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MarketScreener Homepage  >  Equities  >  Nyse  >  Alcoa Corporation    AA

ALCOA CORPORATION

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Alcoa : 4Q19 Earnings Presentation

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01/15/2020 | 05:58pm EST

4th Quarter Earnings

Alcoa Corporation

January 15, 2020

Important information

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 "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results or operating performance; statements about strategies, outlook, and business and financial prospects; and statements about return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum and other products, and fluctuations in indexed-based and spot prices for alumina;

  1. deterioration in global economic and financial market conditions generally and which may also affect Alcoa Corporation's ability to obtain credit or financing upon acceptable terms; (c) unfavorable changes in the markets served by Alcoa Corporation; (d) the impact of changes in foreign currency exchange and tax rates on costs and results; (e) increases in energy costs or uncertainty of energy supply; (f) declines in the discount rates used to measure pension liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; (g) the inability to achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, or strengthening of competitiveness and operations anticipated from operational and productivity improvements, cash sustainability, technology advancements, and other initiatives; (h) the inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, restarts, expansions, or joint ventures; (i) political, economic, trade, legal, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) labor disputes and/or and work stoppages; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) the impact of cyberattacks and potential information technology or data security breaches; and (m) the other risk factors discussed in Item 1A of Alcoa Corporation's Form 10-K for the fiscal year ended December 31, 2018 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission (SEC). Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks described above and other risks in the market.

2

Important information (continued)

Non-GAAP financial measures

Some of the information included in this presentation is derived from Alcoa's consolidated financial information but is not presented in Alcoa's financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered "non-GAAP financial measures" under SEC rules. Alcoa Corporation believes that the presentation of non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, "special items" as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations to the most directly comparable GAAP financial measures and management's rationale for the use of the non-GAAP financial measures can be found in the appendix to this presentation.

Financial presentation information

As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from last-in,first-out (LIFO) to average cost. The effects of the change in

accounting principle have been retrospectively applied to all prior periods presented. See Exhibit 99.2 to the Company's Form 8-K filed with the Securities and Exchange

Commission (SEC) on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information.

Glossary of terms

A glossary of abbreviations and defined terms used throughout this presentation can be found in the appendix.

3

Roy Harvey

President and Chief Executive Officer

4Q19: Comprehensive progress continues

4Q19 Financial results and business review

4Q19

Financial

results

Business

review

  • Net loss of $303 million, or $1.63 per share; excluding special items, adjusted net loss of $57 million, or $0.31 per share
  • Adjusted EBITDA excluding special items of $346 million
  • Cash balance of $879 million on December 31, 2019
  • No serious injuries in 4Q19
  • Quarterly production records at Juruti mine and Wagerup refinery
  • Ratified AWU contract covering ~1,500 employees at Australian locations
  • Joined International Council on Mining and Metals
  • Announced Point Comfort, Texas alumina refinery closure
  • Finalized Suriname closure agreements; transferred dam to government
  • ELYSISTM shipped first carbon-free aluminum to Apple

5

FY19: Continued to strengthen, improve the company

FY19 Financial results and business review

FY19

Financial

results

Business

review

  • Net loss of $1.1 billion, or $6.07 per share; excluding special items, adjusted net loss of $0.2 billion, or $0.99 per share
  • Adjusted EBITDA excluding special items of $1.7 billion
  • Net pension/OPEB liability of $2.4 billion in 2019
  • Three serious injuries in FY19; no fatalities
  • Annual production records for Bauxite and Alumina portfolios
  • Modernized labor contracts in Canada, United States and Australia
  • Bécancour restart began in July, continues on schedule
  • Divested Avilés and La Coruña smelters, and Saudi rolling mill
  • Announced new operating model, asset sales, and portfolio review
  • Aluminum market ends 2019 in deficit, slight surplus expected in 2020

6

William Oplinger

Executive Vice President and Chief Financial Officer

Revenue off 5% as volume gain partially offsets price slip

Quarterly income statement

M, Except realized prices and per share amounts

4Q18

3Q19

4Q19

Realized primary aluminum price ($/mt)

$2,358

$2,138

$2,042

Realized alumina price ($/mt)

$479

$324

$291

Revenue

$3,344

$2,567

$2,436

Cost of goods sold

2,513

2,120

2,048

SG&A and R&D expenses

66

73

68

Adjusted EBITDA

765

374

320

Depreciation, depletion and amortization

174

184

183

Other expenses, net

32

27

44

Interest expense

31

30

31

Restructuring and other charges, net

138

185

363

Provision for income taxes

163

95

54

Net income (loss)

227

(147)

(355)

Less: Net income (loss) attributable to noncontrolling interest

176

74

(52)

Net income (loss) attributable to Alcoa Corporation

$51

$(221)

$(303)

Diluted earnings (loss) per share

$0.27

$(1.19)

$(1.63)

Diluted shares outstanding1

188.2

185.6

185.6

Prior Year

Sequential

Change

Change

$(316)

$(96)

$(188)

$(33)

$(908)

$(131)

(465)

(72)

2

(5)

(445)

(54)

9

(1)

12

17

-

1

225

178

(109)

(41)

(582)

(208)

(228)

(126)

$(354)

$(82)

$(1.90)

($0.44)

(2.6)

-

1. For 3Q19 and 4Q19, share equivalents related to employee stock-based compensation were excluded from Diluted shares outstanding as impact was anti-dilutive

given a net loss.

