- Last 2026-11-06
- A$55.94
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$14.8B
- EV
- A$15.2B
- Cash
- US$4.4B
- Debt
- US$4.8B
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 6All sources ▸- Quarter ended 30 September 2026 Form 10-QResults
- South32 notice and explanatory memorandum with independent expert reportTransaction
- 2026 annual meeting voting resultsGovernance
- Annual Report and Form 10-K for FY2025Results
- 2026 annual meeting proxy statementGovernance
- 2024 annual report and Form 10-KResults
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-15 to 2027-04-15 | Massena East initial closing | Transaction | Company Guided | High | Initial proceeds of US$50–65 million depend on permitting and closing conditions; later installments are contingent. |
| 2027-01-01 to 2027-06-30 | AliGroup expected completion | Transaction | Company Guided | High | Regulatory and customary conditions; guides financing drawdown, target cash and new issue timing. |
| 2027-01-01 to 2027-06-30 | Western Australia mining approvals and mine transition | Permitting | Company Guided | High | Management expects approvals to extend into 2027 and states existing-area contingencies cover approximately six months; final timing remains uncertain. |
Executive roster
As of 2026-10-30Background checks ▸Executive roster based on the 2025 annual report and latest filed secretary signature; no specialist external background check has been performed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| William F. Oplinger | President and Chief Executive Officer | Chief Executive | 2023-09-24 | Annual Report and Form 10-K for FY2025 |
| Molly S. Beerman | Executive Vice President and Chief Financial Officer | Finance | 2023-02-01 | Annual Report and Form 10-K for FY2025 |
| Renato Bacchi | Executive Vice President and Chief Commercial Officer | Commercial | 2023-08-01 | Annual Report and Form 10-K for FY2025 |
| Andrew Hastings | Executive Vice President and General Counsel | Senior Management | 2023-09-01 | Annual Report and Form 10-K for FY2025 |
| Tammi A. Jones | Executive Vice President and Chief Human Resources Officer | Senior Management | 2020-04-01 | Annual Report and Form 10-K for FY2025 |
| Matthew T. Reed | Executive Vice President and Chief Operations Officer | Operations | 2024-01-01 | Annual Report and Form 10-K for FY2025 |
| Marissa P. Earnest | Senior Vice President, General Counsel North American Operations and Secretary | Company Secretary | — | South32 notice and explanatory memorandum with independent expert report |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Alumina and bauxite platform
Australia · Brazil · Guinea · Spain
Integrated operating cash-generating unit; physical facilities are separately registered.
- Production annualised (attributable)
- 9.9m td
- Production (last FY, 100%)
- 9.6m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- 47.9%d
- Reserve life
- NM
- Head grade
- —
Core asset
Aluminium and energy platform
Australia · Brazil · Canada · Iceland · Norway · Spain · United States
Integrated operating cash-generating unit; physical facilities are separately registered.
- Production annualised (attributable)
- 2.6m td
- Production (last FY, 100%)
- 2.3m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- 49.7%d
- Reserve life
- NM
- Head grade
- —
Material
Locked Maaden listed equity
Saudi Arabia
Retained listed equity; modelling stage is a contract placeholder, not a mining development stage.
- Investee
- Saudi Arabian Mining Company / Maaden
- Holding
- —
- Shares held
- 85.98m
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- US$1.2b
Material
Darling Range: Huntly and Willowdale
Australia
Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- 25.8m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- —
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured and Indicated | 186.8 Mt attributable dry bauxite | 30.0% available alumina | Bauxite | 2025-12-31 |
| Mineral Resource | Inferred | 51.9 Mt attributable dry bauxite | Inferred category grade retained in annual table; not assigned M+I average | Bauxite | 2025-12-31 |
| Ore Reserve | Proved and Probable | 392.9 Mt attributable dry bauxite | 31.2% available alumina | Bauxite | 2025-12-31 |
Tenements1
Material
Juruti
Brazil
Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- 6.7m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- —
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured and Indicated | 63.5 Mt attributable dry bauxite | 45.3% available alumina | Bauxite | 2025-12-31 |
| Mineral Resource | Inferred | 514.2 Mt attributable dry bauxite | Inferred category grade retained in annual table; not assigned M+I average | Bauxite | 2025-12-31 |
| Ore Reserve | Proved and Probable | 70 Mt attributable dry bauxite | 47.0% available alumina | Bauxite | 2025-12-31 |
Tenements1
Material
Pocos de Caldas bauxite mines
Brazil
Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- 500.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- —
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured and Indicated | 9.2 Mt attributable dry bauxite | 37.1% available alumina | Bauxite | 2025-12-31 |
| Mineral Resource | Inferred | 2.9 Mt attributable dry bauxite | Inferred category grade retained in annual table; not assigned M+I average | Bauxite | 2025-12-31 |
| Ore Reserve | Proved and Probable | 2.1 Mt attributable dry bauxite | 40.7% available alumina | Bauxite | 2025-12-31 |
Tenements1
Material
Boke / CBG
Guinea
Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- 3.7m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- —
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured and Indicated | 1.4K Mt attributable dry bauxite | 46.6% total alumina; 3% moisture basis | Bauxite | 2025-12-31 |
| Mineral Resource | Inferred | 174.5 Mt attributable dry bauxite | Inferred category grade retained in annual table; not assigned M+I average | Bauxite | 2025-12-31 |
| Ore Reserve | Proved and Probable | 82.2 Mt attributable dry bauxite | 46.3% total alumina; 3% moisture basis | Bauxite | 2025-12-31 |
Tenements1
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 467.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Product and spec
- Smelter-grade alumina
- Nameplate capacity
- 3.9m t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Owned bauxite and contractual supply/offtake
- Offtake contracted
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 447.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 324.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Ownership
- 42.2%
- Description
- Power interest; attributable capacity 150 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 287.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Ownership
- 48.2%
- Description
- Demonstration technology option; no commercial cash-flow anchor.
- Book value
- —
- Ownership
- 25.5%
- Description
- Power interest; attributable capacity 155 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 351.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Ownership
- —
- Description
- US$24m Alcoa committed investment; ownership split is not disclosed in reviewed quarter, so 100 here denotes investment carrying exposure, not joint venture equity percentage.
- Book value
- —
- Ownership
- 100%
- Description
- Permanently closed September 2025; cleanup 2026–2031 included in legacy liability bridge.
