Alcoa Corporation - AA STOCK NEWS

Alcoa (NYSE:AA) expands its EcoSource™ low-carbon alumina brand to include non-metallurgical alumina grades, enhancing its product portfolio. Originally launched in 2020 for smelter-grade applications, EcoSource now offers hydrates for municipal water treatment and calcined materials for ceramics and glass industries. Alcoa aims to support customers' sustainability goals with a carbon dioxide equivalent intensity below 0.6 tons per ton of alumina produced. EcoSource is part of the Sustana™ family, the industry's only brand comprising alumina, primary aluminum, and recycled aluminum, certified by the Aluminium Stewardship Initiative.

Alcoa Corporation announced a temporary reduction in alumina refinery production by 25% for approximately 10 days due to a failure in its two-belt conveyance system at the Alumar facility in Brazil. The failure occurred on March 25, 2023, impacting material unloading while the pier remains operational. The refinery, with a nameplate capacity of 3,860,000 metric tons per year (mtpy), will rely on existing inventories during this period and explore alternative delivery methods for raw materials. Alcoa owns a 14.4% stake in the Alumar refinery, which is operated as a joint venture.

Alcoa Corporation (NYSE: AA) will announce its first quarter 2023 financial results on April 19 after the market closes. The results will be accessible on Alcoa's website along with a presentation. A conference call led by CEO Roy Harvey and CFO Molly Beerman will follow at 5:00 p.m. EDT. Participants can access the call via a domestic and international dial-in. A replay will be available from 8:00 p.m. EDT on the same day until April 26. Alcoa focuses on sustainable aluminum solutions, aiming to transform its industry.

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.