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1 v OUR VALUES Act with Integrity Operate with Excellence Care for People Lead with Courage March 2025 Investor Presentation
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2 Cautionary Statement regarding Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to LME or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum industry; (o) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (p) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (q) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (r) dilution of the ownership position of the Company’s stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (s) our ability to obtain or maintain adequate insurance coverage; (t) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (u) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (v) our ability to fund capital expenditures; (w) deterioration in our credit profile or increases in interest rates; (x) impacts on our current and future operations due to our indebtedness; (y) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (z) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (aa) labor market conditions, union disputes and other employee relations issues; (bb) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (cc) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other reports filed by Alcoa with the SEC. Alcoa Corporation cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward- looking statements and none of the information contained herein should be regarded as a representation that the forward-looking statements contained herein will be achieved.
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3 Important information Non-GAAP Financial Measures This presentation contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the appendix to this presentation. Alcoa Corporation does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Resources This presentation can be found under the “Events and Presentations” tab of the “Investors” section of the Company’s website, www.alcoa.com.
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4 Global operations and summary of business segments Upstream aluminum company built to perform throughout the cycles Global operations by product Aluminum ▪ First quartile of bauxite and alumina cost curves2 ▪ 41.3 Mdmt bauxite and 13.2 Mmt alumina shipments, FY24 ▪ 85% of bauxite shipments to Alcoa refineries and 68% of alumina shipments to third parties, FY24 ▪ Offering EcoSourceTM alumina, made with low carbon emitting processes ▪ Approximately 13,900 global employees ▪ Direct and indirect ownership of 26 operating locations across nine countries on six continents ▪ Highly rated for corporate governance1 ▪ Second quartile of aluminum cost curve ▪ 2.6 Mmt shipments, FY24 ▪ 100% of shipments to third parties ▪ Offering SustanaTM brand EcoLumTM (low carbon) and EcoDuraTM (recycled content) products ▪ Among world’s largest bauxite miners and largest alumina producer excluding China ▪ 87% of the aluminum smelting portfolio powered by renewable energy sources3 in 2023, exceeding the 85% target set for 2024 Business segments 1. ISS Governance QualityScore: 1 (highest). 2. Full impacts being assessed and could place Alumina in second quartile until new mine regions are accessed. 3. Defined as energy derived from natural processes that are replenished constantly, such as sunlight, wind and hydropower; s ource: 2024 Alcoa Form 10-K.
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5 Key areas of focus for 2025 Maintaining fast pace of execution in 2025 Commercial excellence Customer focus Security of supply Product quality and innovation Sustainability Site viability efforts Execute on San Ciprián Targeted portfolio improvements Positive safety performance Made strong progress last two years; driving for more Australian stakeholder engagement Work collaboratively with regulators to maintain right to mine for decades to come Embed high performance culture Leverage new talent across the system Solid objectives, constructive feedback, refreshed behavior model Continuous pursuit of operational excellence Modernizing Alcoa Business System Improve Brazil operations Safe operations correlate to stability, productivity and continuous improvement Growth opportunities Execute pragmatic growth, organic and inorganic Invest in breakthrough technologies at measured pace Our actions position Alcoa to be the premier aluminum company Capitalize on positive market fundamentals to deliver value to our stockholders Capital allocation De-lever the balance sheet and reposition debt Deploy excess cash under capital allocation framework
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6 Sources: Alcoa analysis, CRU, LME, Platts. Prices are updated through March 05. 1. 50% MWPDP, 40% RDM DP, 10% MJP. Recent alumina and aluminum index price history, market dynamics and outlook Alumina price at all-time high in 4Q24; strong aluminum fundamentals Platts FOB WA Alumina, $/t ▪ Current market ▪ Market tightness mainly due to lower than expected supply ▪ In China, alumina stocks at low levels; bauxite export disruptions from Guinea tightened the market further ▪ 2025 outlook ▪ Supply growth expected from expansions in Indonesia, India and China, which should accelerate in 2H25 ▪ Potential risks remain from disruptions, delays in refinery ramp ups 465 300 400 500 600 700 800 900 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 Aluminum Alumina ▪ Current market ▪ Packaging, electrical supporting demand in Europe and N. America; building & construction, transportation remain challenged ▪ Smelters cutting production or delaying ramp ups (China, Russia, Indonesia) due to high alumina prices ▪ 2025 outlook ▪ Year starts on strong fundamentals – demand supported by lower average interest rates YoY, China stimulus; supply growth limited by high alumina price, China capacity cap, limited project pipeline ▪ Uncertainty on tariffs 3,226 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 Jan/24 Apr/24 Jul/24 Oct/24 Jan/25 Apr/25 LME aluminum + weighted premia1, $/t
