Alcoa wins Australian tax dispute; ATO may appeal within 28 days

Alcoa Corp

ART ruled no additional tax owed on historic alumina sales transfer pricing, backing Alcoa's position.
Prepaid $74M (A$107M) in Q3 2020; prepaid tax asset now $67M (A$107M) as of March 31, 2025.
ATO has 28 days to appeal; if no appeal, refund of $67M expected in June 2025.
Net cash impact over 14 months: ~$149M (A$236M) outflow at current rates (refund minus cash taxes on interest deductions).
Dispute covered transfer pricing on third-party alumina sales; no additional tax owed per ART decision.

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