8

Special items total $246M, primarily Point Comfort closure

Breakdown of special items by income statement classification - gross basis

M, Except per share amounts

4Q18

3Q19

4Q19

Description of significant 4Q19special items

Net income (loss) attributable to Alcoa Corporation

$51

$(221)

$(303)

Diluted earnings (loss) per share

$0.27

$(1.19)

$(1.63)

Special items

$82

$139

$246

Cost of goods sold

4

14

26

Bécancour restart costs

SG&A and R&D expenses

1

-

-

Restructuring and other charges, net

138

185

363

Point Comfort refinery closure; pension/OPEB actions

Other expenses (income), net

(3)

(7)

(1)

Provision for income taxes

(40)

(44)

(32)

Noncontrolling interest

(18)

(9)

(110)

Adjusted net income (loss) attributable to Alcoa Corporation

$133

$(82)

$(57)

Adjusted diluted earnings (loss) per share

$0.70

$(0.44)

$(0.31)

9

Adjusted net loss $57M, adjusted loss per share $0.31

Quarterly income statement excluding special items

M, Except realized prices and per share amounts

4Q18

3Q19

4Q19

Realized primary aluminum price ($/mt)

$2,358

$2,138

$2,042

Realized alumina price ($/mt)

$479

$324

$291

Revenue

$3,344

$2,567

$2,436

Cost of goods sold

2,509

2,106

2,022

COGS % of Revenue

75.0%

82.0%

83.0%

SG&A and R&D expenses

65

73

68

SG&A and R&D % of Revenue

1.9%

2.8%

2.8%

Adjusted EBITDA

770

388

346

Depreciation, depletion and amortization

174

184

183

Other expenses, net

35

34

45

Interest expense

31

30

31

Provision for income taxes

203

139

86

Operational tax rate

38.4%

99.5%

99.5%

Adjusted net income

327

1

1

Less: Adjusted net income attributable to noncontrolling interest

194

83

58

Adjusted net income (loss) attributable to Alcoa Corporation

$133

$(82)

$(57)

Adjusted diluted earnings (loss) per share

$0.70

$(0.44)

$(0.31)

Diluted shares outstanding1

188.2

185.6

185.6

Prior Year

Sequential

Change

Change

$(316)

$(96)

$(188)

$(33)

$(908)

$(131)

(487)

(84)

8.0% pts.

1.0% pts.

3

(5)

0.9% pts.

0.0% pts.

(424)

(42)

9

(1)

10

11

-

1

(117)

(53)

61.1% pts.

0.0% pts.

(326)

-

(136)

(25)

$(190)

$25

$(1.01)

$0.13

(2.6)

-

1. For 3Q19 and 4Q19, share equivalents related to employee stock-based compensation were excluded from Diluted shares outstanding as impact was anti-dilutive

given a net loss.

10

Alumina and metal prices drive EBITDA change

Adjusted EBITDA excluding special itemssequential changes, $M

388

(3)

(23)

50

346

6

1

18

0

(77)

(14)

3Q19

Currency

Metal

API

Raw

Energy

Price / mix

Volume

Production

Other

4Q19

prices

materials

costs

11

Bauxite stable; market impacts Alumina; Aluminum gains

Adjusted EBITDA excluding special itemsbreakdown

Segment information, $M

3Q19 4Q19

$(90)

$(2)

$223

$32

$134 $132

$133

$75

$43

Bauxite

Alumina

Aluminum

4Q19 Segment Adj.

42.4%

12.7%

4.6%

EBITDA Margin %

Change vs. 3Q19,

+4.2% pts.

-6.9% pts.

+2.0% pts.

Margin %

Total Adjusted EBITDA information, $M

3Q19

4Q19

Change

Segment total

$400

$340

$(60)

Transformation

(6)

(6)

-

Intersegment eliminations

25

40

15

Other corporate

(31)

(28)

3

Total Adjusted EBITDA

$388

$346

$(42)

12

Year-end cash balance at $0.9 billion, stable

Quarterly cash comparison and cash flow information

Quarter ending cash balance, $M

$(234)

$1,113

$1,022$1,017

$834 $841 $879

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

2019 Cash flow information, $B

Change in W/C

Environmental/ARO

Adjusted EBITDA

Interest

Minimum required pension/all OPEB funding3

Restucturing2

Capital expenditures

Net distributions to noncontrolling interest

Cash taxes

$2.2

$2.0

$0.1

$0.1

$0.3

$0.2

$0.2

$0.4

$1.7

$0.4

$0.7

Sources1

Uses

  1. Sources defined as Adjusted EBITDA excluding special items plus changes in Working Capital (Accounts receivable, Inventories, Accounts payable)
  2. Restructuring includes payments related to divestiture of Saudi rolling mill and the Avilés and La Coruña facilities and severance related to implementing the new

operating model. 3. Minimum required pension/all OPEB funding is reflected net of related expenses within Adjusted EBITDA.

13

Strong balance sheet management in 2019

Key financial metrics and pension & OPEB bridge as of December 31, 2019

Key metrics

4Q19 Days

working capital

27 Days

FY19 Sustaining capital

expenditures

$290M

FY19 Free cash flow less

net NCI distributions

$(114)M

2019

Return on capital

4.2%

FY19 Return-seeking capital expenditures

$89M

Alcoa proportional adjusted net debt

$3.4B

Pension & OPEB net liability bridge, $B

Pension

OPEB

$2.3

0.2

$2.4

0.2

0.6

(0.3)

(0.2)

1.3

1.5

(0.4)

1.0

0.9

31-Dec-18

Required

Interim

2019

Asset return

Discount rate Demographics 31-Dec-19

funding

remeasurements

Actions

above

/ other

expected

14

2020 Outlook

FY20 Key metrics

Income statement excl. special items impacts

FY19 Actual

FY20 Outlook

Bauxite shipments (Mdmt)

47.6

48.0 - 49.0

Alumina shipments (Mmt)

13.5

13.6 - 13.7

Aluminum shipments (Mmt)

2.9

3.0 - 3.1

Transformation (adj. EBITDA impacts)

$(7)M

~ $(85)M

Intersegment elims. (adj. EBITDA impacts)

$150M

Varies

Other corporate (adj. EBITDA impacts)

$(113)M

~ $(100)M

Depreciation, depletion and amortization

$713M

~ $685M

Non-operating pension/OPEB expense

$117M

~ $100M

Interest expense

$121M

~ $120M

Operational tax rate1

67.9%

~ 70-80%1

Net income of noncontrolling interest

$391M

40% of AWAC NI

Cash flow impacts

FY19 Actual

FY20 Outlook

Minimum required pension/all OPEB funding

$292M

~ $400M

Additional pension funding

-

Will vary based

Discretionary debt repayment

-

on market

conditions and

Stock repurchases

-

cash availability

Return-seeking capital expenditures2

$89M

~ $75M

Sustaining capital expenditures2

$290M

~ $400M

Payment of prior year income taxes

$351M

~ $50M3

Current period cash taxes

$365M

Varies1

Environmental and ARO payments4

$107M

~ $150M

Impact of restructuring and other charges

$220M

TBD

Note: Additional market sensitivities and business information included in appendix.

  1. Estimate will vary with market conditions and jurisdictional profitability.
  2. AWAC portion of FY20 Outlook: ~45% of return-seeking capital expenditures, and ~60% of sustaining capital expenditures.
  3. Net of pending tax refunds.
  4. As of December 31, 2019, the environmental remediation reserve balance was $335M and the ARO liability was $717M.

15

Roy Harvey

President and Chief Executive Officer

Surplus expected in bauxite and aluminum in 2020

Final 2019 and projected 2020 market balances, Mmt

2019

2020

Global

Global

Regional

2020 production as a percentage of consumption

Third-party

10 to 12

8 to 12

113 to 115

Seaborne

Surplus

Surplus

Bauxite

(105) to (103)

Smelter

0.6 to 1.0

(0.1) to 0.7

1.3 to 1.7

Grade

Surplus

Balanced

Alumina

(1.4) to (1.0)

Primary

(1.1) to (0.9)

0.6 to 1.0

0 to 0.2

Aluminum

Deficit

Surplus

0.6 to 0.8

World ex-China

China

World ex-China

China

World ex-China

China

47%

104%

98%

100%

102%

175%

Primary aluminum demand growth

Estimated 2019

Expected 2020

(2.2)% to (2.0)%

0.4% to 0.9%

1.1% to 1.3%

2.6% to 3.1%

Global

Global

(0.4)% to (0.2)%

1.4% to 2.4%

Consumption

Sources: Alcoa analysis, CRU, Wood Mackenzie, CM Group, IAI, CNIA, NBS, Aladdiny, Bloomberg, IMF. Pre-trade balances.

17

Superior bauxite and alumina assets, transitioning smelters

Market trends and Alcoa outlook

Bauxite

Alumina

Aluminum

Chinese bauxite import demand (Mmt)

Refinery bauxite costs ($/t alumina)

Chinese net semis exports increasing (Mmt)

178

150

165

4.3

Market

2.9

83

dynamics

54

61

2018

2025

2018

2025

2018

2025

2018

2025

World ex-China

China

Alcoa

outlook

  • One of the world's largest miners of high quality bauxite with unparalleled license to operate in sensitive areas
  • Alcoa's low cost mines, strategically located in Australia, South America, and Africa, offer brownfield growth opportunities
  • Alcoa's large, low cost global network of integrated mines and refineries is a competitive advantage
  • Largest alumina refiner with largest long position outside of China and substantial brownfield growth opportunities
  • Portfolio review positions Alcoa to operate a more profitable, more sustainable fleet of smelters
  • Alcoa strives to be the lowest
    CO2e intensity producer in the industry

Source: CRU, CM Group, China Customs data, Alcoa Commercial data, Alcoa Strategy, Alcoa 2018 Sustainability Report.

18

Strengthening the Company

Update on key actions

New operating model

Creating a leaner, more integrated, operator-centric Alcoa

New model in place November 1, 2019

  • Net pre-tax,pre-minority savings of ~$60 million per annum ($37 million charge taken in 3Q19)
  • Approximately 300 positions eliminated
  • Full savings begin second quarter 2020

Non-core asset sales

Generating additional cash through non-core asset sales

Announced sale of Gum Springs treatment facility

  • Transaction expected to close in first quarter of 2020
  • Net cash proceeds of $200 million
  • Additional $50 million paid to Alcoa if certain post- closing conditions are satisfied

Portfolio review

Positioning to succeed financially in an evolving sustainable world

Closed Point Comfort refinery (curtailed in 2016)

  • Expected annual net income improvement of ~$15 million and annual cash savings of ~$10 million
  • Cash outlays of $115 million, majority over five years
  • Restructuring charges in 4Q19 of ~$175 million

15

Portfolio review

13

4

2

11

11

3Q19 Alumina capacity (Mmt)

4Q19 Alumina capacity (Mmt)

Progressed

Finalized agreements to complete environmental remediation and mine rehabilitation activities

Suriname exit

Transferred Afobaka hydroelectric dam to Republic of Suriname at year-end

(closed in 2017)

Received payment of outstanding receivables

19

A stronger Alcoa through refreshed strategic priorities

Strategic priorities

Reduce complexity

A portfolio and operating model that is low cost, competitive and resilient in a low price environment

Drive returns

Improve commercial capabilities, invest in targeted growth opportunities, increase margin focus across the value chain

Advance sustainably

Continue to strengthen the balance sheet, transform portfolio and leverage our industry-leading environmental and social standards for a sustainable future

Drive results and deliver returns to

stockholders over the

long term

20

Appendix

Strengthening the Company, to date

Key actions to date

2017 - 2018

  • Revitalized safety program; zero fatalities in 2018
  • Restarted Portland smelter and Lake Charles calciner
  • Streamlined business units to three, reduced administrative locations, relocated headquarters to Pittsburgh
  • Set annual production records
  • Terminated Rockdale power contract, closed site
  • Restarted Warrick smelter
  • Divested Portovesme smelter
  • Launched ELYSISTM joint venture
  • Renegotiated revolving credit for more favorable terms
  • Froze salaried pension plan as of January 1, 2021; prefunded pension with $500 million debt issue
  • Repurchased $50 million in stock

2019

  • Continued solid safety performance; zero fatalities
  • Set annual and quarterly production records
  • Modernized labor contracts in Canada, U.S. and Australia
  • Began restart of Bécancour smelter
  • Initiated Deschambault smelter creep project
  • Divested Avilés and La Coruña facilities, as well as minority interest in Saudi rolling mill
  • Implemented new operating model
  • Announced Point Comfort alumina refinery closure
  • Agreed to sale of Gum Springs treatment facility
  • Achieved four ASI certifications across value chain
  • Joined International Council on Mining and Metals
  • Finalized Suriname closure agreements; transferred dam
  • Took further actions to reduce pension/OPEB net liability

22

Capital allocation framework

Capital allocation framework and considerations

Maintain liquidity throughout the cycle

$1 billion target for minimum cash

balance

Sustaining capital expenditures of ~$400

Capital expenditures to sustain and improve operations

million, return seeking capital of ~$75

million, per 2020 outlook

Based on current discount rates and

Maximize value creation opportunities

estimated asset returns, expect meeting

adjusted net debt target solely through

Reduce adj.

Invest in

minimum required pension contributions

Return

$150 million available of existing $200

net debt1 to

value

excess

Transform

million buyback authorization

$2.0B-$2.5B

creating

cash to

the portfolio

Portfolio review and transformation over

over 2-4

growth

stockholders

five years

years

projects

Invest in major value creating projects

1. Adjusted net debt defined as the Alcoa proportional share of net debt plus net pension and OPEB liability

23

FY19 Income statement information

Annual income statement

Adjusted excl.

M, Except realized prices and per share amounts

Reported

Special items

special items

Realized primary aluminum price ($/mt)

$2,141

$2,141

Realized alumina price ($/mt)

$343

$343

Revenue

$10,433

$10,433

Cost of goods sold

8,537

$(65)

8,472

COGS % revenue

81.8%

81.2%

SG&A and R&D expenses

307

(2)

305

SG&A and R&D % revenue

2.9%

2.9%

Adjusted EBITDA

1,589

67

1,656

Depreciation, depletion and amortization

713

713

Other expenses / (income), net

162

17

179

Interest expense

121

121

Restructuring and other charges, net

1,031

(1,031)

-

Provision for income taxes

415

21

436

Tax rate

-94.9%

67.9%

Net (loss) income

(853)

1,060

207

Less: Net income attributable to noncontrolling interest

272

119

391

Net (loss) income attributable to Alcoa Corporation

$(1,125)

$941

$(184)

Diluted (loss) earnings per share

$(6.07)

$5.08

$(0.99)

Diluted shares outstanding

185.5

185.5

24

FY19 Financial information

FY19 Highlights and annual change impacts

Full year financial highlights

Adjusted EBITDA excl. special items bridge, $M

FY19

vs. FY18

Realized primary aluminum price ($/mt)

$2,141

$(343)

Realized alumina price ($/mt)

$343

$(112)

Revenue, $M

$10,433

$(2,970)

Adjusted EBITDA excl. special items, $M

$1,656

$(1,473)

Net loss attributable to Alcoa, $M

$(1,125)

$(1,375)

Adjusted net loss attributable to Alcoa, $M

$(184)

$(882)

Adjusted EPS, $ per share

$(0.99)

$(4.69)

206

$3,129

(750)

113

22

103

68

$1,656

(1,102)

(66)

(67)

2018

Currency

Metal

API

Raw

Energy

Price

Volume Production

Other

2019

Prices

Materials

/ Mix

cost

25

4Q19 Financial summary

Three months ending December 31, 2019, excluding special items

$M

Intersegment

Other

Alcoa

Bauxite

Alumina

Aluminum3,4

Transformation

eliminations

corporate

Corporation

Total revenue

$311

$1,048

$1,640

$21

$(584)

-

$2,436

Third-party revenue

$65

$718

$1,634

$19

-

-

$2,436

Adjusted EBITDA1

$132

$133

$75

$(6)

$40

$(28)

$346

Adjusted EBITDA margin %

42.4%

12.7%

4.6%

14.2%

Depreciation, depletion and amortization

$30

$57

$84

$1

-

$11

$183

Other expenses, net2

-

$9

$5

-

-

$31

$45

Interest expense

$31

Provision for income taxes

$86

Adjusted net income

$1

Net income attributable to noncontrolling interest

$58

Adjusted net loss attributable to Alcoa Corp.

$(57)

  1. Includes the Company's proportionate share of earnings from equity investments in certain bauxite mines, hydroelectric generation facilities, and an aluminum smelter located in Brazil, Canada, and/or Guinea.
  2. Amounts for Alumina and Aluminum represent the Company's proportionate share of earnings from its equity investment in the Saudi Arabian joint venture.
  3. Flat-rolledaluminum shipments, revenue and adjusted EBITDA were 0.08 Mmt, $295M and $23M, respectively.

4. Third-party energy sales volume, revenue and adjusted EBITDA in Brazil were 897 GWh, $43M and $27M, respectively.

26

4Q19 Adjusted EBITDA drivers by segment

Adjusted EBITDA excl. special items sequential changes by segment, $M

Adj.

Adj.

EBITDA

Metal

Raw

Production

EBITDA

Segment

3Q19

Currency

prices

API

materials

Energy

Price/mix

Volume

costs

Other

4Q19

Bauxite

$134

1

-

-

-

-

9

(1)

(9)

(2)

$132

Alumina

$223

(8)

-

(91)

6

(7)

7

1

-

2

$133

Aluminum

$43

4

(21)

51

12

7

(10)

1

(5)

(7)

$75

Segment

$400

(3)

(21)

(40)

18

0

6

1

(14)

(7)

