Alcoa Corporation, together with its subsidiaries, engages in the bauxite mining, alumina refining, aluminum production, and energy generation business in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally. The company operates through two segments: Alumina and Aluminum. It operates bauxite and other aluminous ores mining and processes bauxite into alumina for sale to aluminum smelter customers and customers who process it into industrial chemical products through supply contracts to third parties, as well as aluminum smelting and casting businesses. The company also offers aluminium powder and scrap and primary aluminum in the form of commodity grade ingot and value-add ingot to customers that produce products for transportation, building and construction, packaging, wire, and other industrial markets. In addition, it provides energy that generates and sells electricity in the wholesale market to traders, large industrial consumers, distribution companies, and other generation companies. The company was formerly known as Alcoa Upstream Corporation and changed its name to Alcoa Corporation in May 2016. The company was founded in 1886 and is headquartered in Pittsburgh, Pennsylvania.
Country
Sector
Themes
Also in
Price· split & dividend adjusted
No price history for this asset yet.
News & notes movingAA
Critical Materials & Supply Chain
Canada cannot fully supply U.S. aluminium needs, Morgan Stanley says
Canada could not fully meet U.S. aluminium import requirements even if it redirected all domestic production south of the border, Morgan Stanley said in a research note examining potential tariff relief. The United States relies on imports for about 80% of its aluminium consumption, with Canada historically its largest foreign supplier. During the first half of 2026, the U.S. imported 1.68 million tonnes, or about 280,000 tonnes per month, while Canada exported 1.16 million tonnes, averaging 192,000 tonnes per month and covering about 68% of U.S. import needs. Canadian production totalled nearly 1.6 million tonnes, equivalent to around 95% of American import requirements, meaning the U.S. would still need metal from other countries if every tonne produced in Canada were redirected there. Morgan Stanley assessed reports that Washington could reduce tariffs on some Canadian aluminium to 25% from 50%, a change that would encourage Canadian producers to send metal to the U.S. instead of Europe, where shipments enter duty-free. Still, the marginal tonne required by American buyers would come from a country facing the 50% tariff, and Morgan Stanley said the U.S. Midwest aluminium premium should continue to reflect that higher duty. The premium has traded about 30% above the implied tariff cost, partly reflecting competition with European buyers for Canadian metal, and reducing Canada's tariff could lower that competition and create modest downside for the Midwest premium. Morgan Stanley estimated that the premium could surrender roughly half its current excess over tariff-based fair value, equal to about 10 to 12 cents per pound. European premiums could receive near-term support if Canadian shipments move back toward the U.S., though recovering Middle Eastern supply may limit that impact. Further American supply could arrive under tariff discounts for companies expanding domestic capacity, with Emirates Global Aluminium and Century Aluminum planning a 750,000-tonne-per-year U.S. smelter.
US to halve tariffs on Canadian steel and aluminum in tentative deal
The United States is expected to lower tariffs on Canadian steel and aluminum from 50% to 25% as part of a tentative trade framework between the two countries, according to reports from Bloomberg and others. Terms could still change before any official announcement, with different rates possibly applying to some derivative products, and details remain under discussion. Steel imports from Canada could face a quota system with higher tariffs on volumes exceeding the quota, while aluminum likely would not face a quota under current considerations. President Trump said the deal would also remove Canadian tariffs on US agricultural goods. Shares of Canadian steel producer Algoma Steel closed 17% higher, while US steel and aluminum producers including Nucor, Cleveland-Cliffs, Steel Dynamics, Reliance, Commercial Metals, Century Aluminum, and Kaiser Aluminum fell between 2.6% and 7.5%; Alcoa, which produces more than 1 million metric tons of aluminum per year in Canada, closed up 3%.
Apple, Amgen, Huntsman, Boise Cascade, Alcoa, and BorgWarner declare dividends
Several major companies announced dividend declarations. Apple declared a cash dividend of $0.27 per share, payable on August 13, 2026 to shareholders of record on August 10, 2026. Amgen declared a $2.52 per share dividend for the third quarter of 2026, payable on September 11, 2026 to stockholders of record on August 21, 2026. Huntsman declared a $0.0875 per share cash dividend, payable on September 30, 2026 to stockholders of record on September 15, 2026. Boise Cascade declared a quarterly dividend of $0.23 per share, an increase of $0.01 per share or 5%, payable on September 16, 2026 to stockholders of record on September 1, 2026. Alcoa declared a quarterly cash dividend of $0.10 per share, payable on August 27, 2026 to stockholders of record on August 11, 2026. BorgWarner declared a quarterly cash dividend of $0.17 per share, payable on September 15, 2026 to stockholders of record on September 1, 2026.
