Alcoa Corporation (AA) Presents at Morgan Stanley's 13th Annual Laguna Conference

Aluminum and Alumina Market Update - The price of alumina has decreased from the highs at the end of 2024 due to resolved supply disruptions, stabilizing around $360 to $370 [3] - China has taken offline approximately 7 million to 10 million annual capacity in the second quarter, contributing to price stabilization [3] - The alumina market is expected to be in surplus for the second half of the year and into 2026, with new capacity coming online from Indonesia and China [3] - Delays in Indonesian smelting capacity are anticipated, which may further contribute to the surplus in the alumina market [3]