Kaiser Aluminum(US:KALU)2021-02-26 18:012020 Financial Results - Value Added Revenue (VAR) declined by 19% year-over-year, reaching $697 million in 2020 compared to $856 million in 2019, primarily due to COVID-19 related decline in demand, especially in large commercial aerospace[7] - Adjusted EBITDA margin was 22.1% in 2020, a decrease from 24.9% in 2019, despite the decline in value added revenue[7] - Shipments decreased from 625 million lbs in 2019 to 502 million lbs in 2020[7] - Net Sales decreased from $1,514 million to $1,173 million[11] - Adjusted EBITDA decreased from $213 million to $154 million[11] 2021 Outlook - Value added revenue is anticipated to increase by 5%-10% year-over-year in 2021[22] - Aerospace/High Strength value added revenue is expected to decrease by 5%-8% year-over-year[14] - Automotive value added revenue is projected to increase by 35%-45% year-over-year[17] - General engineering value added revenue is expected to increase by 10%-15% year-over-year[21] Warrick Acquisition - The acquisition of Alcoa Warrick LLC is expected to close on March 31, 2021, for $670 million[26] - Warrick has LTM (as of September 30, 2020) Value Added Revenue of approximately $500 million and Adjusted EBITDA of approximately $90 million[26]