Core Insights - Alcoa Corporation (AA) is facing rising costs and expenses, with a 5.9% increase in cost of sales and an 8.7% rise in selling, general and administrative (SG&A) expenses in 2025 [1][8] Cost Structure - Energy constitutes approximately 24% of both alumina refining and primary aluminum production costs in 2025, making fluctuations in electricity and natural gas prices a significant risk factor [2][8] - Raw material inputs are also contributing to cost pressures, with Alcoa consuming 2.2-4.0 metric tons of bauxite and 80-130 kilograms of caustic soda for each metric ton of alumina produced, and 1.91-1.94 metric tons of alumina and 13.26-16.82 megawatt-hours (MWh) of electricity for each metric ton of aluminum produced [3] Capital Expenditures - Alcoa's capital spending related to environmental compliance and asset optimization is increasing, with $140 million spent on environmental control projects in 2025 and an expected $170 million in 2026 [4][8] Operational Focus - Despite the cost pressures, Alcoa is concentrating on operational efficiency, renewable energy usage, and disciplined capital allocation to safeguard margins, although sustained volatility in energy and raw material prices may continue to challenge near-term profitability [5] Peer Comparison - Among major peers, Constellium SE (CSTM) experienced a 13.5% increase in cost of sales and a 6.1% rise in SG&A expenses in 2025, while Ryerson Holding Corporation (RYZ) saw a 0.7% increase in cost of sales and a 1% rise in SG&A expenses [6] Stock Performance and Valuation - Alcoa's shares have increased by 52.1% over the past three months, compared to the industry's growth of 56.1% [7] - The company is trading at a forward price-to-earnings ratio of 12.23X, slightly above the industry's average of 12.22X, and holds a Value Score of A [10] Earnings Estimates - The Zacks Consensus Estimate for Alcoa's 2026 earnings has risen by 21% over the past 60 days, with current estimates for the current quarter at $1.20 and for the current year at $5.19 [11][12]

01 后市研判 03 宏观 面 02 行情回顾 04 基本 面 铝月报（2026 年2月） 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 2026-2-27 中航期货 目录 | 性， | 中 | 铝 | 修 | 期， | 关 | 主 | 后 | 但 | 解 | 将 | 定 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 前 | 预 | 国 | 空。 | 电 | 计 | 确 | 存， | 力， | 节 | 场 | 中 | | | | | | | | | | | | | | 着 | 偏 | 预 | 不 | 犹 | 春 | 市 | 压 | 随 | 仍 | 率 | 存 | 日， | | | | | | | | | | | | | 险 | 且 | 于 | 定 | 工 | 期 | 端 | 风 | 2 ...

Century Aluminum CEO Jesse Gary, EGA CEO Abdulnasser Bin Kalban and Ryan Plotkin, US Aluminum CEO. Image submitted by Oklahoma Department of Commerce. Emirates Global Aluminium (EGA) and Century Aluminum Company (NASDAQ: CENX) announced Tuesday that they have entered into a joint development agreement to build the first new primary aluminum production plant in the United States since 1980. The project, named Oklahoma Primary Aluminum, is expected to double US primary aluminum production and make Oklahoma a ...

Alcoa Stock Jumps. How Its CEO Plans to Cash in on the AI Boom. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Alcoa Stock Jumps. It Has the Asset Everyone Needs Right Now.By [Al Root]ShareResize---ReprintsIn this article[AA][SPX][DJIA] [H ...

Peter said the Mount Holly expansion is scheduled to begin in April, with Century planning to restart the last 25% of idled capacity and ramp it through the second quarter. He said the restart involves 50,000 tons of incremental volume, bringing Mount Holly to about 220,000 tons of annual production, with completion expected by the end of June.In the U.S., Peter said Century has 450,000 tons of capacity once Mount Holly is “up and running,” and noted the company is moving toward 1.4 million tons of nameplat ...

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]

U.S. Aluminum Company is new venture founded by Oklahoma City-based Plotkin Family, owners of leading aluminum fabrication company M-D Building ProductsINOLA, Okla., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Local firm U.S. Aluminum Company has signed an agreement with EGA and Century Aluminum, the companies behind the planned primary aluminum production plant in Inola, Oklahoma, to explore the development of an aluminum fabrication plant near the new smelter. Click here to download photos of leaders from the three ...

INOLA, Okla., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Local firm U.S. Aluminum Company has signed an agreement with EGA and Century Aluminum, the companies behind the planned primary aluminum production plant in Inola, Oklahoma, to explore the development of an aluminum fabrication plant near the new smelter. Click here to download photos of leaders from the three companies commemorating the agreement. The project, named Oklahoma Primary Aluminum, is expected to double U.S. primary aluminum production and make Ok ...

Century Aluminum Company (NasdaqGS:CENX) Conference February 24, 2026 08:15 AM ET Company ParticipantsPeter Trpkovski - EVP and CFOOperatorHello, everyone. Next up, we have Century Aluminum. Century is one of the largest U.S.-based or the largest U.S.-based primary aluminum producer. With us today is CFO, Peter. Peter, over to you.Peter TrpkovskiThank you, Katya. Good morning, everyone. We're Century Aluminum Company. We are the current U.S. largest aluminum primary producer today. As you can see here on th ...