Alcoa

Recent moves reflect a more disciplined portfolio: completed Alumina Limited acquisition to fully own AWAC, exited Ma’aden JV for shares and cash with a multi‑year lock‑up, permanently closed the high‑cost Kwinana refinery, formed a JV to support San Ciprián operations and secured a 10‑year renewable power contract at Massena.

Capital returns remain conservative with a 10 cent quarterly dividend and limited buybacks through the cycle. Growth capex is aimed at operational stability and decarbonization bets like ELYSIS, which received 59 million dollars of contributions in 2025.