Alcoa declares quarterly dividend of 10 cents per share
Alcoa declared a quarterly cash dividend of $0.10 per share, in line with its previous payout. The dividend is payable on August 27 to shareholders of record as of August 11, with the ex-dividend date also set for August 11. Based on the current share price, the forward yield is 0.89%.
Global Investment Casting Market to Reach USD 32.30 Billion by 2035
The global investment casting market is projected to grow from USD 19.10 billion in 2025 to USD 32.30 billion by 2035, at a compound annual growth rate of 5.4%, according to a new report by Custom Market Insights. The market is expected to reach USD 20.40 billion in 2026. Growth is driven by demand for complex, high-performance cast parts in aerospace, medical devices, and industrial gas turbines, along with technological advances such as 3D-printed patterns and automated shell building. North America held the largest market share in 2025, while the Asia Pacific region is forecast to experience the highest growth rate, led by China, India, and Japan. Key players include Precision Castparts Corporation, Alcoa Corporation, and CIREX bv.
Netflix and Intuitive Surgical lead premarket declines after quarterly results
Netflix dropped more than 10% in premarket trading after its second-quarter results failed to impress investors, while Intuitive Surgical fell more than 11% despite beating estimates. Netflix earned 80 cents per share on revenue of $12.56 billion, compared to analyst expectations of 79 cents per share on $12.59 billion, and said it would reduce the frequency of its engagement reports. Intuitive Surgical posted adjusted earnings of $2.80 per share on $2.89 billion in revenue, above forecasts of $2.50 per share on $2.82 billion, but maintained its full-year procedure growth outlook of around 14%. Alphabet slid 1.5%, extending Thursday's 4.5% drop after a report that Google is months behind on its latest Gemini AI model. SpaceX fell more than 3.5% after aborting a Starship launch due to engine issues, with CEO Elon Musk saying another attempt would come in days. Verizon Communications rose 1% on plans to sell 274 retail stores and cut about 500 jobs as part of restructuring. BP and ConocoPhillips each gained more than 1% on news they will announce billions of dollars in new Iraq investments. Truist Financial added 1.4% after beating earnings estimates with $1.23 per share versus the $1.08 consensus. Alcoa slipped 0.5% despite topping forecasts with adjusted earnings of $2.12 per share on $3.97 billion in revenue, while lowering its 2026 alumina production outlook. Software stocks broadly declined, with the iShares Expanded Tech-Software Sector ETF down more than 1.5% and names like Salesforce, Palantir, ServiceNow, and Microsoft all lower. Memory stocks continued to unwind, as the Roundhill Memory ETF fell more than 3% and was on track for a 19% weekly loss, with Western Digital, Micron, and Seagate all declining. Fifth Third Bancorp edged higher even after a slight earnings miss, as net interest income rose 48% year-over-year and met expectations.
Alcoa outlines ~$900M NPV AliGroup synergies as it lowers 2026 alumina output to 9.5M-9.6M tons
Alcoa Corporation outlined approximately $900 million of net present value synergies from its planned acquisition of South32’s upstream aluminum value chain assets, known as AliGroup, while lowering its full-year 2026 alumina production and shipment expectations to 9.5 million to 9.6 million metric tons and 11.5 million to 11.6 million metric tons, respectively. CEO William Oplinger described the deal as the largest transaction in Alcoa’s history, with roughly $50 million of run-rate cost savings starting in the first year after closing, and said the acquisition is expected to be immediately accretive to earnings per share and cash flow. The consideration mix includes $3.1 billion in cash and $1 billion in stock, with a 5% annualized ticking fee on the cash portion and a contingent value right capped at $750 million over four years. CFO Molly Beerman attributed the alumina guidance cut primarily to operational challenges at the Pinjarra Refinery during the second quarter, including an oxalate outbreak and a natural gas supply disruption from Cyclone Narelle. The company reported second-quarter net income of $407 million, or $1.53 per share, with adjusted EBITDA of $901 million, and ended June with a cash balance of $1.4 billion after generating $422 million in free cash flow.