- Book value
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 95.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Ownership
- 27.3%
- Description
- Power interest; attributable capacity 126 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Ownership
- 40%
- Description
- Power interest; attributable capacity 133 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 130.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 200.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Product and spec
- Smelter-grade alumina
- Nameplate capacity
- 4.7m t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Owned bauxite and contractual supply/offtake
- Offtake contracted
- —
- Product and spec
- Smelter-grade alumina
- Nameplate capacity
- 390.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Owned bauxite and contractual supply/offtake
- Offtake contracted
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 358.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Product and spec
- Smelter-grade alumina
- Nameplate capacity
- 1.6m t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Owned bauxite and contractual supply/offtake
- Offtake contracted
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 228.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
- Ownership
- 35%
- Description
- Power interest; attributable capacity 60 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Ownership
- 39%
- Description
- Calcined coke supply interest included in Aluminium platform input cost.
- Book value
- —
- Product and spec
- Smelter-grade alumina
- Nameplate capacity
- 2.9m t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Owned bauxite and contractual supply/offtake
- Offtake contracted
- —
- Ownership
- 100%
- Description
- Power interest; attributable capacity 821 MW. Internal electricity and external sales included in Aluminium platform.
- Book value
- —
- Product and spec
- Primary aluminium and value-added cast products
- Nameplate capacity
- 215.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- NM
- Feed source
- Internal and externally purchased alumina; contracted electricity
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
September reported unrestricted cash US$4,408m includes prefunding of the conditional acquisition. Debt carrying value US$4,822m; undrawn revolver US$1,250m. Acquisition has US$3,100m cash consideration plus fees and contingent claims.
Inventory composition5
US$2,570m operating working-capital inventory; no separate equity addition.
- Finished goods
- US$499M carrying
- Work in process
- US$400M carrying
- Bauxite and alumina
- US$647M carrying
- Purchased raw materials
- US$660M carrying
- Operating supplies
- US$364M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 264M
- Fully diluted
- 267.3M
263,969,874 ordinary common shares at 26 October plus 3,236,892 restricted units and 89,907 options outstanding 31 December 2025 gives 267,296,673 gross diluted proxy; current awards are not independently established. The 17,008,960 acquisition shares are conditional on completion.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Common shares outstanding 26 October 2026 | Ordinary Share | 264M | — | — |
| Gross restricted units outstanding 31 December 2025; dated current-denominator proxy | Performance Right | 3.2M | — | — |
| Gross incentive options outstanding 31 December 2025; no exercise-proceeds credit | Option | 89.9K | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY 2024A | FY 2025A |
|---|---|---|---|---|
| Operations | ||||
| Alumina produced | t | — | 9,640,000 | |
| Aluminium produced | t | — | 2,319,000 | |
| Profit and loss | ||||
| Third-party revenue, model scope | AUDm | 17,137.3 | 18,485.8 | |
| Operating costs and corporate charges | AUDm | 14,848.0 | 15,654.8 | |
| Adjusted operating cash earnings | AUDm | 2,289.3 | 2,831.0 | |
| Depreciation and allowances | AUDm | 924.9 | 897.6 | |
| Operating earnings proxy | AUDm | 1,364.4 | 1,933.4 | |
| Interest expense | AUDm | 224.8 | 227.6 | |
| Income tax | AUDm | 381.8 | (79.2) | |
| Net income attributable to Alcoa | AUDm | 86.4 | 1,666.9 | |
| Cash flow | ||||
| Operating cash flow | AUDm | 896.1 | 1,707.2 | |
| Capital expenditure | AUDm | 835.6 | 890.4 | |
| Free cash flow | AUDm | 60.5 | 816.9 | |
| Balance sheet | ||||
| Cash | AUDm | 1,639.5 | 2,300.8 | |
| Debt | AUDm | 3,666.6 | 3,513.9 | |
| Net debt | AUDm | 2,027.1 | 1,213.1 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 6.6 | 5.3 | |
| P / E (x, current market cap) | x | 169.5 | 8.8 | |
| FCF yield (current market cap) | % | 0.4% | 5.6% | |
| EBITDA margin | % | 13.4% | 15.3% | |
| Net debt / EBITDA (x) | x | 0.9 | 0.4 | |
KPI history
Operating metrics · Alumina and bauxite platform
| Metric | Unit | Trend | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Production (reported group scope) | t | 2,355,000 | 2,351,000 | 2,453,000 | 2,481,000 | 2,355,000 | 2,218,000 | — | |
| Adjusted production cost (reported group scope) | USD/t | 312 | 323 | 318 | 314 | 334 | 368 | — | |
| Realized product price (reported group scope) | USD/t | 575 | 378 | 377 | 341 | 324 | 334 | — |
KPI history
Operating metrics · Aluminium and energy platform
| Metric | Unit | Trend | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Production (reported group scope) | t | 564,000 | 572,000 | 579,000 | 604,000 | 607,000 | 636,000 | — | |
| Adjusted production cost (reported group scope) | USD/t | 2,775 | 2,718 | 2,441 | 2,478 | 2,468 | 2,481 | — | |
| Realized product price (reported group scope) | USD/t | 3,213 | 3,143 | 3,374 | 3,749 | 4,209 | 4,752 | — |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Quarterly free cash flow | USD | (298,000,000) | 422,000,000 | — |
Operating metric source table55
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Revenue | Company | 2023 | Year | 10,551,000,000 USD | Reported |
| Free Cash Flow | Company | 2023 | Year | -440,000,000 USD | Source Derived |
| Cash | Company | 2023 | Year | 944,000,000 USD | Reported |
| Revenue | Company | 2024 | Year | 11,895,000,000 USD | Reported |
| Free Cash Flow | Company | 2024 | Year | 42,000,000 USD | Source Derived |
| Cash | Company | 2024 | Year | 1,138,000,000 USD | Reported |
| Revenue | Company | 2025 | Year | 12,831,000,000 USD | Reported |
| Free Cash Flow | Company | 2025 | Year | 567,000,000 USD | Source Derived |
| Cash | Company | 2025 | Year | 1,597,000,000 USD | Reported |
| Debt | Company | 2025 | Year | 2,448,000,000 USD | Reported |
| Production (reported group scope) | Alumina System | Q1 2025 | Quarter | 2,355,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q1 2025 | Quarter | 312 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q1 2025 | Quarter | 575 USD/t | Reported |
| Production (reported group scope) | Metal System | Q1 2025 | Quarter | 564,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q1 2025 | Quarter | 2,775 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q1 2025 | Quarter | 3,213 USD/t | Reported |
| Production (reported group scope) | Alumina System | Q2 2025 | Quarter | 2,351,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q2 2025 | Quarter | 323 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q2 2025 | Quarter | 378 USD/t | Reported |
