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Alcoa
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Latest analysis
Updated Jul 30, 2026
Alcoa acquires South32's AliGroup assets for $4.1B+ in cash and stock, while Aluminum segment posts record $1,073M Adjusted EBITDA on 15% sequential aluminum price surge.
Alcoa's Q2 2026 10-Q is dominated by the June 30 announcement of the AliGroup acquisition from South32 — $3,100 million in cash plus approximately 17 million shares (valued at ~$1,000 million) plus up to $750 million in contingent price-linked payments — which will add bauxite, alumina, and smelting assets across Australia, South Africa, and Brazil and is expected to close in H1 2027. The Aluminum segment delivered record Segment Adjusted EBITDA of $1,073 million in Q2 2026, driven by a 15% sequential increase in average LME aluminum prices and sharply higher Midwest and Rotterdam regional premiums, reflecting Middle East conflict-driven supply disruptions and low inventory levels. The Alumina segment remained loss-making at negative $96 million Adjusted EBITDA, with the Pinjarra refinery operational instability following Cyclone Narelle compounding the structural headwind of a 38% year-over-year decline in average API prices.
Tone: mixedRevenue
$12.8B
AA 10-K · FY 2025
Employees
14,900
Revenue FY2024
$11.9B
Headquarters
Pittsburgh, PA
Profile
AA 10-K Item 1 · Feb 26, 2026Alcoa Corporation is a vertically integrated upstream aluminum company operating across bauxite mining, alumina refining, and aluminum smelting and casting in 25 operating locations across eight countries. The company sells alumina and primary aluminum globally, with prices tied to the Alumina Price Index and the London Metal Exchange. Its two reportable segments are Alumina and Aluminum.
Read filing description ↓ Collapse description ↑
Alcoa Corporation, a Delaware corporation that became an independent publicly traded company on November 1, 2016, is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting. The Company has direct and indirect ownership of 25 operating locations across eight countries on five continents. The Company's operations are comprised of two reportable business segments: Alumina and Aluminum. The Alumina segment primarily consists of the Company's bauxite mines and alumina refineries, and its operations generally include the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina. The Aluminum segment consists of the Company's aluminum smelting and casting operations along with most of the Company's energy production assets. Aluminum metal is produced by refining alumina oxide from bauxite into alumina, which is then smelted into aluminum and can be cast into many shapes and forms. Alcoa smelts and casts aluminum in various shapes and sizes for global customers, including developing and creating various alloy combinations for specific applications. Aluminum metal is a commodity traded on the London Metal Exchange (LME) and priced daily. Additionally, alumina is subject to market pricing through the Alumina Price Index (API). The prices of both aluminum and alumina are subject to significant volatility and, therefore, influence the operating results of Alcoa.
Primary products
- smelter grade alumina
- non-metallurgical grade alumina
- commodity grade ingot (t-bar, sow, standard ingot)
- value add ingot products (foundry, billet, rod, and slab)
- bauxite
Business segments
End markets
Geographies
Named customers
Named competitors
“We are the largest alumina producer outside of China and the largest supplier of third-party alumina outside of China.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales increased $936 million in 2025 versus 2024, primarily driven by higher average realized aluminum prices and higher bauxite offtake and supply agreement volumes, partially offset by lower average realized alumina prices and lower aluminum shipments.
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