Alcoa posts record quarterly revenue of $4 billion in second quarter 2026
Alcoa Corporation reported record quarterly revenue of $4 billion for the second quarter of 2026, a 24 percent sequential increase. Net income attributable to Alcoa was $407 million, or $1.53 per share, while adjusted net income rose 51 percent sequentially to $562 million, or $2.12 per share. Adjusted EBITDA excluding special items also climbed 51 percent to $901 million, driven by higher aluminum prices and shipments. The company generated $608 million in cash from operations and ended the quarter with a cash balance of $1.4 billion after redeeming the remaining $219 million of its 6.125% Senior Notes due 2028. Alcoa also announced a definitive agreement to acquire South32's interests in bauxite, alumina, and aluminum assets for upfront consideration of approximately $4.1 billion plus a contingent value right of up to $750 million.
Netflix, Alcoa, and Five Others Report After-Hours Earnings on July 16
Seven companies are scheduled to report quarterly earnings after the market closes on July 16, 2026. Netflix is expected to post earnings per share of $0.79, a 9.72% increase from the same quarter last year, with a forward price-to-earnings ratio of 20.47. Alcoa's consensus forecast stands at $2.33 per share, a 497.44% surge year-over-year, though it missed estimates by 12.5% in the first quarter. F.N.B. Corporation is projected to earn $0.42 per share, up 16.67%, while Vista Energy's estimate of $3.15 represents a 472.73% jump. Independent Bank Corp. is expected to report $1.77 per share, a 41.60% increase, after a slight miss last quarter. Simmons First National Corporation's forecast is $0.53 per share, a 20.45% rise, and DBV Technologies is anticipated to narrow its loss to $0.12 per share, a 92.26% improvement.
Alcoa confirms final investment decision for gallium plant at Wagerup refinery
Alcoa, together with Australia, Japan, and the US, has confirmed a final investment decision to build a gallium production facility at its Wagerup alumina refinery in Western Australia. The plant will occupy about three hectares, less than 2% of the refinery's total area, and will process roughly 10% of its liquor stream without requiring additional bauxite mining. Construction is expected to create around 200 jobs and 20 operational roles, with Alcoa managing both construction and operation. The project aims to diversify highly concentrated global gallium supplies critical for semiconductors and defence applications. Alcoa president and CEO William Oplinger highlighted the strategic importance of Western Australia and the company's role in delivering critical materials to the global economy.
Morgan Stanley downgrades Alcoa and Vale on metal supply surplus, lower prices
Morgan Stanley downgraded Alcoa and Vale to Equal Weight from Overweight, citing an expected surplus in aluminum and iron ore markets that will pressure prices and earnings. The bank cut its aluminum price forecast by 11% to 13% for 2027-28, driven by new supply from Indonesia, Saudi Arabia, India, and Angola, along with increased Middle East output. For Vale, Morgan Stanley lowered its iron ore price forecast by 2% to 4% for 2026-28 and sees the company's C1 cash costs rising to $23 per ton in 2026, above management's guidance. Alcoa shares fell 2% and Vale dropped 3.9% in Wednesday trading.
Alcoa, Forestar, and Eni Trade at Deep Discounts With Catalysts Ahead
Alcoa, Forestar Group, and Eni are trading at valuations well below the broader market, each with company-specific catalysts that have yet to be fully priced in. Alcoa shares have fallen 34% over the past month to around $48.60, giving it a forward P/E of 11 and an EV/EBITDA of 9, while free cash flow surged 1,250% year over year to $567 million after the company set production records at five smelters. Forestar Group trades at just 0.90 times book value with a trailing P/E of 10, and its fiscal second-quarter revenue rose 7% to $374.3 million, supported by 24,100 lots under contract representing roughly $2.2 billion of future revenue. Eni raised its 2026 cash flow guidance by 20% to €13.8 billion and nearly doubled its buyback program to €2.8 billion, while paying a 5.2% dividend yield and trading at a forward P/E of 8. Each stock carries distinct risks, including aluminum price sensitivity for Alcoa, housing market headwinds for Forestar, and crude oil and currency exposure for Eni.