| Production (reported group scope) | Metal System | Q2 2025 | Quarter | 572,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q2 2025 | Quarter | 2,718 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q2 2025 | Quarter | 3,143 USD/t | Reported |
| Production (reported group scope) | Alumina System | Q3 2025 | Quarter | 2,453,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q3 2025 | Quarter | 318 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q3 2025 | Quarter | 377 USD/t | Reported |
| Production (reported group scope) | Metal System | Q3 2025 | Quarter | 579,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q3 2025 | Quarter | 2,441 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q3 2025 | Quarter | 3,374 USD/t | Reported |
| Production (reported group scope) | Alumina System | Q4 2025 | Quarter | 2,481,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q4 2025 | Quarter | 314 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q4 2025 | Quarter | 341 USD/t | Reported |
| Production (reported group scope) | Metal System | Q4 2025 | Quarter | 604,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q4 2025 | Quarter | 2,478 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q4 2025 | Quarter | 3,749 USD/t | Reported |
| Production (reported group scope) | Alumina System | Q1 2026 | Quarter | 2,355,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q1 2026 | Quarter | 334 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q1 2026 | Quarter | 324 USD/t | Reported |
| Production (reported group scope) | Metal System | Q1 2026 | Quarter | 607,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q1 2026 | Quarter | 2,468 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q1 2026 | Quarter | 4,209 USD/t | Reported |
| Production (reported group scope) | Alumina System | Q2 2026 | Quarter | 2,218,000 t | Reported |
| Adjusted production cost (reported group scope) | Alumina System | Q2 2026 | Quarter | 368 USD/t | Reported |
| Realized product price (reported group scope) | Alumina System | Q2 2026 | Quarter | 334 USD/t | Reported |
| Production (reported group scope) | Metal System | Q2 2026 | Quarter | 636,000 t | Reported |
| Adjusted production cost (reported group scope) | Metal System | Q2 2026 | Quarter | 2,481 USD/t | Reported |
| Realized product price (reported group scope) | Metal System | Q2 2026 | Quarter | 4,752 USD/t | Reported |
| Quarterly free cash flow | Company | Q1 2026 | Quarter | -298,000,000 USD | Reported |
| Quarterly free cash flow | Company | Q2 2026 | Quarter | 422,000,000 USD | Reported |
| Alumina production (reported group scope) | Alumina System | Q3 2026 | Quarter | 2,467,000 t | Reported |
| Adjusted operating cost per tonne shipped (reported group scope) | Alumina System | Q3 2026 | Quarter | 354 USD/t | Reported |
| Realized third-party alumina price (reported group scope) | Alumina System | Q3 2026 | Quarter | 353 USD/t | Reported |
| Aluminium production (reported group scope) | Metal System | Q3 2026 | Quarter | 649,000 t | Reported |
| Adjusted operating cost per tonne shipped (reported group scope) | Metal System | Q3 2026 | Quarter | 2,584 USD/t | Reported |
| Realized third-party aluminium price (reported group scope) | Metal System | Q3 2026 | Quarter | 4,527 USD/t | Reported |
| Free cash flow | Company | Q3 2026 | Quarter | 472,000,000 USD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Production | alumina-system | FY2026 | 9,500,000 | 9,600,000 t | Current |
| Production | metal-system | FY2026 | 2,400,000 | 2,600,000 t | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-23 | Debt | US$2.6B | — | — | Completed | — |
| 2026-06-30Ann. 2026-07-16 | Dividend | US$53M | — | — | Completed | — |
| 2026-07-01 | Raising | — | 17M | — | Announced | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Major contractual terms reviewed in the annual report, quarterly filings and transaction memorandum. San Ciprián became wholly owned in August. Complete power and currency contract settlement terms are unavailable.
Electricity and embedded metal-linked power settlement cash flows are included in operating net realization. Gross derivative liability is not deducted again.
Commodity Hedge · Active- Counterparties
- Multiple power counterparties
- Applies to
- Aluminium and energy platform · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Forward cash hedge loss: 376,000,000 USD
Embedded power derivative liabilities: 1,200,000,000 USD
No valuation treatment is available for this arrangement.
FX forwards/swaps cover AU USD sales to December 2032, Norway to December 2031, euro expenses to December 2027 and other disclosed periods. Full settlement rates unavailable; model uses broad FX sensitivity.
FX Hedge · Active- Counterparties
- Bank and utility counterparties
- Applies to
- Alumina and bauxite platform · Aluminium and energy platform · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Australia USD sales horizon: 2032-12-31 date
No valuation treatment is available for this arrangement.
The former 75/25 joint venture ended after conversion of an existing US$153 million Alcoa note and the US$28 million purchase of the remaining interest, effective 1 August 2026. The note was consolidated already and is not an external debt deduction.
Joint Venture · Terminated- Counterparties
- Trento EQT
- Applies to
- Alumina and bauxite platform · Aluminium and energy platform · Others
- Economic direction
- Mixed
- Period
- 2025-03-31 to 2026-08-01
- Key terms
- Alcoa equity share: 75 %
Convertible partner financing: 153,000,000 USD
This arrangement has ended; no current valuation treatment is required.
Alcoa owns 45% of Halco, which owns 51% CBG: effective 22.95%. Annual production, resource and reserve tables are already attributable.
Joint Venture · Active- Counterparties
- Guinea government · Halco partners
- Applies to
- Boke / CBG · Alumina and bauxite platform · Bauxite
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Effective interest: 22.95 %
No valuation treatment is available for this arrangement.
Alcoa holds 85,977,547 Maaden shares, one third becoming transferable on each third, fourth and fifth anniversary of the 1 July 2025 sale. Noncurrent marketable securities were US$1,389 million at 30 September 2026.
Other · Active- Counterparties
- Maaden
- Applies to
- Locked Maaden listed equity · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Shares received: 85,977,547 shares
Sale lockup: 2028–2030 years
No valuation treatment is available for this arrangement.
Conditional South32 AliGroup acquisition announced 30 June 2026 in the US and 1 July in Australia. South32 shareholders approved on 15 October; regulatory approvals and other conditions remain. Ownership transfers on completion, guided for the first half of 2027, and locked-box economics accrue from 1 April 2026 only if completed. The share consideration is 17,008,960 common shares or CDIs. Management estimated more than US$300 million in the locked box at 30 September.
