Alcoa Corporation - AA STOCK NEWS

Alcoa Corporation (NYSE: AA) announced the acquisition of additional group annuity contracts, enhancing its balance sheet and mitigating pension plan volatility. The new contracts will facilitate the transfer of approximately $500 million in pension obligations for U.S. retirees, complementing a previous $1 billion annuitization. Athene will assume obligations for about 2,600 participants, with no expected changes in benefits. A non-cash charge of $285 million for this action will be recorded in Q4 2021, totaling $850 million for the quarter.

Alcoa Corporation (NYSE: AA) has announced the permanent closure of 146,000 metric tons of aluminum smelting capacity at the Wenatchee Works in Washington, which has been idle since 2015. The decommissioning process will begin immediately, with expected restructuring costs of approximately $75 million and cash outlays of about $60 million over seven years. This closure aligns with Alcoa's strategy to optimize its smelting portfolio, achieving 60% of its capacity review goal.

Alcoa Corporation (NYSE: AA) announced that William F. Oplinger, Executive Vice President and Chief Financial Officer, will participate in a virtual Q&A session at the Citi Conference on December 1, 2021, starting at 8:45 a.m. EST.

The session will include introductory remarks and cover the company's business outlook. A live audio webcast will be accessible via the Investors section of www.alcoa.com, along with a slide presentation and an audio replay of the session afterward.

Alcoa Corporation (NYSE: AA) announced the purchase of group annuity contracts to transfer approximately $1 billion of pension obligations for certain U.S. retirees. This transfer, expected to complete soon, aims to strengthen Alcoa's balance sheet and mitigate pension plan obligation volatility. Athene Holding, Ltd. (NYSE: ATH) will manage payments for 11,200 participants, with no changes to benefits. However, a non-cash settlement charge of approximately $565 million (or $2.96 per share) will impact the 2021 fourth quarter earnings. Post-transfer, U.S. pension plans will be over 95% funded.

Alcoa Corporation (NYSE: AA) announced that William F. Oplinger, Executive Vice President and CFO, will participate in a Q&A session at the Goldman Sachs Global Metals & Mining Conference on November 17, 2021, at 10:00 a.m. EST. Oplinger will provide introductory comments on Alcoa's business and outlook. A live audio webcast will be available on Alcoa's website, along with a slide presentation starting at 7:00 a.m. EST on the same day. An audio replay will be accessible post-event.

Alcoa is a leader in aluminum products, founded 135 years ago, focusing on sustainability and innovation.

Alcoa Corp. (NYSE: AA) has unveiled a new technology roadmap aimed at reinventing the aluminum industry toward sustainability. This includes a proprietary post-consumer scrap recycling process that could significantly decarbonize the aluminum supply chain. Key initiatives such as the Refinery of the Future and ELYSIS zero-carbon smelting technology aim to reduce operational costs and greenhouse gas emissions. The company targets net zero GHG emissions by 2050. Alcoa's ASTRAEA technology will purify aluminum scrap beyond commercial-grade purity, presenting a potential competitive edge in a carbon-constrained market.

Alcoa Corporation (NYSE: AA) has announced the restart of 35,000 mtpy of curtailed capacity at its Portland Aluminium smelter in Victoria, Australia. This capacity, idle since 2009, is expected to begin production in Q3 2022. The Portland Aluminium joint venture will operate at about 95% capacity post-restart, creating around 80 jobs (30 permanent and 50 temporary). The restart will cost approximately $28 million, with Alcoa's share estimated at $9 million, incurred between Q4 2021 and Q3 2022. This decision is anticipated to enhance the smelter's cost structure and competitiveness.

Alcoa Corporation (NYSE: AA) has successfully completed the sale of land and industrial assets in Texas, valued at $240 million. The sale included approximately 31,000 acres in Milam and Lee Counties, highlighted by the former Rockdale aluminum smelter site, which was permanently closed in 2017. The transaction, completed on October 29, 2021, yielded $230 million in net cash proceeds and is expected to contribute $200 million to other income in Q4 2021. This sale is part of Alcoa's strategy to unlock value from former sites and support economic development in host communities.