UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number 1-37816 ALCOA CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of ...

Alcoa Corporation (NYSE:AA) Q1 2023 Results Conference Call April 19, 2023 5:00 PM ET Company Participants James Dwyer - VP, IR Roy Harvey - President and CEO Molly Beerman - EVP and CFO Conference Call Participants Michael Dudas - Vertical Research Lucas Pipes - B. Riley Securities Timna Tanners - Wolfe Research John Tumazos - Tumazos Very Independent Research Carlos De Alba - Morgan Stanley Emily Chieng - Goldman Sachs Alex Hacking - Citi Lawson Winder - Bank of America Securities Operator Good afternoon, ...

Alcoa Corporation (NYSE:AA) BMO 32nd Annual Global Metals, Mining & Critical Minerals Conference 2023 Call February 28, 2023 9:30 AM ET Company Participants Roy Harvey - President and Chief Executive Officer Conference Call Participants David Gagliano - BMO Capital Markets David Gagliano Okay. Next up is Alcoa. I think everybody knows Alcoa, but ranks among the largest aluminum, alumina producers globally, vertically integrated producer, bauxite alumina, primary aluminum, assets, Australia, Europe, Iceland, ...

Production and Capacity - Alcoa's bauxite production in 2022 totaled 42.1 million dry metric tons (mdmt), with 36.7 mdmt produced by Alcoa-operated mines and 5.4 mdmt from partnerships[44]. - Alcoa's total consolidated alumina capacity is 13,843,000 mtpy, with a total worldwide alumina capacity of 15,619,000 mtpy[51]. - As of December 31, 2022, Alcoa had approximately 1,014,000 mtpy of idle capacity, including 800,000 mtpy at the San Ciprián refinery due to partial curtailment[53]. - In 2022, production at the San Ciprián refinery was reduced to approximately 50% of its 1,600,000 mtpy capacity due to high natural gas costs[55]. - Alcoa's primary aluminum facilities have a total consolidated capacity of 2,968,000 mtpy, with 868,000 mtpy of idle smelting capacity as of December 31, 2022[62]. - The company plans to restart the San Ciprián smelter's 228,000 mtpy capacity in phases beginning January 2024, aiming for 75% production by October 2025[65]. Sales and Revenue - Alcoa's alumina sales in 2022 were primarily to its own aluminum smelters, accounting for approximately 30% of total alumina shipments[49]. - In 2022, 96% of Alcoa's smelter grade alumina shipments to third parties were sold on a fixed price spot basis or adjusted API price basis[50]. - In 2022, approximately 8% of Alcoa's bauxite shipments were sold to third-party customers[83]. Joint Ventures and Partnerships - The joint venture with Ma'aden includes a bauxite mine with an estimated capacity of 5 million dry metric tons per year and an alumina refinery with a capacity of 1.8 million metric tons per year[28]. - Alcoa's joint venture interests include a 25.1% stake in the Ma'aden Aluminium Company, which holds the smelter in Saudi Arabia[29]. - Alcoa completed the sale of its investment in MRN for proceeds of $10 million, with potential additional cash of $30 million contingent on future mine development[37]. Environmental Initiatives - Alcoa's joint venture ELYSIS aims to commercialize technology that produces oxygen and eliminates greenhouse gas emissions from aluminum smelting, with industrial scale production planned to begin in 2024[32]. - Capital expenditures for new or expanded facilities for environmental control were approximately $136 million in 2022, with an expected $162 million in 2023[96]. - Approximately 86% of the aluminum smelting portfolio operated by the company was powered by renewable energy sources in 2022[91]. Financial Management - AWAC is required to distribute at least 50% of the prior calendar quarter's net income, with certain entities also required to pay distributions every three months[26]. - Alcoa's debt for AWAC is limited to 30% of total capital, which includes debt, minority interest, and shareholder equity[27]. - The company plans to report financial results in two segments: Alumina and Aluminum, starting January 2023[47]. Energy Management - Alcoa's energy costs account for approximately 30% of total alumina refining production costs and 25% of primary aluminum production costs[68]. - In 2022, Alcoa generated approximately 11% of the power used at its smelters worldwide, with the remainder purchased under long-term arrangements[70]. - The company has secured gas supplies covering over 95% of its refineries' requirements through 2023, with plans to cover approximately 80% through 2027[75]. - Approximately 75% of the smelter's future power needs have been secured under long-term agreements with renewable energy providers[76]. - In 2022, approximately 25% of the necessary power at the Mosjøen smelter was purchased at spot rates[76]. Workforce and Diversity - As of December 31, 2022, Alcoa had approximately 13,100 employees across 17 countries, with about 9,600 covered by collective bargaining agreements[101]. - In 2022, Alcoa hired approximately 420 additional employees for the restart of the Alumar smelter in Brazil[102]. - Women comprised approximately 18% of Alcoa's global workforce as of December 31, 2022, with 50% of the executive team being women[107]. - Alcoa's inclusion and diversity efforts are supported by three inclusion groups, with plans to expand to four groups in 2023[108]. - Alcoa's executive team includes a diverse range of backgrounds, with 12% being racially/ethnically diverse[107]. Safety and Compliance - The company emphasizes a culture of safety, aiming to prevent loss of life and serious injury through rigorous safety standards and controls[104]. - Alcoa's Chief Financial Officer, Molly S. Beerman, has been in her role since February 1, 2023, bringing extensive experience in finance and administration[113]. - The company has included a safety metric focused on reducing fatalities and serious injuries in its annual incentive program for several years[105]. Transparency and Communication - Alcoa's website provides access to its Annual Reports, Quarterly Reports, and other filings with the SEC, ensuring transparency in financial performance[109]. - Future announcements regarding company developments and financial performance will be made through the company's website and other communication channels[110].