Strategic Partnership · Conditional- Counterparties
- South32
- Applies to
- Alumina and bauxite platform · Aluminium and energy platform · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Cash consideration: 3,100,000,000 USD
New common shares: 17,008,960 shares
CVR maximum: 750,000,000 USD
Ticking fee: 5 %/yr
No valuation treatment is available for this arrangement.
Multi-year electricity and gas purchases stabilize continuity, but many prices float. Portland July 2026 contract runs nine years; NYPA starts April 2026 ten years; Iceland contract 2048 with 2028 renegotiation.
Offtake · Active- Counterparties
- AGL · NYPA · Hydro-Quebec · Landsvirkjun · Gas suppliers
- Applies to
- Aluminium and energy platform · Alumina and bauxite platform · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Portland contracted load: 587 MW
WA refinery gas coverage 2027: 90 %
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Preliminary, incomplete public-source screening: Alcoa leaders have disclosed relevant professional experience. The review identified company-level fatalities and environmental undertakings, and two civil proceedings naming the CEO, with important limits on individual attribution. Full person-specific and prior-employer diligence remains outstanding.
Decision-relevant facts
Material summary
William F. Oplinger
President and Chief Executive Officer
Q3 2026 company results
Alcoa reported third-quarter 2026 revenue of US$3.704 billion and net income attributable to the company of US$483 million, compared with US$232 million in the year-earlier quarter. Management attributes the sequential change partly to mark-to-market gains, costs and commodity prices.
Role overlaps event; causation unproven · Company-level financial result; no executive-specific causal contribution has been established.
Two Alumar workplace fatalities
Alcoa reported a maintenance employee fatality at its Alumar smelter in July 2025, followed by a separate September 2026 employee death that the company determined was work-related. In October 2026 Alcoa said its internal investigation into the latter was complete while it cooperated with partner and authority investigations.
Role overlaps event; causation unproven · The events occurred during executive tenure; sources do not establish personal fault or an individual breach.
Huntly clearing undertakings and regulatory transition
The Australian federal government reported A$55 million in enforceable undertakings relating to historical Huntly land clearing. The minister explicitly said this was not a court-imposed penalty. On 29 October 2026 the WA government announced tighter conditions under a transitional framework while the independent EPA assessment continued.
Role overlaps event; causation unproven · Roles overlap part of the period; no individual participation in, or personal responsibility for, the clearing was established.
Camire pension litigation and appeal
Oplinger is among defendants in a pension fiduciary-duty lawsuit. The district court dismissed the suit in March 2025 for lack of standing and denied a motion to amend in February 2026. Plaintiffs appealed; the public docket reviewed recorded filings through August 2026. No later appellate outcome was located in this review.
Individual involvement documented · He is named as a defendant; dismissal was on standing, not an adjudication of the allegations. Allegations do not establish misconduct.
Arconic securities class settlement
Oplinger was among defendants named in Howard v Arconic, a securities action alleging misleading statements related to Reynobond PE. The court approved a US$74 million settlement in 2023. Defendants denied the allegations.
Individual involvement documented · The notice names him as a defendant, but the settlement is not a finding of personal wrongdoing or a determination of the merits.
Evidence gaps · 6
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- Camire appeal docket last available through 27 August 2026; a later appellate decision was not established.
- The underlying partner and regulatory investigation reports into the 2025 and 2026 Alumar deaths were not obtained.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Molly S. Beerman
Executive Vice President and Chief Financial Officer
Q3 2026 company results
Alcoa reported third-quarter 2026 revenue of US$3.704 billion and net income attributable to the company of US$483 million, compared with US$232 million in the year-earlier quarter. Management attributes the sequential change partly to mark-to-market gains, costs and commodity prices.
Role overlaps event; causation unproven · Company-level financial result; no executive-specific causal contribution has been established.
Evidence gaps · 4
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Renato Bacchi
Executive Vice President and Chief Commercial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Andrew Hastings
Executive Vice President and General Counsel
Alcaparrosa sinkhole during Lundin tenure
Lundin subsidiary Ojos del Salado experienced a sinkhole near Alcaparrosa mine in July 2022. In January 2025 Chile’s environmental authority ordered permanent closure and fines. Lundin reported a September 2025 civil decision requiring backfilling, aquifer recharge, monitoring and local water infrastructure; it said it would work with authorities while considering next steps.
Role overlaps event; causation unproven · Hastings was Lundin general counsel at the time of the event but had left before the 2025 decisions; no personal role in causing the incident is established.
In-house legal representation on Caserones purchase
Cassels reported Lundin completed its 51% acquisition of Caserones in July 2023 and identified Hastings as Lundin’s internal legal representative.
Individual involvement documented · Independent transaction counsel identifies his internal legal role, but does not quantify his individual contribution or later investment outcome.
Evidence gaps · 6
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- A final outcome of subsequent Alcaparrosa challenges and implementation of remediation was not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
- Lundin’s Alcaparrosa record and transaction were reviewed, but the former employer’s full incident and legal history was not comprehensively searched.
Tammi A. Jones
Executive Vice President and Chief Human Resources Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Matthew T. Reed
Executive Vice President and Chief Operations Officer
Q3 2026 company results
Alcoa reported third-quarter 2026 revenue of US$3.704 billion and net income attributable to the company of US$483 million, compared with US$232 million in the year-earlier quarter. Management attributes the sequential change partly to mark-to-market gains, costs and commodity prices.
Role overlaps event; causation unproven · Company-level financial result; no executive-specific causal contribution has been established.
Two Alumar workplace fatalities
Alcoa reported a maintenance employee fatality at its Alumar smelter in July 2025, followed by a separate September 2026 employee death that the company determined was work-related. In October 2026 Alcoa said its internal investigation into the latter was complete while it cooperated with partner and authority investigations.
Role overlaps event; causation unproven · The events occurred during executive tenure; sources do not establish personal fault or an individual breach.
Huntly clearing undertakings and regulatory transition
The Australian federal government reported A$55 million in enforceable undertakings relating to historical Huntly land clearing. The minister explicitly said this was not a court-imposed penalty. On 29 October 2026 the WA government announced tighter conditions under a transitional framework while the independent EPA assessment continued.
Role overlaps event; causation unproven · Roles overlap part of the period; no individual participation in, or personal responsibility for, the clearing was established.
Arrium administration during mining leadership tenure
Arrium entered voluntary administration in April 2016 and creditors approved the sale of its steel and mining businesses to Liberty House in July 2017. OZ Minerals’ annual report records Reed held prior executive roles at Arrium; contemporaneous reporting identifies him as Arrium mining management in April 2016.
