Highest-materiality recent filing
Alcoa to acquire South32's bauxite, alumina, and aluminum assets for $3.1B cash plus stock
Total upfront consideration: $3.1B cash + ~17M Alcoa shares (valued ~$1B, ~6% ownership post-issuance).
Alcoa acquires South32's bauxite, alumina, aluminum assets for $4.1B upfront plus up to $750M CVR
Upfront consideration: $3.1B cash + ~17M Alcoa shares (~$1.0B) for total $4.1B; implied enterprise value ~$4.7B including lease debt.
Alcoa Q1 net income $425M, adjusted EPS $1.40; redeems $219M notes
Revenue $3.2B, net income $425M ($1.60 EPS); adjusted EPS $1.40 vs $2.15 YoY.
Alcoa Q4 2025 revenue $3.45B, net income $226M; FY25 net income $1.17B vs $60M prior year
Q4 revenue $3.45B (+15% sequentially); net income $226M ($0.85/sh); adjusted net income $335M ($1.26/sh).
Alcoa Q3 net income $232M but adjusted loss $0.02/share; Kwinana closure charge $895M
Revenue $3.0B (flat); net income $232M ($0.88 EPS) includes $895M restructuring charge for Kwinana closure and $786M gain on Ma'aden JV sale.
Alcoa permanently closes Kwinana alumina refinery; records ~$890M charges
Total restructuring charges of ~$890M ($623M after-tax, $2.41/share) in Q3 2025.
Alcoa Q2 net income $164M ($0.62 EPS) on revenue $3.0B; adj. EBITDA $313M down from $855M prior Q
Revenue $3.0B down 10% sequentially; net income $164M ($0.62 EPS) vs $548M ($2.07) in Q1.
Alcoa closes sale of 25.1% Ma'aden JV stake for $1.35B in shares and cash
Received ~86M Ma'aden shares (valued ~$1.2B) and $150M cash; expects ~$780M gain in Q3 2025.
Alcoa wins Australian tax dispute; ATO may appeal within 28 days
ART ruled no additional tax owed on historic alumina sales transfer pricing, backing Alcoa's position.
Alcoa Q1 net income $548M; adjusted EBITDA $855M; debt repositioning & JV signed
Net income $548M ($2.07 EPS) vs $202M in Q4 2024; adjusted net income $568M ($2.15 EPS).
Alcoa forms JV with IGNIS for San Ciprián; smelter restart planned for 2025
Alcoa holds 75% interest, IGNIS 25% in JV; contributed $81M and $27M respectively.
Alcoa subsidiary issues $1B senior notes: 6.125% due 2030, 6.375% due 2032
Alumina Pty Ltd, a wholly-owned Alcoa subsidiary, issued $500M of 6.125% notes due 2030 and $500M of 6.375% notes due 2032.
Alcoa announces $1B senior notes offering and cash tender offers for up to $1B of existing notes
Alumina Pty Ltd proposes $1B senior notes; guaranteed by Alcoa and certain subsidiaries.
Alcoa subsidiary prices $1B senior notes offering to fund tender offers for existing notes
Alumina Pty Ltd, Alcoa's wholly owned sub, priced $1B senior notes; guaranteed by Alcoa and certain subsidiaries.
Alcoa Chairman Steven Williams to step down at 2025 annual meeting, board reduces to 11
Williams will not stand for re-election; term ends at conclusion of 2025 Annual Meeting.
Alcoa Q4 net income $202M, adj EPS $1.04; FY24 revenue $11.9B, EBITDA $1.6B
Q4 revenue $3,486M (+20% QoQ), net income $202M (+124% QoQ), diluted EPS $0.76; adjusted EPS $1.04.
Alcoa Q3 net income $90M ($0.38/sh); adj. net income $135M; Alumina Ltd acquisition closed
Revenue flat sequentially at $2.9B; Adjusted EBITDA ex-special items rose to $455M from $325M in Q2.
Alcoa to sell 25.1% Ma'aden JV stake for ~$1.1B in shares and cash
Total consideration: ~86M Ma'aden shares (valued at $950M) plus $150M cash, totaling ~$1.1B.
Alcoa completes acquisition of Alumina Limited for ~$2.8B in all-stock deal
Implied equity value ~$2.8B based on 0.02854 Alcoa shares per Alumina share (closing price July 26).
Alcoa shareholders approve share issuance for Alumina Limited acquisition
Approved issuance of Alcoa common and non-voting convertible preferred stock to Alumina Ltd shareholders (126.2M for, 376.5K against).
Alcoa reports Q2 net income of $20M; revenue up 12% sequentially; Alumina acquisition to close Aug 1
Revenue $2,906M, up 12% sequentially; net income $20M ($0.11 EPS) vs. Q1 loss of $252M.
Alcoa reports preliminary Q2 net income $5-$25M vs Q1 loss $252M; EBITDA $310-$330M
Revenue expected $2,850-$2,925M, up from $2,599M in Q1 2024, on higher alumina and aluminum prices.
Alcoa adds standalone financial projections to proxy for Alumina deal amid litigation
Alcoa standalone 2024E revenue $9,566M, adj. EBITDA $570M, unlevered FCF ($580)M.
Alcoa expects to close Alumina Ltd acquisition by Aug 1, 2024; sets shareholder vote
Alcoa filed definitive proxy on June 6; shareholder special meeting to vote on transaction scheduled for July 16, 2024.
