Alcoa Reports Strong Q2 Results Amid Challenges in Spain

Published 5 hours agoAA

Alcoa Reports Strong Q2 Results Amid Challenges in Spain

Alcoa Corporation has posted robust financial results for the second quarter of 2023, with revenue reaching $2.68 billion, marking a 1% increase from the previous quarter. The rise is attributed to higher shipments in both the Alumina and Aluminum segments, with third-party alumina shipments jumping by 11% and aluminum shipments up by 4%. However, production faced some setbacks; alumina output dropped by 7% due to unplanned maintenance at the Alumar refinery in Brazil. Despite these successes, Alcoa reported a net loss of $102 million, largely due to weaker aluminum prices and elevated production costs.

In strategic moves, Alcoa has completed a pension annuitization deal worth $235 million for Canadian retirees. This is alongside a new supply agreement with Emirates Global Aluminium to deliver up to 15.6 million metric tons of smelter-grade alumina over the next eight years, starting in 2024. However, the company's cash position stands strong at $1.0 billion by the end of the quarter.

Operational hurdles in Spain are a key concern, as Alcoa continues to engage with the Spanish government over energy cost issues at the San Ciprián complex. Reuters has highlighted that uncompetitive long-term energy costs and delays in alternative energy development are compounding challenges for the company amidst a European market slowdown. Alcoa is investing $65 million this year to meet its obligations under the Viability Agreement and is actively seeking sustainable solutions in collaboration with local authorities and worker representatives.

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