$340

Total

27

Aluminum value chain

FY19 Alcoa product shipments by segment, as of December 31, 2019, Mmt

Bauxite

Alumina

Aluminum

2.9

30%

Aluminum

100%

3rd Party

13.5

87%

Alumina

70%

3rd Party

47.6

13%

Bauxite

3rd Party

28

Composition of alumina and aluminum production costs

Alcoa 4Q19 production cash costs

Alumina refining

Input

Inventory

Pricing

FY19 Annual Cost

Cost

Flow

Convention

Sensitivity

Conversion

Bauxite

Caustic Soda

5 - 6 Months

Quarterly

$10M per $10/dmt

35%

35%

Natural Gas1

N/A

N/A

N/A

6%

11%

Fuel Oil

1 - 2 Months

Prior Month

$3M per $1/barrel

Fuel Oil

13%

Caustic

Natural Gas

Aluminum smelting

Conversion

Input

Inventory

Pricing

FY19 Annual Cost

Cost

Flow

Convention

Sensitivity

18%

Alumina

Alumina

~2 Months

API

$39M per $10/mt

33%

Materials 9%

Petroleum Coke

1 - 2 Months

Spot, Quarterly &

$7M per $10/mt

Semi-annual

26%

14%

Coal Tar Pitch

1 - 2 Months

Spot, Quarterly &

$1.8M per $10/mt

Power

Semi-annual

Carbon

1. Australia is priced on a 16 quarter rolling average.

29

2020 Business information

Estimated annual Adjusted EBITDA sensitivities

$M

AUD

BRL

CAD

EUR

ISK

NOK

LME

API

Midwest

Europe

Japan

+ 0.01

+ 0.10

+ 0.01

+ 0.01

+ 10

+ 0.10

Segment

+ $100/mt

+ $10/mt

+ $100/mt

+ $100/mt

+ $100/mt

USD/AUD

BRL/USD

CAD/USD

USD/EUR

ISK/USD

NOK/USD

Bauxite

(4)

3

Alumina

119

(18)

8

(1)

Aluminum

219

(47)

141

86

27

(0)

(2)

2

(3)

11

2

Total

219

72

141

86

27

(22)

9

2

(4)

11

2

Pricing conventions

Segment

3rd-Party Revenue

Bauxite

Negotiated prices

Alumina

~95% of third-party smelter grade alumina priced on API/spot

API based on prior month average of spot prices

LME + Regional Premium + Product Premium

Aluminum

Primary aluminum 15-day lag; flat rolled aluminum 30-day lag

Brazilian hydroelectric sales at market prices

Regional premium breakdown

% of 2019

Regional premiums

Primary aluminum shipments

Midwest

~50%

Rotterdam Duty Paid

~40%

CIF Japan

~10%

30

Additional business considerations

Items expected to impact adjusted EBITDA for 1Q20

  • In the Bauxite segment, Adjusted EBITDA is expected to be $35 million lower, primarily due to lower sales prices and seasonally lower volumes
  • In the Alumina segment, lower bauxite, energy and caustic costs are expected to offset unfavorable mix of sales contracts, and lower volume and higher operating costs due to seasonal overhauls and maintenance in the Western Australia refinery system; additionally, portfolio decisions result in $5 million sequential benefit
  • In the Aluminum segment
    • Lower alumina prices flowing into the Aluminum segment in 4Q19 are estimated to produce sequential benefit of approximately $10 million in the first quarter
    • Benefits from Bécancour restart and lower raw materials costs are expected to be more than offset by higher energy costs in Europe, lower shipments of rolled products and price and mix impacts in North America, yielding an expected $5 to $10 million sequential decline
  • Estimate intercompany profit elimination for every $10/mt decrease in API prices to be a $8 to $10 million favorable impact based on comparison of the average prices of the last two months of each quarter; consider intersegment eliminations as component of minority interest calculation
  • Based on current market prices, the operational tax rate for the quarter is expected to be ~75%

31

Pension and OPEB summary

Net pension and OPEB liability and financial impacts

Net liability as of December 31, 20191

Estimated financial impacts, $M

OPEB

Total

$0.9B U.S.

$0.9

Pension

Expense impact

2020

Segment pension

$50

Segment OPEB

5

Corporate pension & OPEB

5

U.S. Total

$1.2

$1.5B

ROW $0.3

Pension funding status as of December 31, 2019

  • U.S. ERISA ~80%
  • GAAP Worldwide ~76%

U.S. pension contributions currently not tax deductible

Total adj. EBITDA impact

60

Non-operating

100

Special items (curtailment/settlement)

-

Total expense impact

$160

Cash flow impact

2020

Minimum required pension funding

$300

OPEB payments

100

Total cash impact

$400

1. The impact on the combined pension and OPEB liability of a 25 basis point change in the weighted average discount rate is approximately $175 million.

32

Investments summary

Investments listing and income statement location

Ownership

Carrying Value as of

Income Statement Location of

Investee

Country

Nature of Investment4

Interest

December 31, 2019

Equity Earnings

ELYSISTM Limited Partnership

Canada

Aluminum smelting technology

48.235%

Ma'aden Aluminium Company1

Saudi Arabia

Aluminum smelter

25.1%

Ma'aden Bauxite and Alumina Company1

Saudi Arabia

Bauxite mine and Alumina refinery

25.1%5

Subtotal Ma'aden and ELYSISTM

$603M

Other expenses / (income), net

Consorcio Serra do Facão

Brazil

Hydroelectric generation facility

34.97%

Energetica Barra Grande S.A.

Brazil

Hydroelectric generation facility

42.18%

Halco Mining, Inc.2

Guinea

Bauxite mine

45.0%5

Manicouagan Power Limited Partnership

Canada

Hydroelectric generation facility

40.0%

Mineração Rio do Norte S.A. (MRN)

Brazil

Bauxite mine

18.2%5

Pechiney Reynolds Quebec, Inc.3

Canada

Aluminum smelter

50.0%

Subtotal other

$510M

COGS

Total investments

$1,113M

  1. Alcoa Corporation has an investment in a joint venture related to the ownership and operation of an integrated aluminum complex (bauxite mine, alumina refinery, and aluminum smelter) in Saudi Arabia. The joint venture is owned 74.9% by the Saudi Arabian Mining Company (known as "Ma'aden") and 25.1% by Alcoa Corporation.
  2. Halco Mining, Inc. owns 100% of Boké Investment Company, which owns 51% of Compagnie des Bauxites de Guinée (CBG).
  3. Pechiney Reynolds Quebec, Inc. owns a 50.1% interest in the Bécancour smelter in Quebec, Canada thereby entitling Alcoa Corporation to a 25.05% interest in the smelter. Through two wholly-owned Canadian subsidiaries, Alcoa Corporation also owns 49.9% of the Bécancour smelter.
  4. Each of the investees either owns the facility listed or has an ownership interest in an entity that owns the facility listed.

