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3Q21 Results : Alcoa sets another record for quarterly net income and earnings per share PITTSBURGH - October 14 , 2021 - Alcoa Corporation ( NYSE : AA ) today reported its highest quarterly net income and earnings per share , eclipsing the prior quarter's record - setting financial performance and continuing to capture benefits from strong aluminum pricing . Third Quarter Highlights Grew revenue to $ 3.1 billion , a sequential increase of 10 percent ● Set a record for quarterly net income of $ 337 million and earnings per share of $ 1.76 Realized a 39 percent sequential increase in adjusted net income to $ 391 million , and an 18 percent sequential increase in Adjusted EBITDA excluding special items to $ 728 million Announced plans to restart 268,000 metric tons of curtailed aluminum capacity at the Alumar smelter in São Luís , Brazil , to be fully operational in the fourth quarter of 2022 Redeemed $ 500 million in higher - interest rate notes ; no debt maturities until 2027 Strengthened the balance sheet with total debt at $ 1.8 billion and net debt of $ 350 million as of September 30 , 2021 ; proportional adjusted net debt of $ 1.7 billion , below the Company's target range of $ 2.0 billion to $ 2.5 billion Generated $ 435 million in cash from operations ; finished the quarter with a cash balance of $ 1.45 billion Financial Results M , except per share amounts Revenue Net income ( loss ) attributable to Alcoa Corporation Earnings ( loss ) per share attributable to Alcoa Corporation Adjusted net income ( loss ) Adjusted earnings ( loss ) per share Adjusted EBITDA excluding special items Investor Contact : Media Contact : James Dwyer Jim Beck +1 412 992 5450 +1 412 315 2909 1 Alcoa 3Q21 $ 3,109 $ 337 $ 1.76 $ 391 $ 2.05 $ 728 2Q21 $ 2,833 $ 309 $ 1.63 $ 281 $ 1.49 $ 618 James.Dwyer@alcoa.com Jim.Beck@alcoa.com 3Q20 $ 2,365 $ ( 49 ) $ ( 0.26 ) $ ( 218 ) $ ( 1.17 ) $ 284