Alcoa

Realized prices are largely set by LME and regional premia; the business is a classic price‑taker. 2025 profitability uplift was driven by higher aluminum prices and portfolio actions, not durable price control. Alcoa cites increased tariff costs on U.S. imports from Canada in 2025, underscoring limited ability to pass through shocks.

There is some latent potential for green premia on low‑carbon aluminum and alumina, especially if ELYSIS scales, but this is still nascent.