5. A portion or all of each of these ownership interests are held by majority-owned subsidiaries that are part of AWAC.

33

Rigorous standard in place to manage tailings and residue

Industry leading standard established over 25 years ago; continuously improved and updated

Robust management process

  • Governance structure with global oversight and clearly defined location responsibilities
  • Annual independent, third party inspections of Alcoa operated and non-operated impoundments
  • Facilities master planned, designed, engineered and constructed to high industry standards
  • Operating practices meet or exceed Alcoa standards and local regulations
  • Failure analysis and emergency response plans
  • 2018 independent global review of impoundment management practices against external benchmarks
  • Led industry improvements including dry stacking and filtration technologies
  • Focused on progressively closing and rehabilitating inactive areas

Inventory of tailings dams & residue storage

  • No Alcoa operated upstream bauxite tailings dams
  • 39 Alcoa operated upstream residue storage areas (RSAs)

Alcoa operated

Minority-owned joint ventures

Tailings dams active

39

Tailings dams inactive

27

RSAs active

27

RSAs inactive

4

3

18

3

8

12

17

3

12

2

1

Upstream

Non-upstream

Upstream Non-upstream

Note: Inventory does not include 94 Alcoa operated and 17 minority joint venture other impoundments such as hydroelectric dams, fresh water reservoirs, stormwater

management, process water, process materials outside of bauxite residue and tailings, closed and remediated legacy location RSAs, and ash ponds. Inventory totals have

changed slightly from those included in recent Alcoa presentations, following an internal review to standardize definitions and ensure reporting consistency.

34

Production and capacity information

Alcoa Corporation annual consolidated amounts as of December 31, 2019

Bauxite production, Mdmt

Alumina refining, kmt

Aluminum smelting, kmt

2019

Mine

Country

Production

Facility

Country

Capacity

Curtailed

Facility

Country

Capacity

Curtailed

Darling Range

Australia

34.7

Kwinana

Australia

2,190

-

Portland

Australia

197

30

Juruti

Brazil

6.0

Pinjarra

Australia

4,234

-

São Luís (Alumar)

Brazil

268

268

Poços de Caldas

Brazil

0.3

Wagerup

Australia

2,555

-

Baie Comeau

Canada

280

-

Trombetas (MRN)

Brazil

2.2

Poços de Caldas

Brazil

390

214

Bécancour3

Canada

310

165

Boké (CBG)

Guinea

3.0

São Luís (Alumar)

Brazil

1,890

-

Deschambault

Canada

260

-

Al Ba'itha1

Saudi Arabia

1.2

San Ciprián

Spain

1,500

-

Fjarðaál

Iceland

344

-

Total

47.4

Total2

12,759

214

Lista

Norway

94

-

Ras Al Khair1

Saudi Arabia

452

-

Mosjøen

Norway

188

-

San Ciprián

Spain

228

Intalco

U.S.

279

49

Massena West

U.S.

130

-

Warrick

U.S.

269

108

Wenatchee

U.S.

146

146

Total

2,993

766

Ras Al Khair1

Saudi Arabia

186

-

  1. The Company's proportionate share of earnings from its equity investment in the Saudi Arabian joint venture does not impact adjusted EBITDA.
  2. On December 16, 2019, Alcoa announced the closure of the Point Comfort refinery reducing 2.3 million metric tons of annual alumina capacity.
  3. On July 2, 2019, Alcoa announced that the Bécancour smelter plans to begin restart efforts for curtailed smelting capacity on July 26, after members of the United

Steelworkers union in Québec, Canada approved a six-year labor agreement.

35

Valuation framework

Valuation framework key considerations

FY19

Adj. EBITDA excl. special items

Business

Operations

Financial

Considerations

+

+

+

-

=

-

-

+

=

Bauxite

Economic value using market multiple of:

$504M

i.

AWAC joint venture, minus small portions of AWAC JV in Aluminum and

Alumina

Transformation

$1,097M

ii.

Ownership in certain mines and refineries outside the JV

Economic value using market multiple of:

Aluminum

i.

Smelters, casthouses, rolling mill, and energy assets

$25M

ii.

Smelters and casthouses restart optionality

Non-segment expenses

Economic value using market multiple of:

$(30)M

(income)

i.

Net corporate expenses and Transformation

Enterprise value

Noncontrolling interest

Implied value of noncontrolling interest in AWAC JV, based on Alumina Limited's observed enterprise value

Debt & debt-like items1

Book value of debt of $1.8B ($1.8B, >95% Alcoa), pension & OPEB net liabilities of $2.3B ($2.4B, >95%

Alcoa; U.S. contributions not tax deductible), environmental & ARO liabilities of $0.8B ($1.1B, ~80% Alcoa)

Cash & equity investments1

Cash position of $0.7B ($0.9B, ~80% Alcoa) plus carrying value of investments in the Ma´aden joint venture

and ELYSISTM of $0.5B ($0.6B, ~80% Alcoa)

Equity value

1. Dollar amounts reflect Alcoa Corporation's consolidated balance sheet values as of December 31, 2019. The "Alcoa" percentages exclude amounts attributable to

Alcoa Corporation's partner in the AWAC JV.

