Alcoa Corporation - AA STOCK NEWS

A strike at Alcoa's Mosjøen smelter in Norway commenced on August 22, 2022, due to failed labor negotiations. The strike impacts several industrial plants and is governed by Controlled Reduction Agreements. Mosjøen, which has an annual production capacity of 200,000 metric tons, will cease deliveries until the strike concludes. A 20% production reduction is planned by September 19, with further curtailments if the strike persists, potentially leaving only 34 operational pots. Approximately 550 employees are affected, with 444 under union agreements.

Alcoa Corporation (NYSE: AA) announced the purchase of group annuity contracts to transfer approximately $1 billion in pension obligations for U.S. retirees. This transaction, set to complete later this month, is part of Alcoa's strategy to strengthen its balance sheet and manage risks associated with pension plan volatility. This marks the fifth such transaction since 2018, totaling $3.3 billion. Alcoa expects a non-cash settlement charge of about $635 million related to this transfer but anticipates that its pension plans will remain fully funded post-transaction.

Alcoa Corporation (NYSE: AA) has declared a quarterly cash dividend of $0.10 per share, set to be paid on August 25, 2022. Shareholders on record as of August 9, 2022 will receive this dividend. Alcoa is recognized as a global leader in bauxite, alumina, and aluminum products, committed to reinventing the industry sustainably. The company emphasizes integrity, operating excellence, and community strength in its operations.

Alcoa Corporation reports strong second quarter 2022 financial results with an 11% increase in revenue and improved cash flow. The company has increased its stock buybacks and dividend payments. Revenue increased to $3.6 billion, net income improved to $549 million, and adjusted net income was $496 million. The company also improved its revolving credit facility to provide more flexibility. Alcoa remains focused on its strategic priorities and vision for a sustainable future.

Alcoa Corporation (NYSE: AA) announced the imminent construction of new casting equipment at its Deschambault smelter in Canada, aimed at enhancing casting capabilities to include standard ingots. This approximately $8 million investment is set to be completed by Q1 2023 and will complement existing T-bar ingot production. The new capabilities will allow for more flexible alloying in response to customer demands, particularly in the automotive industry. The Deschambault smelter also recently upgraded its electrical infrastructure to boost aluminum production.

Alcoa Corporation (NYSE: AA) will curtail one of three smelting lines at its Warrick Operations in Indiana due to operational challenges. The affected line, with an annual capacity of 54,000 metric tons, is expected to be fully curtailed by July 1, 2022. The Warrick facility has a total capacity of 269,000 metric tons across five potlines, of which three are operational. Alcoa's focus will be on safe capacity reduction while maintaining production at the remaining lines.

Alcoa Corporation (NYSE: AA) has announced an amendment to its Revolving Credit Facility, establishing a new $1.25 billion agreement with enhanced terms, including sustainability-linked metrics. This facility, maintained by a syndicate of banks through Alcoa Nederland Holding B.V., extends its maturity from November 2023 to June 2027. Key benefits include increased flexibility for dividends and investments, as well as improved sustainability metrics to reduce carbon emissions. Alcoa remains committed to achieving net-zero emissions by 2050.

Alcoa Corporation (NYSE: AA) plans to announce its second quarter 2022 financial results on July 20, 2022, after market close. A related presentation will be available on their website. The conference call to discuss these results will start at 5:00 p.m. EDT. Domestic and international callers can join via provided numbers. The call will be webcast live on the company's site and available for replay until July 27, 2022.

Alcoa aims to lead in aluminum innovation and sustainability, emphasizing integrity and operational excellence.

Alcoa Corporation (NYSE: AA) announced a $51 million project to boost production capacity at its Mosjøen smelter in Norway by 14,000 metric tons per year, increasing the total capacity to 214,000 mtpy by the end of 2026. The project will enhance electrical infrastructure and anode production processes, sustaining Alcoa's commitment to high-quality, low-carbon aluminum. The Mosjøen facility is powered entirely by renewable energy, producing EcoLum^TM and EcoDura^TM aluminum products with low carbon emissions.