Alcoa Corporation - AA STOCK NEWS

Alcoa Corporation (NYSE:AA) announced the closure of its Intalco aluminum smelter in Washington State, which has been idle since 2020. The site, operational for nearly 55 years, will undergo preparation for new economic development, as it is deemed uncompetitive long-term. Alcoa will incur restructuring costs of approximately $120 million and expects cash outlays of around $85 million over the next three years. The closure reduces Alcoa's global capacity to 2.69 million metric tons. A nearby company, AltaGas, has acquired rights to develop 1,600 acres at the site, aiming for sustainable development that aligns with local climate goals.

Alcoa Corporation (NYSE: AA) announced a significant reduction in production at its Portland Aluminium smelter in Victoria, Australia, due to operational instability. The smelter will now operate at approximately 75% of its total capacity of 358,000 metric tons per year, down from nearly 95%. Alcoa's share of the capacity is 197,000 metric tons per year. The instability arises from production issues related to rodded anodes, critical for electric smelting. Alcoa emphasizes the importance of safely managing the offline production process to restore stability.

Alcoa Corporation (NYSE: AA) has declared a quarterly cash dividend of $0.10 per share. The dividend is set to be paid on March 23, 2023, to shareholders on record as of March 7, 2023. Alcoa continues to position itself as a global leader in bauxite, alumina, and aluminum products while emphasizing sustainability and innovation in the industry. The company aims to transform the aluminum sector for a sustainable future, reflecting its commitment to progress and efficiency.

Alcoa (NYSE: AA) has announced the termination of its joint development project with FYI Resources Ltd for the production of high-purity alumina (HPA). Despite a successful pilot phase with a $5 million investment, Alcoa decided not to continue due to strategic considerations. The project aimed to develop materials for applications in LED lighting and synthetic sapphires.

All intellectual property rights and related assets from the project remain accessible to Alcoa. This decision marks a pivotal moment for the company as it reassesses its development pathways in the HPA market.

Alcoa Corporation (NYSE: AA) will have its CEO, Roy C. Harvey, present at the BMO Capital Markets 32nd Global Metals, Mining and Critical Minerals Conference on February 28, 2023, at 9:30 a.m. EST in Hollywood, Florida. The presentation will cover Alcoa's business overview and market outlook, followed by a Q&A session. A live audio webcast can be accessed via the Investors section on Alcoa's website. A slide presentation will also be available from 7:00 a.m. EST on February 27, 2023. Post-event, a transcript and audio replay will be accessible on the same platform.

Alcoa Corporation (NYSE: AA) has reached an agreement with workers at its San Ciprián complex in Spain to restart the aluminum smelter in 2024. This follows a two-year curtailment due to high energy prices. The agreement includes a total investment of $181 million, with $146 million allocated for capital projects, primarily for a new anode plant, and $35 million for restart expenses. The phased restart will commence on January 1, 2024, with plans to achieve 75% production capacity by October 1, 2025. Restructuring charges of approximately $50 million are expected in Q1 2023.

Alcoa Corporation (NYSE: AA) reported a significant fourth quarter loss of $374 million, or $2.12 per share, along with an annual net loss of $102 million for 2022, despite a revenue increase to $12.5 billion, up 2% year-over-year. The fourth quarter revenue stood at $2.7 billion, down 7% sequentially. Adjusted net loss for Q4 was $123 million, or $0.70 per share. The company generated $118 million in cash from operations and ended the quarter with a robust cash balance of $1.4 billion. Alcoa anticipates lower alumina and aluminum shipments in 2023, driven by production curtailments at various sites, while focusing on strategic restarts and sustainable practices.

Alcoa Corporation (NYSE: AA) announced a restructuring of its Executive Leadership Team effective February 1, 2023, aimed at enhancing operational excellence, cost management, and innovation. William F. Oplinger will transition from CFO to COO, while Molly Beerman assumes the role of CFO. Renato Bacchi will become Chief Strategy & Innovation Officer, overseeing R&D. The company will see departures of John D. Slaven and Benjamin D. Kahrs. The restructuring aligns with Alcoa's commitment to operate sustainably and improve profitability in the aluminum industry.

Alcoa Corporation (NYSE: AA) will announce its fourth quarter and full year 2022 financial results on January 18, 2023, after trading closes. The financial results will be accessible in the Investors section of Alcoa's website, with a related presentation. A conference call to discuss the results is scheduled for 5:00 p.m. EST on the same day. Alcoa aims to provide transparent updates regarding its financial performance and company developments through various channels, underscoring its commitment to sustainability and innovation in the aluminum industry.