36

Adjusted EBITDA reconciliation

$M

1Q18

2Q18

3Q18

4Q18

FY18

1Q19

2Q19

3Q19

4Q19

FY19

Net income (loss) attributable to Alcoa

$195

$10

$(6)

$51

$250

$(199)

$(402)

$(221)

$(303)

$(1,125)

Add:

Net income attributable to noncontrolling interest

145

121

201

176

643

141

109

74

(52)

272

Provision for income taxes

151

158

260

163

732

150

116

95

54

415

Other expenses, net

21

9

2

32

64

41

50

27

44

162

Interest expense

26

32

33

31

122

30

30

30

31

121

Restructuring and other charges, net

(19)

231

177

138

527

113

370

185

363

1,031

Depreciation, depletion and amortization

194

192

173

174

733

172

174

184

183

713

Adjusted EBITDA

713

753

840

765

3,071

448

447

374

320

1,589

Special items before tax and noncontrolling

19

30

4

5

58

19

8

14

26

67

interest

Adjusted EBITDA excl. special items

$732

$783

$844

$770

$3,129

$467

$455

$388

$346

$1,656

Alcoa Corporation's definition of Adjusted EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the

following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion,

and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA

provides additional information with respect to Alcoa Corporation's operating performance and the Company's ability to meet its financial obligations. The Adjusted EBITDA

presented may not be comparable to similarly titled measures of other companies.

37

Special items detail, net of tax and noncontrolling interest

$M

4Q18

3Q19

4Q19

Income statement classification

Special items

$82

$139

$246

USW master agreement negotiation

-

2

-

Cost of goods sold

Bécancour lockout and restart costs

2

9

16

Cost of goods sold

Point Comfort refinery closure

-

-

2

Cost of goods sold

Warrick smelter restart costs

1

-

-

Cost of goods sold

Spain collective dismissal and divestiture costs

1

-

-

SG&A and R&D expenses

Mark-to-market energy contracts

(4)

-

(1)

Other expenses / (income), net

Gain on asset sales

-

(7)

-

Other expenses / (income), net

Point Comfort refinery closure

-

-

173

Restructuring and other charges, net

Suriname hydroelectric dam transfer

-

-

6

Restructuring and other charges, net

Spain collective dismissal and divestiture costs

-

134

(7)

Restructuring and other charges, net

Brazil state VAT valuation allowance

50

-

-

Restructuring and other charges, net

New operating model

-

26

-

Restructuring and other charges, net

Pension/OPEB related actions

11

2

74

Restructuring and other charges, net

Baie Comeau rod mill exit

4

-

-

Restructuring and other charges, net

Take or pay contracts at idled facilities

5

3

8

Restructuring and other charges, net

Other restructuring related items

5

2

1

Restructuring and other charges, net

Discrete tax items and interim tax impacts

7

(32)

(26)

Provision for income taxes

38

Free Cash Flow reconciliation

$M

1Q18

2Q181

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

Cash from operations

$55

$(430)

$288

$535

$168

$82

$174

$262

Capital expenditures

(74)

(95)

(82)

(148)

(69)

(89)

(87)

(134)

Free cash flow

(19)

(525)

206

387

99

(7)

87

128

Contributions from noncontrolling interest

53

56

-

40

20

1

20

10

Distributions to noncontrolling interest

(267)

(118)

(181)

(261)

(214)

(72)

(102)

(84)

Free cash flow less net distributions to noncontrolling interest

$(233)

$(587)

$25

$166

$(95)

$(78)

$5

$54

Free Cash Flow and Free Cash Flow less net distributions to noncontrolling interest are non-GAAP financial measures. Management believes that these measures are meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures and net distributions to noncontrolling interest. Capital expenditures are necessary to maintain and expand Alcoa Corporation's asset base and are expected to generate future cash flows from operations, while net distributions to noncontrolling interest are necessary to fulfill our obligations to our joint venture partners. It is important to note that Free Cash Flow and Free Cash Flow less net distributions to noncontrolling interest do not represent the residual cash flows available for discretionary expenditures since other non- discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

1. Cash from operations for the quarter ended June 30, 2018 includes a $500 million cash outflow for discretionary contributions made to three of Alcoa Corporation's

U.S. defined benefit pension plans. The $500 million was funded with the gross proceeds of 6.125% Senior notes due 2028 issued in May 2018.

39

Net Debt reconciliation

FY17

FY18

FY19

Alcoa

Alcoa

Alcoa

$M

Cons.

NCI

Prop.

Cons.

NCI

Prop.

Cons.

NCI

Prop.

Short-term borrowings

$8

$-

$8

$-

$-

$-

$-

$-

$-

Long-term debt due within one year

16

-

16

1

-

1

1

-

1

Long-term debt, less amount due within one year

1,388

7

1,381

1,801

34

1,767

1,799

31

1,768

Total debt1

1,412

7

1,405

1,802

34

1,768

1,800

31

1,769

Less: Cash and cash equivalents

1,358

252

1,106

1,113

296

817

879

167

712

Net debt

54

(245)

299

689

(262)

951

921

(136)

1,057

Plus: Net pension / OPEB liability

3,498

26

3,472

2,327

28

2,299

2,367

39

2,328

Adjusted net debt

$3,552

$(219)

$3,771

$3,016

$(234)

$3,250

$3,288

$(97)

$3,385

Net debt is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management assesses Alcoa Corporation's leverage position after considering available cash that could be used to repay outstanding debt. Adjusted net debt is also a non-GAAP financial measure. Management believes that this additional measure is meaningful to investors because it provides further insight into Alcoa Corporation's leverage position by including the Company's net pension/OPEB liability.

1. Total debt as of December 31, 2018 and 2019 includes $500 million aggregate principal amount of 6.125% senior notes due 2028 issued in May 2018, the gross

proceeds of which were used to make discretionary contributions to three of Alcoa Corporation's U.S. defined benefit pension plans.

