Alcoa Announced First Quarter 2024 Results

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation reported results for the first quarter of the current year.

The net loss attributable to Alcoa Corporation was $252 million, or $1.41 per share during the year. The adjusted net loss was $145 million, or $0.81 per share. The adjusted EBITDA excluding special items was $132 million, higher by $43 million over the sequential quarter, aided by lower energy and raw material costs. Meantime, production costs recorded increase during the quarter.

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The alumina production by the company recorded 4% dip over the sequential quarter to total 2.67 million metric tons, mainly contributed by lower production from Australian refineries. Meantime, the aluminum production during Q1 this year stood at 542,000 metric tons, consistent with the production during the sequential quarter.

The third party shipments of alumina were up 6% over the prior quarter. On the contrary, aluminum shipments recorded marginal decline by 1% from Q4 2023. The total third party revenue, at $2.6 billion, was consistent with the prior quarter.

William F. Oplinger, President and CEO, Alcoa said that the company has spotted improvement in raw material prices and market sentiments. Alcoa plans to implement near-term improvements to further strengthen the company for the future, he added.