Role overlaps event; causation unproven · Reed was a mining executive during the administration; the evidence does not establish that he caused the group insolvency.
Prominent Hill fatality shortly after OZ appointment
OZ Minerals and contractor Byrnecut reported a worker was fatally injured underground at Prominent Hill on 5 September 2021; operations were temporarily suspended and South Australia Police and SafeWork SA began investigations. The 2022 annual report lists Reed as operations executive appointed 1 September 2021 and responsible for operational performance, including Prominent Hill. The later outcome of those investigations was not found.
Role overlaps event; causation unproven · The disclosed operations role began four days earlier; no evidence establishes individual fault or that Reed caused the incident.
2018 Tahmoor shaft incident at SIMEC Mining
At SIMEC Mining’s Tahmoor colliery, two workers were trapped in a shaft conveyance on 5 September 2018 and rescued around nine hours later. The NSW Resources Regulator issued a causal investigation describing mechanical causes and safety lessons.
Role overlaps event; causation unproven · Reed was SIMEC Mining COO during the period according to Alcoa, but the reviewed records do not establish his personal role in the incident.
Evidence gaps · 8
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- Independent records establishing Reed’s individual responsibility, if any, for the Arrium collapse were not found.
- The underlying partner and regulatory investigation reports into the 2025 and 2026 Alumar deaths were not obtained.
- No final police or SafeWork SA investigation outcome for the 5 September 2021 Prominent Hill fatality was obtained.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
- Prior-employer searches focused on selected Arrium, OZ Minerals and SIMEC events; other employers and remaining incidents were not comprehensively screened.
Marissa P. Earnest
Senior Vice President, General Counsel North American Operations and Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- Complete previous-employer chronology and formal qualifications were not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Andrew Estel
Senior Vice President, Strategy
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 6
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- Complete previous-employer chronology and formal qualifications were not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
- Alcoa’s official leadership page returned an empty JavaScript shell; current role is based on the 2025 issuer event and an October 2026 third-party executive list, not a directly viewed current issuer roster.
Emily Olson
Executive Vice President and Chief External Affairs Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Credential and professional licence claims have not been independently verified with awarding or licensing bodies.
- This is limited public-source screening; full prior-employer incident, litigation and regulator records were not obtained, and no personal clearance is inferred.
- Individual contribution to aggregate company results is not established.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Louis Langlois
Senior Vice President, Treasury and Capital Markets
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Officer list is dated March 2026; no dated departure notice was identified, and continuing appointment through the cutoff is not independently confirmed.
- The complete prior career, qualifications and professional registrations were not independently verified.
- Public searches do not constitute comprehensive court, sanctions, criminal or professional-record checks.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Renee R. Henry
Senior Vice President and Controller
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Officer list is dated March 2026; no dated departure notice was identified, and continuing appointment through the cutoff is not independently confirmed.
- The complete prior career, qualifications and professional registrations were not independently verified.
- Public searches do not constitute comprehensive court, sanctions, criminal or professional-record checks.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Heather Hudak
Senior Vice President, Tax
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Officer list is dated March 2026; no dated departure notice was identified, and continuing appointment through the cutoff is not independently confirmed.
- The complete prior career, qualifications and professional registrations were not independently verified.
- Public searches do not constitute comprehensive court, sanctions, criminal or professional-record checks.
- This report is a preliminary screening: nine topic rows include reused combined and company-level searches. They are not nine separate person-specific searches and do not establish comprehensive prior-employer diligence.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 9.00%Issued shares | 2025-03-31 | |
| 6.40%Issued shares | 2026-06-30 | |
| 5.50%Issued shares | 2026-03-31 | |
| 5.04%Issued shares | 2026-09-30 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- No coherent, dated top-20 registered-shareholder or CDI-holder table was located; register remains unavailable.
- U.S. beneficial-ownership notices give reporting-group authority, not a list of beneficial owners or direct CDI holders, and may overlap; do not sum them.
- Reported percentages and positions are historical, refer to different measurement dates, and are not a live ownership statement.
- Eagle Capital Management’s August 2026 notice reports 4.5% as of June 30 and is excluded from the substantial-holder table; cessation does not mean a zero holding.
- The October 30 Vanguard Portfolio filing was reviewed in a full-text reproduction; direct SEC document access was unavailable.
- The local ASX notice PDFs for 2025–2026 were image-based or used uninterpretable fonts; text extraction was insufficient to review them fully. The corresponding identified U.S. filings were checked where accessible, but comprehensive source coverage is not claimed.
- The BlackRock percentage shown is the 2025 filing’s 9.0%; Alcoa’s 2026 proxy computes 8.9% using the March 2026 outstanding-share count.
- South32 consideration shares in the proposed acquisition are conditional and are not included as existing holdings.
Sources
- Schedule 13G/A: BlackRock, Inc.
BlackRock, Inc. / SEC, issuer-hosted copy · Published 2025-04-17 · Accessed 2026-10-31
Beneficial ownership and filing percentage.
Cover page and item 4; event date 31 March 2025
- Schedule 13G: FMR LLC and Abigail P. Johnson
FMR LLC / U.S. Securities and Exchange Commission · Published 2026-08-06 · Accessed 2026-10-31
Joint beneficial ownership, fractional share count, and class percentage.
Cover pages and item 4; event date 30 June 2026
- Schedule 13G: Vanguard Capital Management
Vanguard Capital Management / U.S. Securities and Exchange Commission · Published 2026-04-29 · Accessed 2026-10-31
Beneficial ownership of common stock and class percentage.
Cover page and item 4; event date 31 March 2026
- Schedule 13G: Vanguard Portfolio Management
Vanguard Portfolio Management / SEC filing reproduced by StockTitan · Published 2026-10-30 · Accessed 2026-10-31
Beneficial ownership of common stock and class percentage; SEC accession 0002100121-26-001027.
Full filing reproduction: cover and item 4; event date 30 September 2026
- 2026 annual meeting proxy statement
Alcoa Corporation / U.S. Securities and Exchange Commission · Published 2026-03-19 · Accessed 2026-10-31
Issuer proxy discloses substantial holders and states percentage denominator includes shares underlying CDIs.
Page 76, Beneficial Ownership, common stock and footnotes
- Schedule 13G/A: Eagle Capital Management
Eagle Capital Management / U.S. Securities and Exchange Commission · Published 2026-08-14 · Accessed 2026-10-31
Reports 11,879,807 shares and 4.5%; item 5 marks 5% or less; not assumed to be a zero position.
