leadership roles with Alcoa Inc. from 2001 to 2012, including Director of Global Procurement Center of Excellence and Manager of North America Financial Accounting Services. She also served as Director of Global Shared Services Strategy and Solutions. From 2012 to 2015, she was Vice President of Finance and Administration for The Pittsburgh Foundation, a non-profit organization, and returned to Alcoa in 2015 in a consulting capacity for the finance department related to the separation transaction. Earlier in her career, she held financial management positions at Carnegie Mellon University, PNC Bank, and Deloitte.

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

Matthew T. Reed serves as the Executive Vice President and Chief Operations Officer, responsible for the daily operations of Alcoa's global bauxite, alumina, and aluminum assets. He joined Alcoa in June 2023 as Vice President Operations, Australia and President, Alcoa of Australia.

Andrew Hastings, Executive Vice President and General Counsel

Andrew Hastings is the Executive Vice President and General Counsel, overseeing Alcoa's global legal, security, compliance, and governance matters. Before joining Alcoa in September 2023, he served as Senior Vice President and General Counsel at Lundin Mining Corporation from February 2019 to August 2023.

Renato Bacchi, Executive Vice President and Chief Commercial Officer

Renato Bacchi is the Executive Vice President and Chief Commercial Officer, leading the company’s sales and trading, marketing, supply chain, commercial operations, procurement, and transformation initiatives. He also oversees Alcoa's global energy assets and breakthrough technology programs. He was promoted to Executive Vice President and Chief Strategy Officer effective February 1, 2022, and previously held the position of Senior Vice President of Corporate Development and Treasurer.

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The key risks to Alcoa's business include the volatility of commodity prices and energy costs, geopolitical factors and trade policies, and increasing environmental regulations.

1. Commodity Price Volatility and High Energy Costs

   Alcoa's profitability is highly sensitive to the volatile market prices of bauxite, alumina, and aluminum, its primary products. As an energy-intensive industry, aluminum production is also significantly impacted by fluctuations in electricity and natural gas prices, which represent a substantial portion of Alcoa's production costs. This dual exposure to both input and output price volatility makes the company vulnerable to market swings.

2. Geopolitical Risks, Trade Restrictions, and Tariffs

   Geopolitical issues, trade sanctions, and tariffs pose a significant risk to Alcoa's global operations. Such factors can disrupt supply chains for raw materials like bauxite and alumina, lead to increased transportation costs, and affect market access. For example, US tariffs on imported aluminum can directly increase costs for the company's Aluminum segment.

3. Environmental Regulations and Compliance Costs

   The aluminum industry faces mounting scrutiny regarding its environmental footprint, particularly concerning greenhouse gas emissions from its energy-intensive production processes. Alcoa is subject to evolving environmental regulations, which necessitate substantial capital expenditure for compliance and asset optimization. Adherence to stricter environmental policies, including those related to water pollution and land use from mining activities, can lead to increased operating expenses and impact profitability.

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Alcoa Corporation operates in three main segments: Bauxite, Alumina, and Aluminum. The addressable markets for these products are global.

• Bauxite: The global bauxite market size was estimated at approximately USD 16.18 billion in 2025 and is projected to reach about USD 20.45 billion by 2034. Another estimate places the global bauxite market size at USD 17.1 billion in 2025, with a projection to reach USD 21.5 billion by 2034. Asia-Pacific is the dominating region in the bauxite market.
• Alumina: The global alumina market size was estimated at over USD 40 billion in 2020 and is anticipated to grow to USD 46.53 billion by 2030. More recent estimates indicate the global alumina market size was approximately USD 46.83 billion in 2025 and is anticipated to reach around USD 70.8 billion by 2034. Smelter-grade alumina (SGA), which Alcoa produces, accounts for over 92% of global alumina demand. The Asia Pacific region is expected to lead the alumina market.
• Aluminum: The global aluminum market size was estimated at USD 178.5 billion in 2024 and is projected to reach approximately USD 315.5 billion by 2034. Other estimations include a market size of USD 199.83 billion in 2024, growing to USD 307.36 billion by 2033, and USD 190.98 billion in 2025, increasing to approximately USD 347.29 billion by 2035. The Asia Pacific region accounts for the largest share of the global aluminum market.

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Alcoa Corporation (AA) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Increasing Global Aluminum Demand: The demand for aluminum is expected to grow significantly due to global trends in electrification, decarbonization, and digital infrastructure. Aluminum is a critical component in electric vehicles, renewable energy systems (like solar panels and wind turbines), modern power grids, and data centers. Additionally, traditional sectors such as transportation, building and construction, and packaging continue to drive demand.
2. Enhanced Production Capacity and Shipments: Alcoa anticipates increased aluminum production and shipment volumes resulting from the restart of key smelters. Notably, the San Ciprián smelter in Spain is on track for a full restart by mid-2026, contributing to higher output. Increased production from other facilities, such as Alumar in Brazil and Lista in Norway, is also expected to boost overall capacity.
3. Favorable Aluminum Pricing and Premiums: Positive market dynamics, including strong aluminum prices and regional premiums, are projected to contribute to revenue growth. Factors such as U.S. Section 232 tariffs and the Carbon Border Adjustment Mechanism (CBAM) in Europe are expected to support higher Midwest premiums and overall aluminum pricing. Geopolitical tensions have also played a role in recent increases in global aluminum prices.
4. Strategic Monetization of Non-Core Assets: Alcoa is actively pursuing a strategy to monetize its closed or curtailed industrial sites, including selling them to data center developers. The company expects to complete the first sale of these sites by June 2026, creating a new revenue stream by repurposing legacy assets for emerging digital infrastructure needs.

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Share Repurchases

• In July 2022, Alcoa announced an additional $500 million share repurchase program, with $275 million utilized in the second quarter of 2022.
• As of October 2025, approximately $500 million remained in the share repurchase plan, contingent on the availability of excess cash.
• Over the five-year period ending December 2025, Alcoa's 5-Year Share Buyback Ratio was -8.00%, indicating a net increase in outstanding shares despite repurchase authorizations.

Share Issuance

• In August 2024, Alcoa completed an all-stock acquisition of Alumina Limited, resulting in a significant issuance of Alcoa shares.
• As part of this transaction, 2,760,056,014 Alumina Limited shares were exchanged for 78,772,422 shares of Alcoa common stock on August 1, 2024.
• The company's shares outstanding increased by 20.22% in 2024 to 0.214 billion and by 22.06% in 2025 to 0.261 billion, largely due to the Alumina Limited acquisition.

Outbound Investments

• In 2024, Alcoa acquired the remaining 40% interest in Alumina Limited, consolidating 100% ownership of the Alcoa World Alumina and Chemicals (AWAC) joint venture, for an implied consideration of approximately $2.7 billion in an all-stock transaction.
• In July 2025, Alcoa sold its 25.1% ownership interest in the Ma'aden Joint Venture to the Saudi Arabian Mining Company (Ma'aden) for approximately $1.35 billion, comprising 86 million Ma'aden shares (valued at $1.2 billion) and $150 million in cash.

Capital Expenditures

• Capital expenditures for the full year 2024 were $580 million.
• For the full year 2025, Alcoa's capital expenditures were $618 million, primarily focused on operational efficiency and strategic asset management.
• Expected capital expenditures for 2026 are projected to be $750 million, with a focus on smelter restarts and modernization efforts, including approximately $60 million through 2028 for the anode baking furnace at the Massena smelter.