Global Aluminium giant reports strong performance

January 24, 2025 — Alcoa Corporation, one of the largest aluminium producers in the world, has announced significant improvements in its financial performance for both the fourth quarter and full year 2024. The results underpin the continued strength in alumina and aluminium pricing, coupled with considerable advancements in operational stability. Full-year revenue increased 13% to $11.9 billion, with fourth-quarter revenue up 20% sequentially to $3.5 billion.

The fourth quarter specifically saw strong growth across key metrics. Revenue increased 20% and net income jumped 124% sequentially. These improvements were driven by higher alumina and aluminium prices and increased alumina shipments, partially offset by higher production costs and restructuring charges.

Alcoa owns production facilities in the US, Canada, Australia, Brazil and several European countries and has joint ventures and acts as a non-operating partner with companies in Brazil, Canada, Guinea and Saudi Arabia.

Alcoa highlighted several key achievements for the full year in its performance results announcement. Annual production records were set at five smelters across the U.S., Canada, and Norway. A long-term agreement was extended to supply smelter-grade alumina to Aluminium Bahrain B.S.C. (Alba). A $645 million profitability improvement program was successfully delivered, exceeding its target with $675 million in improvements. The curtailment of the Kwinana refinery in Australia was completed. The acquisition of Alumina Limited was finalized. An agreement for the sale of a 25.1% interest in the Ma’aden joint ventures was announced.

“Reflecting on 2024, it was a productive year for Alcoa as we delivered on strategic actions and operational improvements,” said Alcoa President and CEO William F. Oplinger. “Looking ahead to 2025, we will continue to drive operational excellence and improve our overall competitiveness.”

Alcoa provided its outlook for 2025, anticipating alumina production between 9.5 and 9.7 million metric tons and aluminium production between 2.3 and 2.5 million metric tons. Alcoa's strong 2024 results demonstrate its resilience and ability to capitalize on market conditions while implementing strategic operational improvements. The company's focus on operational excellence and competitiveness positions it well for continued success in 2025.

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