Wall Street analysts issue upgrades, downgrades, and initiations on Alcoa, Occidental Petroleum, PayPal, and others
Wall Street analysts issued a flurry of rating changes and initiations on Wednesday, July 8, 2026. Among the notable upgrades, Evercore ISI raised Occidental Petroleum to Outperform from In Line and lifted its price target to $65 from $58, while Goldman Sachs upgraded Dollar Tree to Neutral from Sell with a $155 target. On the downgrade side, Morgan Stanley cut Alcoa to Equal Weight from Overweight and slashed its price target to $53 from $79, and Barclays downgraded HCA Healthcare to Equal Weight from Overweight, reducing its target to $179 from $238. In new coverage, Barclays initiated PayPal with an Underweight rating and a $42 target, while DA Davidson started Pinterest with a Buy rating and a $26 target.
Analysts remain bullish on Alcoa Corp despite a recent selloff. B. Riley reiterated a Buy rating and a $92 price target on July 1, following Alcoa's announcement of the acquisition of South32's bauxite, alumina, and aluminum assets. The firm believes the initial share price drop reflects investor concerns about incremental leverage and a preference for short-term shareholder returns amid weak alumina market conditions, but views the selloff as excessive and expects long-term benefits from cost savings and stronger scale. Earlier on June 25, Wells Fargo lowered its price target from $82 to $71 while maintaining an Overweight rating, citing a cautious valuation outlook due to recent aluminum price weakness, though it thinks aluminum prices have oversold.
PwC forecasts $4 trillion global M&A wave in 2026, the biggest in a decade
PwC projects global mergers and acquisitions will reach $4 trillion in 2026, marking the largest deal wave in a decade. Strategists on CNBC debated whether the surge is a tailwind or a warning sign, with Jay Woods of Freedom Capital Markets expecting a sluggish start to the second half before a strong finish. Stephanie Guild of Robinhood Markets warned that the flood of new equity from spin-offs and acquisitions reverses years of float-shrinking buybacks, potentially challenging market absorption. Honeywell completed its aerospace spin-off on June 29, 2026, and Rocket Lab closed the Mynaric acquisition while signing for Motiv Space Systems, with Reddit chatter pointing to a possible Iridium deal. Alcoa booked a $786 million gain on its Ma'aden stake sale and took an $895 million restructuring charge, while Comcast completed the tax-free Versant Media spin on January 2, 2026. NVIDIA, running strategic partnerships instead of traditional M&A, reported Q1 FY27 revenue of $81.6 billion and guided Q2 to $91 billion, with Eva Ados arguing that AI-driven productivity could blunt inflation and reduce the need for Federal Reserve intervention.
Meta surges 11% on cloud business news, leading midday stock movers
Meta Platforms surged 11% after confirming it is building a new cloud business to sell excess artificial intelligence computing power to outside customers. General Mills jumped more than 6% after posting fourth-quarter adjusted earnings of 95 cents a share on revenue of $4.61 billion, topping estimates, and announcing plans for $3 billion in cumulative cost savings through fiscal 2030. Progress Software rallied over 18% on better-than-expected second-quarter results and strong guidance. Datadog gained more than 2% after disclosing the acquisition of AI startup Adaptive ML. Nike rose more than 4% despite a 12% drop in China sales, as quarterly results beat expectations. Shutterstock tumbled nearly 30% and Getty Images fell 6% after Getty called off their proposed merger due to UK regulatory demands. Alcoa dropped 9% on a $4.1 billion deal to acquire South32's bauxite, alumina, and aluminum portfolio. Salesforce and ServiceNow rose after Guggenheim upgraded both to buy, with ServiceNow up over 6% and Salesforce up 5%. Bloom Energy added more than 2% on an expanded partnership with Brookfield to finance AI infrastructure power. Sandisk and Micron Technology fell sharply, with Sandisk down 9% and Micron off about 8%, after both more than tripled in the prior quarter.
U.S. stock futures pointed lower on Wednesday as investors awaited remarks from Federal Reserve Chair Kevin Warsh and monitored peace talks between the United States and Iran. Shutterstock shares plunged 28% after Getty Images abandoned its planned merger, citing unacceptable regulatory conditions from the U.K.'s Competition and Markets Authority. Intuitive Machines climbed 7.4% after NASA awarded it a contract worth up to $148.3 million to deliver a Nova-C lunar lander by 2028, the company's sixth task order under the Commercial Lunar Payload Services program. Grindr surged 7.6% after Morgan Stanley upgraded the LGBTQ+ dating platform to Overweight and raised its price target to $18, citing strong user engagement. Klarna Group gained 6% after a Swedish court awarded its subsidiary PriceRunner approximately $1.97 billion in antitrust damages against Alphabet's Google. Oklo advanced 4.8% after the U.S. Department of Energy approved the Documented Safety Analysis for the Groves Isotope Test Reactor, moving it into final pre-startup review ahead of a July 2026 startup. ServiceNow rose 4% after Guggenheim upgraded the enterprise software company to Buy, citing durable recurring revenue growth. Nike fell nearly 4% after forecasting continued sales declines in the first half of fiscal 2027, overshadowing better-than-expected fourth-quarter revenue. Alcoa slipped 4.7% after agreeing to acquire South32's bauxite, alumina and aluminum assets for $4.1 billion.
