Alcoa(US:AA)2024-07-17 23:00Alcoa's Acquisition of Alumina Limited - Alcoa's acquisition of Alumina Limited is on track for an August 1 closing, enhancing Alcoa's position as a leading upstream global aluminum company[11, 12] - The acquisition simplifies the corporate structure and governance, leading to greater operational and financial flexibility[11] Financial Performance - Revenue increased sequentially to $2906 million in 2Q24, a $307 million increase from 1Q24[17] - Adjusted EBITDA excluding special items more than doubled to $325 million in 2Q24, a $193 million increase from $132 million in 1Q24[17] - Realized primary aluminum price increased to $2858 per metric tonne in 2Q24, a $238 increase from $2620 in 1Q24[16] - Realized alumina price increased to $399 per metric tonne in 2Q24, a $27 increase from $372 in 1Q24[16] Cash Flow and Capital Allocation - 2024 YTD capital returns to stockholders totaled $37 million[24] - Investment in Brazil bauxite transportation project involves a capital expenditure of approximately $90 million[22] - The company expects freight and tax savings of approximately $14-$16 per alumina tonne from the Brazil bauxite transportation investment[22] Market Outlook and Production - The company anticipates steady demand growth driven by growing aluminum supply[34] - China is expected to import 80% of its bauxite needs by 2030, up from 65% currently[34]