Alcoa CEO expects gallium project metal to reach market by end of 2026

Company Performance - Alcoa missed revenue targets due to shipments in transit at the end of the quarter, expected to be recognized in the fourth quarter [2] - The company met consensus earnings estimates through tight cost control [3] - Alcoa achieved production records in several facilities [2] Strategic Initiatives & Market Dynamics - Alcoa announced an investment in its Western Australia facility to extract approximately 10% of the world's gallium supply, aiming for market entry by the end of 2026 [5][6] - This gallium project strengthens relationships between Alcoa, the US government, the Japanese government, and the Australian government [6] - The project aims to provide gallium to the rest of the world, reducing reliance on China, which currently extracts and processes over 90% of the world's gallium [5] - Alcoa secured a long-term power contract in Massena, New York [4] - Alumina prices have decreased sharply over the past 90 days, with approximately 40% of the Chinese market currently underwater [8] Refining Capacity - Alcoa does not see a need to shut down any refining capacity due to its cost position, with its refining capacity primarily in the first quartile of the cost curve [7][8]