Nike, ServiceNow, Constellation Brands among stocks making biggest premarket moves
Nike fell more than 3% premarket after reporting a 12% sales decline in Greater China, despite beating earnings and revenue estimates for its fiscal fourth quarter. Constellation Brands rose about 1.5% after posting first-quarter earnings of $3.43 per share, above the $3.20 consensus, with revenue also topping expectations and full-year guidance roughly in line. Shutterstock plunged more than 30% and Getty Images dropped 4% after Getty called off their proposed merger due to demands from a U.K. regulator. Alcoa declined 4% after announcing a $4.1 billion deal to acquire South32's bauxite, alumina and aluminum portfolio. ServiceNow gained more than 5% and Salesforce nearly 4% after Guggenheim upgraded both to buy, citing attractive valuations and dismissing AI as a threat. Bloom Energy jumped over 7.5% on an expanded partnership with Brookfield to finance power for AI infrastructure projects. Kroger slipped 2% after agreeing to acquire Giant Eagle for $1.65 billion. Sandisk tumbled 3.5% and Micron Technology fell about 2.5% on the first trading day of the third quarter, following more than tripling in the prior quarter.
South32 agrees conditional $5.6bn aluminium asset sale to Alcoa
South32 has entered a binding conditional agreement to sell its aluminium value chain assets to Alcoa in a deal with an implied enterprise value of up to $5.6 billion. The transaction includes South32's 86% interest in Worsley Alumina, full ownership of Hillside Aluminium, a 33% stake in the MRN bauxite mine, a 36% share in the Brazil Alumina refinery, and a 40% holding in the Brazil Aluminium smelter. Mozal Aluminium is not part of the sale and remains under care and maintenance while South32 explores divestment options. Total consideration comprises $3.1 billion in upfront cash, approximately $1 billion in Alcoa shares, up to $750 million in contingent cash payments linked to alumina and aluminium prices through 2030, and the assumption of around $750 million in net debt and lease liabilities plus roughly $1.2 billion in rehabilitation provisions. Completion is subject to South32 shareholder approval, Australian and South African regulatory clearances, and other customary conditions, with a long-stop date of 29 June 2027. South32 will receive a ticking fee of 5% per annum on the cash component from shareholder approval to closing. The company also announced that Matt Daley has started as CEO, with former CEO Graham Kerr staying on as a strategic advisor for the transaction.
Woodside Energy Group Ltd has executed an agreement with Alcoa Corp to supply 31.1 petajoules of Western Australian natural gas from 2027 to 2030. The gas will supply Alcoa's refineries in the state, which produce feedstock for aluminum manufacturing. Woodside indicated the gas would come from the Pluto-Karratha Gas Plant Interconnector, a pipeline that has transported gas from Pluto LNG to the Karratha Gas Plant since 2022. The company noted it has secured agreements to extend gas flows through the interconnector until 2029, providing approximately 22.9 petajoules of additional gas for the Western Australian domestic market. In 2025, Woodside produced 90.3 petajoules of gas in Western Australia, about 21 percent of the state's domestic supply.
Statkraft and Alcoa sign power deals securing 4.8 TWh for Lista aluminium plant through 2031
Statkraft and Alcoa have signed two new power agreements securing electricity supply for Alcoa's aluminium plant at Lista, Norway. The agreements cover deliveries of approximately 4.8 TWh of electricity during the period 2028–2031, providing a solid and predictable energy foundation for the smelter. The deal follows the successful restart of Production Line 2 at Lista, which recently reached the plant's nameplate capacity of 95,000 metric tonnes per annum. Alcoa is the latest of several large industrial companies to enter into new long-term power agreements with Statkraft this year, according to Hallvard Granheim, Executive Vice President Markets at Statkraft.