Alcoa Sells Remaining Alumar Stake for $150M

TL;DR

Alcoa selling Alumar stake for $150M, closing H2 2024.

AI Summary

Alcoa Corporation announced on June 11, 2024, that it has entered into a definitive agreement to sell its remaining interest in the Alumar refinery to South32 Limited for $150 million. This transaction is expected to close in the second half of 2024, subject to customary closing conditions. The sale is part of Alcoa's strategy to optimize its portfolio.

Why It Matters

This divestiture allows Alcoa to further streamline its operations and focus on its core aluminum production assets, potentially improving financial flexibility.

Risk Assessment

Risk Level: low — The transaction is a straightforward asset sale with a clear price and expected closing timeline, indicating low execution risk.

Key Numbers

• $150 million — Sale Price (Proceeds from the sale of Alcoa's remaining interest in the Alumar refinery.)

Key Players & Entities

• Alcoa Corporation (company) — Seller
• South32 Limited (company) — Buyer
• Alumar refinery (company) — Asset being sold
• $150 million (dollar_amount) — Sale price
• June 11, 2024 (date) — Announcement date
• second half of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share AA New York Stock Exchang

Filing Documents

• dp212687_8k.htm (8-K) — 37KB
• dp212687_ex9901.htm (EX-99.1) — 27KB
• image_002.jpg (GRAPHIC) — 2KB
• 0000950103-24-008148.txt ( ) — 250KB
• aa-20240611.xsd (EX-101.SCH) — 3KB
• aa-20240611_lab.xml (EX-101.LAB) — 33KB
• aa-20240611_pre.xml (EX-101.PRE) — 22KB
• dp212687_8k_htm.xml (XML) — 4KB

01

Item 8.01 Other Events. On June 11, 2024, Alcoa Corporation issued a press release announcing an update on the status and expected timing for completion of the previously announced acquisition of Alumina Limited. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Exhibit 99.1 Press Release issued by Alcoa Corporation 104 Cover Page Interactive Data File, formatted in inline XBRL. Caution Concerning Forward-Looking Statements This Current Report on Form 8-K contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "potential," "plans," "projects," "reach," "seeks," "sees," "should," "strive," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation ("Alcoa") that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding the proposed transaction; the ability of the parties to complete the proposed transaction; the expected benefits of the proposed transaction, the competitive ability and position following completion of the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes a

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 11, 2024 ALCOA CORPORATION By: /s/ Marissa P. Earnest Name: Marissa P. Earnest Title: Senior Vice President, Chief Governance Counsel and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR