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Alcoa Corporation (NYSE: AA) is a global leader in the production and management of bauxite, alumina, and aluminum products. Established nearly 130 years ago, Alcoa has been a forerunner in the aluminum industry, continually innovating to make aluminum an affordable and essential part of modern life. The company operates in three segments: Bauxite, Alumina, and Aluminum, with the majority of revenue generated from the Aluminum segment. Alcoa is committed to sustainability, efficiency, and community strength, leveraging its substantial energy assets and extensive portfolio of value-added cast and rolled products. Recent initiatives include the curtailment of its Kwinana Alumina Refinery in Australia, the acquisition of Alumina Limited, and continued advancements in its ELYSIS™ technology, which aims to produce aluminum with zero direct greenhouse gas emissions.
Alcoa's business operations span the entire aluminum value chain, from bauxite mining and alumina refining to the production of primary aluminum. The company has a strong presence in both the U.S. and global markets, with significant contributions from its operations in Australia, Brazil, and Europe. Financially, Alcoa has shown resilience, adapting to market conditions and focusing on long-term profitability and shareholder value. The company's partnerships, including those with ELYSIS™ and Nexans, emphasize its commitment to sustainability and innovation in the aluminum industry. Alcoa's forward-looking strategies are geared towards enhancing operational efficiency, reducing environmental impact, and driving technological advancements.
Alcoa Corporation has suspended its plans to curtail operations at the San Ciprián aluminum smelter in Spain, pending a review of a court ruling that deemed a collective dismissal process null and void. The ruling, issued on December 17, 2020, means Alcoa will avoid incurring estimated charges of $35 million to $40 million related to employee layoffs. However, a labor strike continues to affect operations, with an anticipated negative impact on income before taxes of about $10 million in Q4 2020. The company acknowledges that restructuring is still necessary due to ongoing structural issues.
Alcoa Corporation has announced that its Fjarðaál smelter in Iceland, Lista smelter in Norway, and San Ciprián refinery in Spain have achieved certifications from the Aluminium Stewardship Initiative (ASI). With these additions, Alcoa now holds Performance Standard certifications for 13 sites, including various bauxite mines, alumina refineries, and aluminum smelters. The ASI certifications reinforce Alcoa's commitment to sustainable manufacturing practices and enable the marketing of certified products.
Alcoa Corporation announced that its Fjarðaál smelter in Iceland, Lista smelter in Norway, and San Ciprián refinery in Spain earned certifications from the Aluminium Stewardship Initiative (ASI). This brings Alcoa's total certified sites to 13, including various bauxite mines, alumina refineries, and aluminum smelters. ASI's certification validates responsible aluminum production and sourcing practices. Alcoa emphasizes its commitment to sustainable operations and the strategic importance of environmental and social responsibility in its business model.
Alcoa Corporation has agreed to sell its rolling mill business at Warrick Operations to Kaiser Aluminum Corporation for approximately $670 million, comprising $587 million in cash and $83 million in liabilities. The sale is part of Alcoa's strategy to divest non-core assets and generate between $500 million and $1 billion in cash. Post-sale, Alcoa anticipates annual revenue declines of $800 million and net income drops of $45 million to $55 million. The transaction is expected to close by the end of Q1 2021.
Alcoa Corporation has announced that CFO William F. Oplinger will participate in a Q&A session at the Bank of America 2020 Leveraged Finance Virtual Conference on December 1, 2020, at 10:30 a.m. EST. Investors can access the live audio webcast via Alcoa’s website, starting from 8:00 a.m. for a related slide presentation. An audio replay will also be available afterward. Alcoa, a leader in aluminum products, emphasizes its commitment to financial transparency and operational excellence.
Alcoa Corporation announced that CFO William F. Oplinger will participate in a Q&A session at the virtual Goldman Sachs Global Metals & Mining Conference on November 19, 2020, at 9:00 a.m. EST. The session will be accessible via a live audio webcast on Alcoa's website, with a slide presentation available starting at 7:00 a.m. EST on the same day. An audio replay will be offered after the session. Alcoa is a leader in bauxite, alumina, and aluminum products, with a legacy of innovation and operational excellence.
Alcoa Corporation (NYSE: AA) reported its third quarter 2020 results, highlighting improved alumina and aluminum pricing, generating $158 million in cash from operations and $84 million in free cash flow. The cash balance grew to $1.74 billion aided by a $750 million debt issuance. Although the company showed a net loss of $49 million, it marked an improvement from $197 million in Q2 2020. The company expects a total of $900 million in cash savings in 2020, while also planning for curtailments and production adjustments due to operational changes and market conditions.
Alcoa (NYSE:AA) is set to curtail operations at its San Ciprián aluminum smelter in Spain, impacting around 530 employees. This decision follows extensive consultations and reflects the smelter's uncompetitive position due to factors like high energy costs and global aluminum overcapacity. The curtailment will be completed by Q1 2021, with ongoing operations for about 100 employees in the casthouse. Alcoa anticipates restructuring charges of $35 million to $40 million in Q4 2020. Year-to-date losses at the plant total approximately $45 million, contributing to a cumulative loss of $126 million in 2018 and 2019.
Alcoa's consultation process regarding the San Ciprián aluminum plant in Spain concluded on September 28, 2020, without an agreement with workers. The company has 15 days to decide on the plant's future, which has a capacity of 228,000 metric tons annually. Alcoa had previously explored a potential sale to GFG Alliance but negotiations failed. Due to ongoing financial losses at the aluminum plant, a reorganization plan was initiated in June 2020, recommending curtailment while maintaining part of the facility's operations.
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