Item 4 and item 5; event date 30 June 2026
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
Disclosed holding observations18 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-30 | Vanguard Portfolio Management LLC
Details & evidence for Vanguard Portfolio Management LLC on 2026-09-30Vanguard Portfolio Management reports beneficial ownership including affiliates, clients and funds; sole voting power 36,012 and sole dispositive power 13,325,566. Reporting scope may overlap other Vanguard interests; do not add positions or infer an individual trade. Source link is the official SEC XML; page numbers refer to the clearly labeled local XML reproduction.
SEC Schedule 13G — Vanguard Portfolio Management ↗ SEC Schedule 13G — Vanguard Portfolio Management ↗ | PositionAlcoa Corporation common stock | 13,325,566 | 5.04%Issued Shares |
| 2026-06-30 | Eagle Capital Management, LLC
Details & evidence for Eagle Capital Management, LLC on 2026-06-30Beneficial ownership disclosed at 4.5%; position does not establish any sale or zero holding.
Ceasing to be a substantial holder ↗ | PositionAlcoa Corporation common stock | 11,879,807 | 4.50%Issued Shares |
| 2026-06-30 | FMR LLC
Details & evidence for FMR LLC on 2026-06-30Joint Schedule 13G with Abigail P. Johnson; overlapping amounts are not additive. Fractional figure retained as disclosed.
Becoming a substantial holder ↗ | PositionAlcoa Corporation common stock | 16,996,106.28 | 6.40%Issued Shares |
| 2026-03-31 | Vanguard Capital Management LLC
Details & evidence for Vanguard Capital Management LLC on 2026-03-31Reported beneficial ownership includes Vanguard-managed client and fund holdings; sole dispositive power 14,538,713, sole voting 2,762,063; no transaction inferred.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ | PositionAlcoa Corporation common stock | 14,538,713 | 5.50%Issued Shares |
| 2026-03-13 | The Vanguard Group
Details & evidence for The Vanguard Group on 2026-03-13Zero beneficial ownership is reported after internal reporting realignment and disaggregation; no sale inferred.
Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | PositionAlcoa Corporation common stock | 0 | 0.00%Issued Shares |
| 2025-12-31 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2025-12-31Schedule 13G reports 12,091,626 CDIs and 4.7%; below threshold does not imply zero ownership or a particular sale.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa CHESS Depositary Interests | 12,091,626 | 4.70%Issued Shares |
| 2025-09-30 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2025-09-30Reported beneficial ownership and voting/dispositive power; no particular trade inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa CHESS Depositary Interests | 14,394,651 | 5.60%Issued Shares |
| 2025-06-30 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2025-06-30Reported beneficial ownership and voting/dispositive power; no particular trade inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa CHESS Depositary Interests | 15,630,823 | 6.00%Issued Shares |
| 2025-03-31 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2025-03-31Reported beneficial ownership and voting/dispositive power; no particular trade inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa CHESS Depositary Interests | 14,314,195 | 5.50%Issued Shares |
| 2025-03-31 | BlackRock, Inc.
Details & evidence for BlackRock, Inc. on 2025-03-31BlackRock and certain affiliates report 23,391,807 shares (9.0%); SEC Exhibit 99 identifies reporting subsidiaries and flags BlackRock Fund Advisors as holding 5% or greater. Do not add overlapping entity positions.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa Corporation common stock | 23,391,807 | 9.00%Issued Shares |
| 2024-12-31 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2024-12-31Initial Schedule 13G reports 14,049,850 CDIs and 5.4%, with sole voting and dispositive power; no individual trade inferred.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ | InitialAlcoa CHESS Depositary Interests | 14,049,850 | 5.40%Issued Shares |
| 2024-10-31 | BlackRock, Inc.
Details & evidence for BlackRock, Inc. on 2024-10-31BlackRock aggregate beneficial ownership 26,545,440; sole voting power 25,118,010 and sole dispositive power 26,545,440. BlackRock Fund Advisors flagged as holding 5% or greater; overlapping interests not added. No individual transaction inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa Corporation common stock | 26,545,440 | 10.30%Issued Shares |
| 2024-09-30 | Allan Gray Australia Pty Ltd
Details & evidence for Allan Gray Australia Pty Ltd on 2024-09-30Initial Schedule 13G reports 15,993,205 CDIs representing 15,993,205 common stock and 6.2% of the class, with sole voting and dispositive power. Item 6 says another person has rights to dividends or sale proceeds but does not identify that person; no underlying beneficiary or account is inferred. No individual trade inferred.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdAlcoa CHESS Depositary Interests | 15,993,205 | 6.20%Issued Shares |
| 2024-09-30 | BlackRock, Inc.
Details & evidence for BlackRock, Inc. on 2024-09-30BlackRock aggregate beneficial ownership 25,222,907; sole voting power 0 and sole dispositive power 25,222,907. BlackRock Fund Advisors flagged as holding 5% or greater; overlapping interests not added. No individual transaction inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionAlcoa Corporation common stock | 25,222,907 | 9.80%Issued Shares |
| 2024-09-30 | Eagle Capital Management, LLC
Details & evidence for Eagle Capital Management, LLC on 2024-09-30SEC 13G reports 15,443,997 common shares, 5.98%, sole voting power 12,408,152 and sole dispositive power 15,443,997; no trade inferred.
Becoming a substantial holder ↗ | PositionAlcoa Corporation common stock | 15,443,997 | 5.98%Issued Shares |
| 2023-12-31 | BlackRock, Inc.
Details & evidence for BlackRock, Inc. on 2023-12-31SEC 13G reports sole voting 19,918,208; sole disposal 21,622,197; shared voting and disposal 0. Client/fund holdings and affiliates may overlap; no individual trade is inferred. BlackRock Fund Advisors is marked as holding at least 5% in Exhibit A; do not add subsidiary and aggregate interests. Source URL is the official SEC primary filing; page numbers refer to a clearly labeled local reproduction.
SEC Schedule 13G/A — BlackRock, Inc. ↗ SEC Schedule 13G/A — BlackRock, Inc. ↗ | PositionAlcoa Corporation common stock | 21,622,197 | 12.10%Issued Shares |
| 2023-12-29 | The Vanguard Group
Details & evidence for The Vanguard Group on 2023-12-29SEC 13G reports sole voting 0; shared voting 58,649; sole disposal 17,733,231; shared disposal 225,804. Client/fund holdings and affiliates may overlap; no individual trade is inferred. Source URL is the official SEC primary filing; page numbers refer to a clearly labeled local reproduction.
