Alcoa Corporation Posted Surge in Q4 Aluminum Output

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation announced fourth quarter and full year 2023 results.

According to company press release, it produced 541,000 metric tons of aluminum in Q4 last year, marginally higher by 2% from the strong output witnessed in Q3. On the other hand, lower production from Australia refineries led to marginal 1% quarter-on-quarter decline in alumina production to 2.79 million metric tons.

The third party revenue in the Alumina segment registered decline by 5%, whereas that from Aluminum segment increased by 2%. The total third party revenues in Q4 2023 remained flat over the prior quarter to total $2.60 billion. The third party shipments of alumina posted sequential decline by 5%. Meantime, the total shipments from Aluminum segment increased marginally by 1%. 

The net loss attributable to Alcoa Corporation was $150 million, or $0.84 per share. The adjusted EBITDA excluding special items was $89 million.

For the full year 2023, alumina production declined 13%, while aluminum production surged higher by 5%. The third party shipments of alumina and aluminum registered decline by 5% and 3% respectively. The total third party revenue declined 15% to $10.6 billion. The net loss attributable to Alcoa Corporation was $651 million, or $3.65 per share. The adjusted net loss stood at $405 million, or $2.27 per share.

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