40

Days Working Capital

$M

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

Receivables from customers

$814

$1,025

$1,017

$830

$758

$684

$596

$546

Add: Inventories

1,855

1,772

1,819

1,819

1,799

1,767

1,649

1,644

Less: Accounts payable, trade

1,813

1,752

1,711

1,663

1,503

1,523

1,418

1,484

DWC working capital

$856

$1,045

$1,125

$986

$1,054

$928

$827

$706

Sales

$3,090

$3,579

$3,390

$3,344

$2,719

$2,711

$2,567

$2,436

Number of days in the quarter

90

91

92

92

90

91

92

92

Days Working Capital1

25

27

31

27

35

31

30

27

1. Days Working Capital = DWC working capital divided by (Sales / number of days in the quarter).

41

Annualized Return on Capital (ROC)

Reconciliation and calculation information

$M

2018

2019

ROC % =

Numerator:

Net income (loss) attributable to Alcoa Corporation

$250

$(1,125)

Add: Net income attributable to noncontrolling interest

643

272

Add: Provision for income taxes

732

415

2018

Profit before taxes (PBT)

1,625

(438)

ROC % =

Add: Interest expense

122

121

Less: Interest income

18

18

Add: Special items1

563

1,082

ROC earnings before taxes

$2,292

$747

ROC earnings after fixed tax rate of 35%

$1,490

$485

2019

ROC % =

Denominator, average calculated using quarter-ending balances:

Total assets

$16,621

$15,154

Less: Cash, cash equivalents, restricted cash and short-term investments

1,111

897

Less: Current liabilities

2,978

2,588

Add: Long-term debt due within one year and short-term borrowings

9

1

Average capital base

$12,541

$11,670

ROC

11.9%

4.2%

(PBT + net interest2 + special items1) x (1 - fixed tax rate3)

X 100

( Total assets - cash4 - current liabilities + short-term debt)

($1,625 + $104 + $563) x (1 - 0.35)

X 100 = 11.9%

($16,621 - $1,111 - $2,978 + $9)

(-$438 + $103 + $1,082) x (1 - 0.35)

X 100 = 4.2%

($15,154 - $897 - $2,588 + $1)

  1. Special items exclude interest expense, income taxes, and noncontrolling interest.
  2. Interest expense less interest income.
  3. Fixed tax rate of 35%.

4. Defined as cash, cash equivalents, restricted cash and short-term investments.

42

Glossary of terms

Abbreviations listed in alphanumeric order

Abbreviation

Description

% pts

Percentage points

1H##

Six months ending June 30

1Q##

Three months ending March 31

2H##

Six months ending December 31

2Q##

Three months ending June 30

3Q##

Three months ending September 30

4Q##

Three months ending December 31

Adj.

Adjusted

API

Alumina Price Index

ARO

Asset retirement obligations

AUD

Australian dollar

AWAC

Alcoa World Alumina and Chemicals

B

Billion

BRL

Brazilian real

CAD

Canadian dollar

CIF

Cost, insurance and freight

CO2e

Carbon dioxide equivalent

COGS

Cost of goods sold

Cons.

Consolidated

DoC

Days of consumption

dmt

Dry metric ton

DWC

Days working capital

EBITDA

Earnings before interest, taxes, depreciation and amortization

Elims.

Eliminations

EPS

Earnings per share

ERISA

Employee Retirement Income Security Act of 1974

EUR

Euro

Est.

Estimated

excl. or ex.

Excluding

Abbreviation

Description

FY##

Twelve months ending December 31

GAAP

Accounting principles generally accepted in the United States of America

GWh

Gigawatt hour

ISK

Icelandic krona

JV

Joint venture

kmt

Thousand metric tons

LME

London Metal Exchange

LTM

Last twelve months

M

Million

Mdmt

Million dry metric tons

Mmt

Million metric tons

Mt

Metric ton

N/A

Not applicable

NCI

Noncontrolling interest

NI

Net income

NOK

Norwegian krone

OPEB

Other postretirement employee benefits

PBT

Profit before taxes

Prop.

Proportional

R&D

Research and development

ROC

Return on capital

ROW

Rest of world

SEC

Securities and Exchange Commission

SG&A

Selling, general administrative and other

TBD

To be determined

U.S.

United States of America

USD

United States dollar

USW

United Steelworkers

YTD

Year to date

43

Disclaimer

Alcoa Corporation published this content on 15 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2020 22:57:01 UTC

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Latest news on ALCOA CORPORATION
02/24ALCOA : February 2020 Investor Presentation
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02/21ALCOA : Management's Discussion and Analysis of Financial Condition and Results ..
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02/20ALCOA : Gains Approval to Market Sustainably Produced Products with Aluminium St..
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02/19ALCOA : Gains Approval to Market Sustainably Produced Products with Aluminium St..
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02/19ALCOA : President and Chief Executive Officer Roy Harvey to Present at BMO Capit..
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02/18ALCOA : President and Chief Executive Officer Roy Harvey to Present at BMO Capit..
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02/14EU launches anti-dumping investigation on China aluminium products
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02/12ALCOA : Receives Additional Recognition for Environmental Social and Governance ..
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02/11ALCOA : Receives Additional Recognition for Environmental, Social and Governance..
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02/10PG&E Appoints Industrial Safety Expert Francisco Benavides as Chief Safety Of..
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Financials (USD)
Sales 2020 10 135 M
EBIT 2020 804 M
Net income 2020 -72,1 M
Debt 2020 942 M
Yield 2020 -
P/E ratio 2020 -36,4x
P/E ratio 2021 15,4x
EV / Sales2020 0,36x
EV / Sales2021 0,34x
Capitalization 2 696 M
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Technical analysis trends ALCOA CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 22,29  $
Last Close Price 14,12  $
Spread / Highest target 112%
Spread / Average Target 57,9%
Spread / Lowest Target 34,6%
EPS Revisions
Managers
NameTitle
Roy C. Harvey President, Chief Executive Officer & Director
Michael G. Morris Non-Executive Chairman
John D. Slaven Chief Operations Officer & Executive VP
William F. Oplinger Chief Financial Officer & Executive Vice President
Benjamin D. Kahrs Chief Innovation Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
ALCOA CORPORATION-32.59%2 696
ALUMINUM CORPORATION OF CHINA LIMITED0.47%6 892
NORSK HYDRO ASA-15.32%6 043
HINDALCO INDUSTRIES LIMITED-3.08%5 416
ALUMINA LIMITED-7.39%4 050
HENAN SHENHUO COAL & POWER CO.,LTD0.43%1 268