Alcoa expects FY24 Alumina segment production, shipments to remain unchanged

Alcoa expects 2024 total Alumina segment production and shipments to remain unchanged from the prior projection, ranging between 9.8 and 10.0 million metric tons, and between 12.7 and 12.9 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery. Alcoa expects 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.2 and 2.3 million metric tons, and between 2.5 and 2.6 million metric tons, respectively. Within third quarter 2024 Alumina Segment Adjusted EBITDA, the Company expects sequential unfavorable impacts of $10 million related to bauxite grade in Australia. Within third quarter 2024 Aluminum Segment Adjusted EBITDA, the Company expects favorable raw material prices of $10 million. Interest expense in the third quarter 2024 is expected to increase by approximately $5 million due to the assumption of Alumina Limited debt at acquisition closing. Based on current alumina and aluminum market conditions, Alcoa expects third quarter operational tax expense to approximate $60 million to $70 million, which may vary with market conditions and jurisdictional profitability. Net income attributable to noncontrolling interest will be reported through the closing of the Alumina Limited acquisition in the third quarter and is expected to approximate $20 million.