Core Viewpoint - President Trump's decision to increase aluminum tariffs to 50 percent is aimed at bolstering domestic production and job creation in the U.S. aluminum industry [2][3]. Company Summary - Century Aluminum Company supports the increased tariffs, which will enhance the supply of critical metals for national security and promote investments in U.S. jobs [2]. - The company plans to construct the first new aluminum smelter in the U.S. in 50 years and aims to double its domestic production as a result of the supportive policies [2][3]. - Century Aluminum is the largest domestic producer of primary aluminum in the United States and operates production facilities in Iceland, the Netherlands, and Jamaica [4].

28 May 2025 | 5:53PM EDT US Economics Analyst The Impact of Tariffs on US Companies: A View from the Equity Market (Peng) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in the US-Japan tariff negotiations Core Insights - The third round of US-Japan tariff negotiations did not result in significant changes, with Japan continuing to advocate for the removal of reciprocal tariffs on autos, steel, and aluminum [2] - Economic security emerged as a key theme in the discussions, reflecting its importance in both the US-Japan negotiations and the recent US-UK trade agreement [4] - The Japanese government is exploring the establishment of a "Japan-US fund for reviving the shipbuilding industry," indicating a focus on enhancing cooperation in sectors deemed critical for national security [6] Summary by Sections Trade Negotiations - The third round of negotiations on May 23 saw no major shifts in Japan's position, with a focus on achieving an agreement during the upcoming G7 summit [2] - A telephone conversation between Prime Minister Shigeru Ishiba and President Donald Trump prior to the negotiations covered various topics, including tariff negotiations and economic security [3] Economic Security - Economic security was highlighted as a significant factor in the negotiations, with implications for tariffs on key imports [4] - The discussions included Japan's interest in securing rare earth supplies and cooperation on alternative technologies, further emphasizing the strategic nature of the negotiations [3] Shipbuilding Industry - The potential establishment of a Japan-US fund for the shipbuilding industry could lead to deeper collaboration in this sector, which is viewed as vital for national security [6] - The report suggests that government initiatives aimed at enhancing economic security will impact a wide range of Japanese companies beyond just shipbuilding [6] Investment Opportunities - The trade talks are expected to encourage further investment in the US, particularly in shipbuilding and other sectors related to economic security [5] - President Trump's recent announcements regarding commercial deals in the Middle East, totaling around $2 trillion, may also serve to attract more Japanese investment in the US manufacturing sector [7]

Core Viewpoint - Alcoa Corporation (AA) has shown strong stock performance, increasing 12.1% in the past month, outperforming both the industry and S&P 500 [1] Stock Performance - Alcoa's stock closed at $28.25, below its 52-week high of $47.77 and above its 52-week low of $21.53, indicating mixed sentiment as it trades above its 50-day moving average but below its 200-day moving average [4] Factors Influencing Performance - Demand for aluminum is rising due to the popularity of lighter electric vehicles, recycled aluminum, and increased aircraft production, which boosts demand for aluminum alloys [5] - U.S. tariffs of 25% on imported steel and aluminum have increased prices, benefiting domestic producers like Alcoa, although they have not revived U.S. smelting operations [6] - A lack of competitively priced electricity has led to smelter closures, including Alcoa's permanent closure of its Intalco smelter in March 2023, impacting production [7] Segment Performance - Alcoa's Aluminum segment is benefiting from strong demand in electrical and packaging markets, with production expected to reach 2.3-2.5 million tonnes in 2025 and shipments anticipated at 2.6-2.8 million tonnes [8] - The Alumina segment is seeing growth in its Sustana product line, with production expected to be 9.5-9.7 million tonnes and shipments likely to be 13.1-13.3 million tonnes in 2025 [9] Strategic Actions - Alcoa has made strategic moves to enhance growth, including the acquisition of Alumina Limited in August 2024, which strengthens its position in the bauxite and alumina market [10] Financial Metrics - Alcoa's trailing 12-month return on equity (ROE) is 18.56%, higher than the industry average of 17.98%, indicating efficient use of shareholder funds [11] - The stock has a forward 12-month price-to-earnings ratio of 8.78X, below the industry average of 9.08X, making it an attractive valuation compared to peers [13] Earnings Estimates - Earnings estimates for 2025 have decreased by 13.1% to $3.57 per share, and for 2026, they have declined by 19.2% to $2.69 per share [16]

Core Insights - Constellium SE is collaborating with NASA on the Artemis program, which aims to return humans to the Moon and facilitate crewed missions to Mars [1][2] - The company provides advanced aluminum-lithium and conventional alloy solutions for NASA's Space Launch System (SLS) rocket and Orion spacecraft, specifically its proprietary Airware material [2][3] - Constellium's Ravenswood facility is a significant contributor to the aerospace sector, employing over 1,100 people and featuring advanced manufacturing capabilities [4][5] Company Contributions - Constellium's Airware material is designed for the extreme conditions of spaceflight, offering low density combined with high-specific stiffness and strength [2] - The company supports not only NASA's deep space ambitions but also enhances American leadership in advanced manufacturing and materials science [3] - The Ravenswood facility supplies precision aluminum products to major manufacturers, including Boeing and Lockheed Martin, across various industries [4] Financial Overview - In 2024, Constellium generated $7.3 billion in revenue, indicating its strong market position and financial performance [5]

