Key Takeaways Constellium posted 28% revenue growth in Q4, led by packaging and aerospace strength.CSTM generated $178M free cash flow in 2025 and cut leverage to 2.5x.Alcoa's 2026 EPS seen up 37.4%, but rising costs pressure margins.Alcoa Corporation (AA) and Constellium SE (CSTM) are two prominent players in the aluminum sector with global operations and diversified portfolios. With aluminum prices remaining high, driven by global economic uncertainties and trade tensions, comparing these two industry par ...

Core Viewpoint - Alcoa Corp is planning to sell 10 of its closed or curtailed sites to the data centre industry, with the first sale expected by the end of June [1] Group 1: Company Strategy - Alcoa's CEO, Bill Oplinger, stated that the company is focused on maximizing value and minimizing liabilities when selling assets [1] - The company is exploring the potential impact of AI on the valuations of its individual sites [1] Group 2: Market Context - Aluminium producers face competition for electricity supplies from data centres, which are energy-intensive [1] - High aluminium prices have not diminished demand in the U.S., but low alumina prices have resulted in 50% of global refineries being cash negative [1] - This situation is expected to lead to cutbacks in alumina production, although Alcoa does not plan to reduce its output [1]

PresentationThe leading. with us today is CEO, Bill Oplinger. We will do this as a fireside chat. But before we start, I'll turn it over to you, Bill.William OplingerPresident, CEO & Director Sure. Thanks, Katja. So hopefully, you know Alcoa. If you don't know Alcoa, we're, I believe, the leading aluminum company in the world, vertically integrated global company. We mine around 48 million metric tons of bauxite on three separate continents. We refined 10 million metric tons of alumina. And we smelt 2.5 mil ...

Alcoa Conference Call Summary Company Overview - **Company**: Alcoa (NYSE: AA) - **Industry**: Aluminum and alumina production - **Global Presence**: Operates on three continents, mining approximately 40 million metric tons of bauxite, refining 10 million metric tons of alumina, and smelting 2.5 million metric tons of aluminum annually [5][6] Key Financial Insights - **Balance Sheet**: Strong balance sheet entering 2026, with significant improvements over the past years and pensions under control [5] - **Net Debt**: At the top end of the target range, indicating financial stability [6] - **Aluminum Prices**: Currently strong, positively impacting financials [6] - **Alumina Prices**: Low, with ongoing efforts to reduce costs [6] Strategic Initiatives - **Asset Sales**: Targeting $500 million to $1 billion from select asset sales, with the first sale expected in the first half of 2026 [7] - **Operational Ramp-Up**: Spain operations are currently at 80% capacity, with plans for further execution of strategic initiatives [6][7] - **Permitting Progress**: Anticipating completion of Part IV approvals in Australia by the end of 2026, which is critical for future operations [8][11] Market Dynamics - **Aluminum Supply-Demand**: - North America shows strong demand, particularly in packaging and electrical sectors, while automotive demand is weak [14][16] - Europe mirrors North America with steady demand in packaging and construction but weaker automotive demand [17] - Chinese supply remains capped at 45 million metric tons, which is crucial for market stability [14] - New Indonesian capacity expected to come online, but curtailments in other regions may balance the market [15][19] - **Alumina Market**: - Currently experiencing a surplus, leading to falling prices [18] - Approximately 50% of global refineries are cash negative, indicating potential future curtailments [19] Pricing and Premiums - **Midwest Premium**: High levels currently, covering tariffs and reflecting strong North American demand [21] - **Rotterdam Premium**: Increased due to market dynamics, with estimates suggesting a $40 per ton increase driven by CBAM [22] Growth and Capital Allocation - **Organic Growth**: Focused on targeted investments in cast houses and recycling initiatives to meet customer needs [26] - **Inorganic Growth**: Will pursue opportunities that unlock synergies not achievable by shareholders alone [27] - **Shareholder Returns**: Discussions ongoing regarding the balance between dividends and share buybacks, with a focus on maintaining a healthy balance sheet [28][29] Operational Challenges - **Brazil Operations**: Experienced power outages affecting capacity, currently ramping back up to 80% [32][33] - **San Ciprián Smelter**: Targeting cash neutrality by 2027, facing challenges due to high energy costs in Europe [34][35] AI and Technology Integration - **AI Utilization**: Implementing AI in operations, with around 80 use cases identified for efficiency improvements [40][41] Conclusion - **Outlook for 2026**: Positive expectations for aluminum demand and a strong balance sheet provide flexibility for growth and shareholder returns [42]

Investor Presentation February 2026 OUR VALUES Act with Integrity Operate with Excellence Care for People Lead with Courage 1 v Cautionary Statement regarding Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "co ...

