Alcoa forms JV with IGNIS for San Ciprián; smelter restart planned for 2025

Alcoa Corp

Alcoa holds 75% interest, IGNIS 25% in JV; contributed $81M and $27M respectively.
Planned restart of San Ciprián smelter in 2025, commitment from 2021 curtailment.
2024 smelter net loss $50M; negative cash from ops $60M; expects 2025 loss of $80-100M.
Up to $108M additional funding by Alcoa with priority in cash returns; further funding requires partner approval.
Restart capex ~$10M, included in unchanged total capex guidance.

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