Group 1 - The ongoing discussions regarding US aluminum tariffs have significantly impacted global aluminum markets, creating a clear divide between US and non-US midstream aluminum processors [1] - The situation highlights the complexities and challenges faced by companies like Constellium SE, which operates in the aluminum processing sector [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies mentioned [2][3] - There are no investment recommendations or advice given in the article [2][3]

Group 1 - Constellium SE held its Annual General Meeting of Shareholders on May 15, 2025, and published the voting results on its website [1] - All proposals at the AGM were adopted, including the appointment of Bradley Soultz and the re-appointment of Emmanuel Blot, Martha Brooks, and Lori Walker to the Board of Directors for a three-year term [2] - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, generating $7.3 billion in revenue in 2024 [3]

Group 1 - Constellium SE held its Annual General Meeting of Shareholders on May 15, 2025, and published the voting results on its website [1] - All proposals at the AGM were adopted, including the appointment of Bradley Soultz and the re-appointment of Emmanuel Blot, Martha Brooks, and Lori Walker to the Board of Directors for a three-year term [2] - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, generating $7.3 billion in revenue in 2024 [3]

Core Viewpoint - Alcoa (NYSE:AA) stock is deemed unattractive for purchase at its current price of approximately $29 due to significant concerns regarding its operational performance and financial health, despite a low valuation [1][10]. Revenue Development - Alcoa's revenues have shown notable growth recently, with a 12.7% increase from $11 billion to $12 billion in the last 12 months, compared to a 5.3% growth for the S&P 500 [4]. - Over the last three years, Alcoa's top line has contracted at an average rate of 0.0%, while the S&P 500 has increased by 6.2% [4]. - Quarterly revenues surged 34.3% to $3.5 billion in the most recent quarter from $2.6 billion a year prior, compared to 4.9% growth for the S&P 500 [4]. Profitability - Alcoa's operating income over the last four quarters was $828 million, resulting in a poor operating margin of 7.0%, compared to 13.1% for the S&P 500 [5]. - The operating cash flow (OCF) during this period was $622 million, reflecting a very poor OCF margin of 5.2%, compared to 15.7% for the S&P 500 [5]. - Alcoa's net income for the last four quarters was $60 million, indicating a very poor net income margin of 0.5%, compared to 11.3% for the S&P 500 [5]. Financial Stability - Alcoa's debt stood at $2.8 billion at the end of the most recent quarter, with a market capitalization of $7.5 billion, resulting in a poor debt-to-equity ratio of 43.4%, compared to 21.5% for the S&P 500 [6]. - Cash (including cash equivalents) constitutes $1.1 billion of the $14 billion in total assets for Alcoa, yielding a moderate cash-to-assets ratio of 8.1%, compared to 15.0% for the S&P 500 [6]. Valuation Metrics - Alcoa has a price-to-sales (P/S) ratio of 0.5 compared to 2.8 for the S&P 500 [7]. - The company's price-to-free cash flow (P/FCF) ratio is 10.4 compared to 17.6 for the S&P 500 [7]. - Additionally, it has a price-to-earnings (P/E) ratio of 8.1 versus the benchmark's 24.5 [7]. Downturn Resilience - AA stock has suffered significantly more than the S&P 500 during recent downturns, with a 75.4% decrease from a high of $95.06 on March 24, 2022, to $23.41 on October 23, 2023, compared to a peak-to-trough decline of 25.4% for the S&P 500 [9]. - During the COVID pandemic in 2020, AA stock dropped 74.5% from a high of $21.51 on January 1, 2020, to $5.48 on March 20, 2020, compared to a peak-to-trough decline of 33.9% for the S&P 500 [9]. Overall Assessment - Alcoa's performance across key parameters is summarized as follows: Growth is very strong, profitability is extremely weak, financial stability is weak, and downturn resilience is extremely weak, leading to an overall assessment of very weak [12].

氧化铝价格走势研判 20250517 从三月底全行业开工水平 9,360 万吨，到目前 8,650 万吨区间，这一变化主要 源于多方面因素。三月份初期山西奥凯达铝业和森泽铝业因高价矿或自采矿不 足开始点式减产，但大型集团未有新进展。3 月下旬信发减少进口矿使用比例， 自主调整产能；4 月下旬国有集团企业在山西和河南两大四小工厂减产；5 月 第一周山西、山东和云南工厂受波及，全行业出现较大动荡。这些因素导致国 有集团企业在现货市场上购买紧张程度爆发，从而形成当前供应偏紧状态。 氧化铝生产成本上升的原因是什么？ 摘要 • 氧化铝行业经历供应过剩到偏紧的转变，主要由于 3 月底至 5 月初期间， 山西奥凯达、森泽铝业及信发等企业陆续减产，国有集团企业也调动产能， 导致现货市场供应紧张，全行业开工水平从 9,360 万吨降至 8,650 万吨。 • 氧化铝生产成本持续上升，主要受矿石结构成本波动影响。国产矿供应紧 张导致进口矿使用增加，矿石价格从 1,460 元上涨至近 2000 元。各区域 成本差异显著，云南成本最低，广西成本较高，使用进口矿的企业成本与 山东沿海地区接近。 • 几内亚铝土矿价格下降至 70 美元/ ...