SEC Schedule 13G/A — The Vanguard Group ↗ SEC Schedule 13G/A — The Vanguard Group ↗ | PositionAlcoa Corporation common stock | 17,959,035 | 10.06%Issued Shares |
| 2023-01-31 | The Vanguard Group
Details & evidence for The Vanguard Group on 2023-01-31SEC 13G reports sole voting 0; shared voting 131,240; sole disposal 17,557,363; shared disposal 249,337. Client/fund holdings and affiliates may overlap; no individual trade is inferred. Source URL is the official SEC primary filing; page numbers refer to a clearly labeled local reproduction.
SEC Schedule 13G/A — The Vanguard Group ↗ SEC Schedule 13G/A — The Vanguard Group ↗ | PositionAlcoa Corporation common stock | 17,806,700 | 10.06%Issued Shares |
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory29 documents
AAI ASX closing price observationMarket Data · HighExtracted
Latest eligible raw close AUD 55.50, 30 October 2026; volume 684132; market data provider via miners.collect_stock_prices. One AAI CDI represents one common share.
- Document ID
- priceclose
- Published UTC
- 2026-10-30T05:00:00+00:00
- Projects
- —
- Commodities
- others
Quarter ended 30 September 2026 Form 10-QResults · HighPartial
ASX lodged 08:19 on 30 October; SEC accepted 29 October. September balance sheet and nine-month cash flows, capacity, commodity operations, financing and transaction disclosures.
- Document ID
- q310q
- Published UTC
- 2026-10-29T21:19:00+00:00
- Projects
- —
- Commodities
- bauxite · others
LME aluminium October 29 cash bidCommodity Data · MediumExtracted
29 October cash bid US$3,070.50 per tonne, reported 30 October; benchmark does not include product or regional premiums. Timestamp is a date-only convention.
- Document ID
- lmespot
- Published UTC
- 2026-10-30T00:00:00+00:00
- Projects
- —
- Commodities
- others
AAI market snapshot at cutoffMarket Data · MediumExtracted
Local command miners.v8db.market_snapshot AAI with 263,969,874 global shares: 52-week range A$53.92–116.85, returns 1/3/12 months -8.73%/-13.63%/-6.86%, relative mining index +1.42/-9.13/-15.72 percentage points, 20-day average traded value A$16.23 million. Time is a date-only convention.
- Document ID
- marketstats
- Published UTC
- 2026-10-30T00:00:00+00:00
- Projects
- —
- Commodities
- —
Century Aluminum October 29 closeMarket Data · MediumExtracted
NASDAQ 29 October 2026 close US$34.65; used with dated filing share count. Timestamp is a date-only convention.
- Document ID
- cenxprice
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
Norsk Hydro October 29 market capitalizationMarket Data · MediumExtracted
Market capitalization US$14.43 billion on 29 October; external provider, basis not independently reconstructed. Timestamp is a date-only convention.
- Document ID
- hydrocap
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
Norges Bank dollar reference rateMarket Data · MediumExtracted
Norges Bank 29 October reference rate 9.2826 NOK per US dollar. Timestamp is a date-only convention.
- Document ID
- nokfx
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
China Hongqiao October 29 closeMarket Data · MediumExtracted
29 October close HK$19.86; interim June share count is a dated proxy and subsequent repurchases can alter it. Timestamp is a date-only convention.
- Document ID
- hongprice
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
Hong Kong dollar to renminbi rateMarket Data · MediumExtracted
29 October 2026 reference rate 0.8490 CNY per Hong Kong dollar. Timestamp is a date-only convention.
- Document ID
- hkdcnfx
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
Western Australia alumina FOB assessmentCommodity Data · MediumExtracted
29 October FOB Western Australia alumina US$393 per tonne, SMM market assessment. Timestamp is a date-only convention.
- Document ID
- aluminaspot
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- others
Latest eligible AUD/USD repository observationMarket Data · HighExtracted
RBA-labelled AUD/USD rate 0.6941 collected 26 October Australian time in data/metal_prices.db; underlying fix date is not stored. Indicative conversion as of prior to the ASX cutoff session.
- Document ID
- fxcutoff
- Published UTC
- 2026-10-25T19:36:04+00:00
- Projects
- —
- Commodities
- others
Norsk Hydro third quarter resultsOther · MediumExtracted
Q3 2026 adjusted EBITDA NOK 9,089 million and September net debt NOK 15.4 billion; different downstream and energy mix. Timestamp is a date-only convention.
- Document ID
- hydroresults
- Published UTC
- 2026-10-23T00:00:00+00:00
- Projects
- —
- Commodities
- others
Third quarter 2026 earnings call transcriptPresentation · HighExtracted
Management discussed Alumar restart, Pinjarra recovery, WA mining approval delay, anticipated working capital release, Massena East conditional sale and AliGroup completion; market outlook is management opinion.
- Document ID
- q3call
- Published UTC
- 2026-10-15T21:00:00+00:00
- Projects
- —
- Commodities
- bauxite · others
Debt offering closed, funding South32 cash considerationFinancing · HighExtracted
Closed $2.6bn senior notes: $1.5bn at 6.625% due 2034 and $1.1bn at 6.875% due 2036; net proceeds plus existing cash to fund $3.1bn acquisition cash portion; bridge commitment cancelled. Acquisition remains conditional. No September balance sheet published. Business Wire syndication timestamp 4:15PM EDT; SEC filing independently accepted 4:33:30PM EDT on the same date.
- Document ID
- septnotes
- Published UTC
- 2026-09-23T20:15:00+00:00
- Projects
- —
- Commodities
- others
Alcoa schedules Q3 2026 results for October 15Results · HighExtracted
Q3 earnings scheduled October 15, 2026, after NYSE close. Schedule only; no Q3 financial results included before cutoff. Business Wire syndicated publication timestamp 08:59AM EDT; Australian first reacting session September 16.
- Document ID
- q3schedule
- Published UTC
- 2026-09-15T12:59:00+00:00
- Projects
- —
- Commodities
- others
South32 notice and explanatory memorandum with independent expert reportTransaction · HighPartial
Cached physical pages reviewed; core financial, capacity and mineral tables visually checked. ASX upload includes September 11 SEC 8-K and September 10 South32 materials; image pages selectively reviewed, not all 320 pages. Exact ASX release instant preserved from source_timestamp_utc in the downloader manifest.
