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ALCOA CORPORATION

(AA)
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Alcoa Corporation : - Multi-year Repowering for Portland Aluminium Smelter

03/19/2021 | 09:32am EDT

Alcoa Corporation, on behalf of the Alcoa Portland Aluminium joint venture partners, has today announced new five-year agreements with AGL, Alinta Energy and Origin covering power requirements for the Portland Aluminium Smelter.

'Alumina Limited welcomes the power supply agreements which enable the continuing operation of the Portland smelter and underpin its improved competitive position. In addition, both the Commonwealth and Victorian Governments have in principle committed welcome funding packages to ensure the smelter's operations can continue and contribute to the stability of the South East Australian power grid.

This ASX announcement was approved and authorised for release by Mike Ferraro, Chief Executive Officer.

Forward-looking statements

This document may contain certain forward-looking statements, including forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The words 'anticipate', 'aim', 'believe', 'expect', 'project', 'estimate', 'forecast', 'intend', 'likely', 'should', 'could', 'will', 'may', 'target', 'plan' and other similar expressions (including indications of 'objectives') are intended to identify forward-looking statements. Indications of, and guidance on, future financial position and performance and distributions, and statements regarding Alumina Limited's future developments and the market outlook, are also forward-looking statements.

Any forward-looking statements contained in this document are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Alumina Limited and its directors, officers, employees and agents that may cause actual results to differ materially from those expressed or implied in such statements. Those risks, uncertainties and other factors include (without limitation): (a) material adverse changes in global economic conditions, alumina or aluminium industry conditions or the markets served by AWAC; (b) changes in production or development costs, production levels or sales agreements; (c) changes in laws, regulations or policies; (d) changes in alumina or aluminium prices or currency exchange rates; (e) Alumina Limited does not hold a majority interest in AWAC and decisions made by majority vote may not be in the best interests of Alumina Limited and (f) the other risk factors summarised in Alumina Limited's Annual Report 2019. Readers should not place undue reliance on forward-looking statements. Except as required by law, Alumina Limited disclaims any responsibility to update or revise any forward-looking statements to reflect any new information or any change in the events, conditions or circumstances on which a statement is based or to which it relates.

Contact:

Charles Smitheram

Tel: +61 3 8699 2613

Email: charles.smitheram@aluminalimited.com

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALCOA CORPORATION -1.17% 48.83 Delayed Quote.111.84%
ALUMINA LIMITED -1.88% 2.09 End-of-day quote.13.90%
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Financials (USD)
Sales 2021 11 550 M - -
Net income 2021 1 107 M - -
Net Debt 2021 74,5 M - -
P/E ratio 2021 8,43x
Yield 2021 0,08%
Capitalization 9 125 M 9 125 M -
EV / Sales 2021 0,80x
EV / Sales 2022 0,66x
Nbr of Employees 12 900
Free-Float 99,0%
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Number of Analysts 11
Last Close Price 48,83 $
Average target price 51,43 $
Spread / Average Target 5,32%
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Managers and Directors
Roy C. Harvey President, Chief Executive Officer & Director
William F. Oplinger Chief Financial Officer & Executive Vice President
Steven Walter Williams Chairman
John D. Slaven Chief Operations Officer & Executive VP
Catherine L. Garfinkel Chief Ethics & Compliance Officer, VP
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