Alcoa amends Alumina acquisition deal; CITIC to get ~1.5% stake as non-voting preferred
Amendment allows CITIC affiliate (~18.9% holder of Alumina) to receive non-voting convertible preferred stock instead of CDIs to comply with Bank Holding Company Act.
Alcoa Q1 revenue $2.6B, net loss $252M; Alumina Ltd acquisition; $100M cost savings target
Revenue $2,599M flat QoQ; net loss $(252)M ($1.41/sh); adjusted net loss $(145)M ($0.81/sh).
Alcoa Corp subsidiary issues $750M 7.125% senior notes due 2031
Alcoa Nederland Holding B.V. issued $750M of 7.125% senior unsecured notes due 2031.
Alcoa signs binding agreement to acquire Alumina Limited for ~$2.2B in all-stock deal
Alumina shareholders receive 0.02854 Alcoa shares per share; combined ownership 31.25% Alumina / 68.75% Alcoa.
Alcoa proposes to acquire Alumina Limited for 0.02854 Alcoa CDIs per share
Alcoa entered exclusivity deed to negotiate scheme where subsidiary acquires all Alumina shares at 0.02854 CDIs each.
Alcoa amends credit facility: lowers interest coverage ratio to 3.00x for 2024, adds collateral
Temporarily reduces minimum interest coverage ratio to 3.00:1.00 from 4.00:1.00 for 2024 fiscal year.
Alcoa Q4 2023 net loss $150M; revenue $2.6B flat; cost savings target $100M
Q4 net loss $150M ($0.84/sh); adjusted loss $100M ($0.56/sh); revenue $2.6B flat sequentially.
Alcoa to fully curtail Kwinana alumina refinery; Q1 restructuring charge $180M-$200M
Restructuring charges $180M-$200M in Q1 2024; Alcoa's share after-tax $76M-$84M ($0.42-$0.47/share).
Expects $35-40M after-tax benefit ($0.20-0.22/sh) from Section 45X credit for Massena and Warrick smelters.
Alcoa receives WA govt approval for 2023-2027 bauxite mine plan; A$100M guarantee
WA Government approves Alcoa's 2023-2027 Mining and Management Program for Huntly and Willowdale bauxite mines.
Alcoa Q3 net loss $168M; adjusted EBITDA $70M amid lower alumina and aluminum prices
Net loss $168M ($0.94/share) vs $102M loss in Q2; adjusted loss $1.14/share.
Alcoa appoints COO William Oplinger as President/CEO; Roy Harvey to advise through Dec 2023
William Oplinger promoted to President, CEO and director effective Sept 24, 2023; previously EVP/COO since Feb 2023 and CFO from Nov 2016.
On February 20, 2025, Mr. Steven W. Williams provided notice to Alcoa Corporation (“Alcoa” or the “Company”) that he will not stand for re-election as a member of the Company’s Board of Directors
On July 31, 2024 and in connection with the Transaction, the Board increased the size of the Board from ten to twelve directors and appointed John Bevan and Alistair Field (the “ New Alcoa Directors ”), who were directors of Alumina Limited prior to the consummation of the Transaction, as additional members of the Board, effective as of 5:00 p.m. on August 1, 2024 (the “ Effective Date ”).
On July 31, 2024 and in connection with the Transaction, the Board increased the size of the Board from ten to twelve directors and appointed John Bevan and Alistair Field (the “ New Alcoa Directors ”), who were directors of Alumina Limited prior to the consummation of the Transaction, as additional members of the Board, effective as of 5:00 p.m. on August 1, 2024 (the “ Effective Date ”).
On December 15, 2023, the Board of Directors (the “Board”) of Alcoa Corporation (the “Company”) appointed Mr. Matthew Reed to serve as the Company’s Executive Vice President and Chief Operations Officer, effective on January 1, 2024 (the “Effective Date”).
Ms. Molly S. Beerman, the Company’s current Executive Vice President and Chief Financial Officer, will continue in her roles as the Company’s Executive Vice President and Chief Financial Officer but will cease to serve as the Company’s principal accounting officer effective as of the Effective Date.
On September 27, 2023, the Board of Directors (the “Board”) of Alcoa Corporation (the “Company”) appointed Ms. Renee Henry, the Company’s Vice President and Controller, as the Company’s Senior Vice President and Controller and principal accounting officer, effective on October 1, 2023 (the “Effective Date”).
On the Effective Date, Mr. Harvey resigned from his position as a director on the Board, effective immediately on such date.
On the Effective Date, the Board also elected Mr. Oplinger to serve as a director on the Board to replace Mr. Harvey, effective immediately on such date.
Mr. Roy C. Harvey, the Company’s current President and Chief Executive Officer, will cease to serve in such roles effective immediately on such date, and appointed him to the position of Strategic Advisor to the Chief Executive Officer until his employment ends with the Company on December 31, 2023
The Board of Directors (the “Board”) of Alcoa Corporation (the “Company”) elected Mr. William F. Oplinger to serve as President and Chief Executive Officer of the Company on September 24, 2023
On July 20, 2023, Kelly R. Thomas, Executive Vice President and Chief Commercial Officer of Alcoa Corporation (the “Company”), voluntarily resigned from the Company, effective August 1, 2023.
Mr. John D. Slaven, Executive Vice President and Chief Operations Officer, agreed that Mr. Slaven will leave the Company effective February 1, 2023
Max materiality 0.90 · Median 0.70 · Most common event debt