Business celebrates win over Trump tariffs, but refunds will take time | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 A semi-truck drives past Chinese shipping containers at the Port of Los Angeles in Wilmington, California, U.S., November 5, 2025. REUTERS/Mike Blake/File Photo[1/2]A semi-truck drives past Chinese shipping containers at the Port of Los Angeles in Wilmington, California, U.S., November 5, 2025. REUTERS/ ...

The Australian government’s decision to allow the US mining giant Alcoa to continue clearing swathes of Western Australian jarrah forest despite past illegal clearing practices was made in part due to a critical minerals deal reached between Australia and the Trump administration last year, a new document shows. The document also reveals Alcoa was unlawfully clearing land for its bauxite mining practices in the area south of Perth for 15 years, despite warnings from the federal environment department. Conse ...

Core Insights - Alcoa Corporation (AA) is experiencing strong performance in its Alumina segment, with production increasing by 1% to 2.48 million metric tons in Q4 2025, and third-party shipments rising by 5% sequentially [1][9] Group 1: Alumina Segment Performance - The Alumina segment is benefiting from increased output at Australian refineries, contributing to the overall growth [1] - For 2026, Alcoa projects alumina production to be between 9.7 million and 9.9 million tonnes, with shipments expected to be in the range of 11.8 million to 12.0 million tonnes [4][9] Group 2: Strategic Acquisitions and Joint Ventures - Alcoa is focused on acquiring new assets to enhance organic growth, exemplified by the acquisition of Alumina Limited in August 2024, which strengthens its position as a leading bauxite and alumina producer [2] - A joint venture with IGNIS EQT, initiated in March 2025, is expected to enhance production capacity at the San Ciprian site, with a restart anticipated by mid-2026 [3] Group 3: Market Performance and Valuation - Alcoa's shares have surged by 68% over the past three months, outperforming the industry growth of 57.3% [7] - The company is currently trading at a forward price-to-earnings ratio of 11.61X, slightly above the industry average of 11.44X, and holds a Value Score of A [10] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Alcoa's 2026 earnings has increased by 20.8% over the past 60 days, indicating positive market sentiment [12]

Core Viewpoint - Alcoa of Australia has reached an agreement with the Australian Federal Government to modernize the approvals framework for its mining activities, enhancing environmental assessments and operational clarity through a Strategic Assessment process [1] Group 1: Strategic Assessment and Environmental Commitments - The Strategic Assessment will evaluate current and future mining areas until 2045, focusing on the impacts on significant flora and fauna [1] - Alcoa will limit land clearing to 800 hectares per year and aims to increase rehabilitation efforts to 1,000 hectares annually by 2027 [1] - The company has committed to investing over A$15 million by 2029 to enhance knowledge of the Northern Jarrah Forest and to implement measures for protecting public drinking water [1] Group 2: Financial Implications and Operational Impact - Alcoa will incur a charge of $19 million related to environmental reserves due to historical clearing, with cash outlays expected in 2026 [1] - In 2024, Alcoa's Australian operations invested A$2.7 billion with over 1,700 local suppliers, retaining more than 70% of revenue generated in Australia within the country [1] - The company provides direct and indirect employment for approximately 5,500 people and supports additional jobs in local communities [1] Group 3: Future Mining Operations - The Strategic Assessment does not affect ongoing environmental assessments for the Myara North and Holyoake mine regions, with mining in these areas anticipated to start no earlier than 2029 [1] - Alcoa expects bauxite quality to remain consistent with recent grades until new mining operations commence [1]

Core Viewpoint - Alcoa will pay A$55 million (approximately $39 million) to remediate illegally cleared native forest in Western Australia, marking a significant legal and financial consequence for the company due to environmental violations [1]. Group 1: Financial Implications - The payment of A$55 million is described as "unprecedented" and the largest of its kind related to environmental remediation in Australia [1]. - The funds will be allocated to conservation initiatives, including ecological offsets and programs aimed at preserving endangered species [1]. Group 2: Environmental Impact - Alcoa has cleared approximately 28,000 hectares (69,000 acres) of the native jarrah forest since the 1960s, facing increasing public opposition regarding its environmental practices [1]. - The company unlawfully cleared just under 2,100 hectares between 2019 and 2025 without government approvals, which has drawn significant scrutiny [1]. Group 3: Public Response - A proposal to clear an additional 11,500 hectares of jarrah forest received a record 59,000 public submissions to the state's environmental watchdog, indicating strong community concern [1].