- Document ID
- southmemo
- Published UTC
- 2026-09-13T22:17:29+00:00
- Projects
- —
- Commodities
- bauxite · others
Institutional holdings summaryGovernance · MediumExtracted
Compiled June 2026 13F reports filed through August 31; positions are historic and may overlap or exclude non-reporting holders. Time is a date-only convention.
- Document ID
- institution13f
- Published UTC
- 2026-08-31T00:00:00+00:00
- Projects
- —
- Commodities
- —
China Hongqiao first-half 2026 resultsOther · MediumExtracted
H1 cash RMB46.144bn, bank debt RMB35.865bn, other notes and convertible instruments RMB31.570bn, and issued shares 9.819bn; financial accounts six months old. Timestamp is a date-only convention.
- Document ID
- hongresults
- Published UTC
- 2026-08-21T00:00:00+00:00
- Projects
- —
- Commodities
- others
Century Aluminum second quarter Form 10-QOther · MediumExtracted
June cash US$343.4 million, long-term debt US$480.0 million, 98,993,295 outstanding shares at August 4. Q2 results provide US$326.9 million adjusted EBITDA. Timestamp is a date-only convention.
- Document ID
- cenx10q
- Published UTC
- 2026-08-06T00:00:00+00:00
- Projects
- —
- Commodities
- others
Century Aluminum second quarter resultsOther · MediumExtracted
Q2 2026 adjusted EBITDA attributable to Century US$326.9 million and shipments 130,632 tonnes. Timestamp is a date-only convention.
- Document ID
- cenxresults
- Published UTC
- 2026-08-06T00:00:00+00:00
- Projects
- —
- Commodities
- others
FMR beneficial ownership filingGovernance · MediumExtracted
FMR reports 16,996,106 shares and 6.4% beneficial ownership as of June 30; voting and investment powers do not necessarily equal current holdings. Time is a date-only convention.
- Document ID
- fmr13g
- Published UTC
- 2026-08-06T00:00:00+00:00
- Projects
- —
- Commodities
- —
Second quarter 2026 Form 10-QResults · HighPartial
Cached physical pages reviewed; core financial, capacity and mineral tables visually checked. Only identified material sections are admitted as evidence; unread pages are not claimed. Timestamp records the verified SEC acceptance instant, a traceable public-availability bound, rather than an asserted earlier press-release time. SEC filing index https://www.sec.gov/Archives/edgar/data/1675149/000119312526326265/0001193125-26-326265-index.htm
- Document ID
- q210q
- Published UTC
- 2026-07-30T20:35:11+00:00
- Projects
- —
- Commodities
- bauxite · others
Second quarter 2026 financial resultsResults · HighPartial
Cached physical pages reviewed; core financial, capacity and mineral tables visually checked. Only identified material sections are admitted as evidence; unread pages are not claimed. Timestamp records the verified SEC acceptance instant, a traceable public-availability bound, rather than an asserted earlier press-release time. SEC filing index https://www.sec.gov/Archives/edgar/data/1675149/000119312526306118/0001193125-26-306118-index.htm
- Document ID
- q2results
- Published UTC
- 2026-07-16T20:12:48+00:00
- Projects
- —
- Commodities
- bauxite · others
Second quarter 2026 earnings call transcriptPresentation · HighExtracted
Cached physical pages reviewed; core financial, capacity and mineral tables visually checked. Only identified material sections are admitted as evidence; unread pages are not claimed. Exact conference-call start time 5PM EDT is printed on physical transcript page 1; subsequent transcript posting time is not disclosed.
- Document ID
- q2call
- Published UTC
- 2026-07-16T21:00:00+00:00
- Projects
- —
- Commodities
- bauxite · others
2026 annual meeting voting resultsGovernance · HighPartial
Reviewed governance disclosures; publication date uses ASX calendar date and the timestamp is a date-only convention.
- Document ID
- agm2026
- Published UTC
- 2026-05-12T00:00:00+00:00
- Projects
- —
- Commodities
- —
Annual Report and Form 10-K for FY2025Results · HighPartial
Cached physical pages reviewed; core financial, capacity and mineral tables visually checked. Only identified material sections are admitted as evidence; unread pages are not claimed. Exact ASX release instant preserved from source_timestamp_utc in the downloader manifest.
- Document ID
- annual2025
- Published UTC
- 2026-03-19T21:22:30+00:00
- Projects
- —
- Commodities
- bauxite · others
2026 annual meeting proxy statementGovernance · HighPartial
Reviewed governance disclosures; publication date uses ASX calendar date and the timestamp is a date-only convention.
- Document ID
- proxy2026
- Published UTC
- 2026-03-20T00:00:00+00:00
- Projects
- —
- Commodities
- —
USGS aluminium mineral commodity summaryOther · MediumExtracted
2026 commodity summary: bauxite resources 55–75 billion tonnes, US smelter restart plans; source date is January 2026 month-end convention. Timestamp is a date-only convention.
- Document ID
- usgsal
- Published UTC
- 2026-01-31T00:00:00+00:00
- Projects
- —
- Commodities
- others
2024 annual report and Form 10-KResults · HighPartial
2024 reserve and resource tables reviewed on physical pages 37–38. Timestamp is a date-only convention.
- Document ID
- annual2024
- Published UTC
- 2025-02-21T00:00:00+00:00
- Projects
- —
- Commodities
- bauxite · others
Evidence facts28
1 ratio
2025-12-31573000000.0 USD
2026-06-30263909445 shares
2026-07-272000000 shares
2026-06-301352000000.0 USD
2026-06-302225000000.0 USD
2026-06-307370000000.0 USD
2026-06-301360000000.0 USD
2026-06-301025000000.0 USD
2026-06-30209000000.0 USD
2026-06-3067000000.0 USD
2026-06-30100 %
2026-08-0128000000.0 USD
2026-08-0117008960 shares
2026-09-10750000000.0 USD
2026-09-104787000000.0 USD
2026-03-312600000000.0 USD
2026-09-2355.5 AUD/share
2026-10-300.6941 USD/AUD
2026-10-26263969874 shares
2026-10-264408000000.0 USD
2026-09-304822000000.0 USD
2026-09-308245000000.0 USD
2026-09-301315000000.0 USD
2026-09-301072000000.0 USD
2026-09-30476000000.0 USD
2026-09-302467000 t
2026-09-30649000 t
2026-09-30Conflicts requiring judgment1
- Q2 producer AISC versus adjusted production cost
Use latest quarter disclosed adjusted production operating cost, explicitly not AISC. Mineral resource/ reserve tonnage remains annual and is already attributable; neither metric is silently overwritten.