SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation announced that yearly aluminum production by the company recorded marginal decline by 3% in 2021. The curtailment of the Intalco smelter more than offset the increased output on account of the ABI, Quebec smelter. Meantime, the reduced output from the Alumar refinery led to 2% decline in annual alumina production.
The total third party aluminum shipments in 2021 remained flat over the previous year. The higher demand and the restart of ABI smelter led to 18% surge in shipment volume of value-added aluminum products. Meantime, the third party alumina shipments remained flat, said the company press release.
The revenues in 2021 surged higher by 31% to $12.2 billion, mainly driven by higher alumina and aluminum prices as well as the higher premiums for value added products. The company reported net income of $429 million or $2.26 per share, a significant improvement in comparison with net loss of $170 million or $0.91 per share recorded in 2020. The adjusted net income increased considerably in 2021 to $1.3 billion or $6.83 per share.
The company ended the year with cash on hand of $1.9 billion, which includes restricted cash of $110 million.