Alcoa Corporation (NYSE:AA) Q4 2022 Earnings Conference Call January 18, 2023 5:00 PM ET Company Participants James Dwyer - Vice President, Investor Relations Roy Harvey - President and Chief Executive Officer William Oplinger - Executive Vice President and Chief Financial Officer Conference Call Participants Emily Chieng - Goldman Sachs Alex Hacking - Citi Carlos De Alba - Morgan Stanley Timna Tanners - Wolfe Research Lucas Pipes - B. Riley Securities Michael Dudas - Vertical Research John Tumazos - John T ...

Alcoa Corporation (NYSE:AA) Q3 2022 Earnings Conference Call October 19, 2022 5:00 PM ET Company Participants James Dwyer - Vice President, Investor Relations Roy Harvey - President and CEO William Oplinger - Executive Vice President and CFO Conference Call Participants Carlos Alba - Morgan Stanley Lucas Pipes - B. Riley Securities Timna Tanners - Wolfe Research Emily Chieng - Goldman Sachs Lawson Winder - Bank of America Securities Chris LaFemina - Jefferies Operator Good afternoon. And welcome to the Alco ...

Alcoa Corporation (NYSE:AA) Q2 2022 Earnings Conference Call July 20, 2022 5:00 PM ET Company Participants James Dwyer – Vice President of Investor Relations Roy Harvey – President and Chief Executive Officer William Oplinger – Executive Vice President and Chief Financial Officer Conference Call Participants Timna Tanners – Wolfe Research Carlos De Alba – Morgan Stanley Emily Chieng – Goldman Sachs David Gagliano – BMO Capital Markets Curt Woodworth – Credit Suisse Lucas Pipes – B. Riley Securities Michael ...

Alcoa Inc. Conference Call Summary Company Overview - Alcoa Inc. has been a standalone company for approximately 5.5 years since its separation from old Alcoa, Inc. in 2016 [4] - The company focuses on driving efficiency across operations and maintaining a simple structure to enhance shareholder returns [4] Business Operations - Alcoa's operations span from bauxite mining to alumina refining and aluminum smelting, with a focus on primary aluminum production [5] - The company aims to strengthen its portfolio, currently ranking in the first quartile for bauxite and alumina and the second quartile for aluminum [5] Technological Advancements - Alcoa is investing in inert anode technology to reduce operating costs and carbon dioxide emissions, contributing to decarbonization efforts [7] - The ELYSIS joint venture with Rio Tinto is developing the only zero-carbon aluminum production technology at an industrial scale [8] - Research includes refining processes aimed at cost efficiency and decarbonization, such as electrical calcination and mechanical vapor recompression [9] Market Dynamics - The aluminum market is experiencing strong demand driven by supply constraints, including the impact of the Russia-Ukraine war and China's decarbonization policies [10][20] - Alcoa has adjusted its demand growth expectations for 2022 from 2-3% to 2% year-over-year due to supply chain issues, particularly in the automotive sector [16][19] - The company anticipates continued strong demand for aluminum across various industries, including automotive, aerospace, and consumer electronics [10][24] Financial Health - Alcoa's balance sheet has significantly improved, with a reduction in proportional net debt from $3.8 billion to approximately $1.3 billion [12][13] - The company is focused on maintaining a strong balance sheet, sustaining operations, and returning cash to shareholders through dividends and buybacks [14][15] Future Outlook - Alcoa sees potential for significant capital investment in the middle part of the decade, driven by technological breakthroughs [15] - The company is positioned to benefit from a decarbonized economy, with a strong emphasis on low-carbon production methods [44] Regulatory Environment - The introduction of carbon border adjustment mechanisms in Europe is viewed positively by Alcoa, as it aligns with the company's low-carbon production strategy [43][44] Market Opportunities - Alcoa identifies opportunities for growth in aluminum packaging and electric vehicles, which require lightweight materials [28][24] - The company does not foresee significant substitution of aluminum by other metals, as it remains a preferred material due to its properties and applications [26][27] Conclusion - Alcoa is well-positioned in the aluminum market with a strong focus on sustainability, technological innovation, and financial health, despite facing challenges from supply chain disruptions and geopolitical factors [11][20]