Alcoa Corporation - AA STOCK NEWS

Alcoa Corporation (NYSE:AA) announced that Executive Vice President and CFO, William F. Oplinger, will engage in a Q&A session at the Morgan Stanley 10th Annual Laguna Conference in Dana Point, California, on September 14, 2022, at 6:45 p.m. EDT. The session will cover the company's market positioning and outlook. A live audio webcast will be available on Alcoa's website, with a slide presentation accessible on September 13, 2022, at 7:00 a.m. EDT. A transcript and replay will follow after the session concludes.

Alcoa (NYSE: AA) has announced a curtailment of one-third of its production capacity at the Lista smelter in Norway due to escalating energy costs. The shutdown of one potline, amounting to approximately 31,000 metric tons of annual capacity, will commence immediately and last around 14 days. The site currently faces energy prices exceeding $600 per megawatt hour. However, an agreement with Statkraft is expected to stabilize energy costs in the near future. Approximately 65% of Alcoa's smelting portfolio is under long-term energy contracts.

A labor strike at Alcoa's Mosjøen smelter in Norway, which began on August 22, 2022, has been resolved, allowing operations to resume. The strike impacted various industrial plants within the Norwegian electrochemical sector. Negotiations involved Industri Energi, the workers' union, and Norsk Industri, which represents various industries, including Alcoa. With the dispute settled, Mosjøen will restart normal operations and product shipments.

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.