Alcoa expects $35-40M after-tax benefit from Section 45X credit; $140-150M Brazil tax charge in Q4 2023

Alcoa Corp

Expects $35-40M after-tax benefit ($0.20-0.22/sh) from Section 45X credit for Massena and Warrick smelters.
Records $140-150M charge from Brazil deferred tax asset valuation allowance ($0.78-0.84/sh).
Discrete ~$100M of Brazil charge yields net loss $40-50M; adj. loss/sh $0.22-0.28.
Company intends to submit comments to Treasury on production cost definition in the Notice.

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