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7 Portland Alcoa benefits from its positioning: Vertical integration from mine to metal Aluminum Close proximity to customers in North America & Europe Alumina/bauxite Global network of mines and refineries Alcoa’s competitive advantages make it a premier aluminum supplier Well-positioned to respond to shifts in global market dynamics 1. Security of supply 2. Product quality & innovation 3. Sustainability Security of supply to customers is key in dynamic markets Warrick Massena West Déschambault São Luís Juruti Guinea Lista MosjøenFjarðaál Pinjarra Wagerup Willowdale Bécancour Baie-Comeau San Ciprián Huntly Poços de Caldas ALUMINA Mine Refinery ALUMINUM Smelter/Casthouse
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8 U.S. primary aluminum imports by country of origin (2023 full-year actuals, Mmt) U.S. imports 4.4Mmt1 of primary aluminum; limited U.S. idled capacity 2.8 U.S. primary aluminum balance Canada Sources: CRU, Descartes Datamyne. 1. Does not account for change in inventory. 2. Trade data covers HS codes 7601 and 7605; Other countries account for the r emaining 0.3Mmt imports. Middle East Argentina India Australasia 0.8 0.2 0.1 0.2 Apparent Consumption1 0.8 Production 0.7 Exports2 Imports2 4.5 4.4
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9 Capital expenditures to sustain and improve existing operations Maintain strong balance sheet through the cycle Return cash to stockholders Position for growth Transform portfolio Maximize value creation Capital allocation framework Maximize value creation Return cash to stockholders ▪ 4Q24 dividend payments totaled $27 million Transform portfolio ▪ Continue to take actions to optimize smelter and refinery capacity ▪ Aggressively pursue productivity and competitiveness improvements Position for value-creating growth ▪ Fund projects that are expected to provide returns to stockholders greater than cost of capital ▪ Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Capital allocation framework and value creation considerations Maximizing value creation through balanced use of cash
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10 Appendix
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11 Aluminum segment product offerings and end markets examples Offering a variety of value add aluminum products and P1020
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12 0 140130120110100908070 2 50403020100 60 8 Alumina production, Mt 10 20 0 706560 30 50454035302520151050 55 Aluminum production, Mt Sources: IAI, CRU, Alcoa analysis 1. Considering the same emission scopes for comparison purposes 2. Third -party verified 3. Alcoa’s third-party verified EcoLum cradle-to-gate carbon footprint numbers have been calculated using a location - based scope 2 reporting approach aligned with EN15804+A2 and ISO14040 and ISO14044 requirements. 4. Recycled content is defi ned using mass balance / credit allocation system at product line and production facility level Summary of Sustana® products and position on carbon emissions curves Full product suite with carbon advantages, recycled content Alcoa Sustana product line Metric tons of CO2e/mt, by product ▪ Primary aluminum with emissions less than 4.0 tonne CO2e per tonne aluminum (scope 1 and 2, from mining, refining, smelting and casting) ▪ Emission intensity less than one third the industry average1 ▪ Cradle-to-gate carbon footprint3 information for all product groups (ingot, foundry, slab, billet, wire rod) ▪ Alumina products from a refinery portfolio with average emissions intensity below 0.6 tonne CO2e per tonne of alumina (scope 1 and 2, mining and refining) ▪ Emission intensity less than half the industry average1 ▪ Cradle-to-gate carbon footprint information2 for Smelter-grade alumina, and certain Non-metallurgical grades ▪ Minimum 50% recycled content4 (pre-consumer scrap) ▪ Available globally Aluminum EcoLum ® ASI certifications available for all products and 18 sites Learn more at www.Alcoa.com/sustana Alumina EcoSource ®
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13 v 4Q24 Financial and other information as presented on January 22, 2025
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14 Highlighting notable 2024 actions 2024: A successful year for Alcoa • Improved key safety metrics • Operated under new mine conditions in Western Australia • Promoted high performance culture • Annual production records at five aluminum smelters • Relaunched Alcoa Business System • Integrated strategic talent • Alumina: extension of Alba long-term supply contract; announced first EcoSource non metallurgical alumina sales • Aluminum: customer-supplier partnerships; third straight year of award-winning alloys; EcoLum now half of all sales in Europe; joined World Economic Forum’s First Suppliers Hub • Growth capex to support customer needs in value add products • Delivered $645M profitability improvement program • Progressed Alumar smelter restart • Curtailed Kwinana refinery • Improved bauxite logistic costs • Secured energy supply agreements • Completed Alumina Limited acquisition • Initiated sale of 25.1% stake in Ma’aden JVs • Progressed San Ciprián • $90M returned to stockholders through quarterly dividend • Issued first green bond • Started de-levering with $385M debt repayment Operations Commercial Cost Structure Capital Allocation
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15 Quarterly income statement summary Improvement across all key financial metrics 3Q24 4Q24 FY23 FY24 Third party realized prices ($/mt) Realized primary aluminum price $2,877 $3,006 $2,828 $2,841 Realized alumina price $485 $636 $358 $472 Income statement highlights (millions, except per share amounts) Revenue $2,904 $3,486 $10,551 $11,895 Net income (loss) attributable to Alcoa Corporation $90 $202 $(651) $60 Earnings (loss) per common share $0.38 $0.76 $(3.65) $0.26 Adjusted income statement highlights (millions, except per share amounts) Adjusted EBITDA excluding special items $455 $677 $536 $1,589 Adjusted net income (loss) attributable to Alcoa Corporation $135 $276 $(405) $296 Adjusted earnings (loss) per common share $0.57 $1.04 $(2.27) $1.35
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16 4Q24 Sequential changes in Adjusted EBITDA excluding special items, $M EBITDA improves with higher prices 455 677 59 88 124 4 10 50 3Q24 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other 4Q24 (28) (10) (75) 3Q24 4Q24 Change Alumina1 $367 $716 $349 Aluminum1 180 194 14 Transformation (14) (18) (4) Intersegment eliminations (38) (156) (118) Other corporate (40) (59) (19) Total $455 $677 $222 1. Segment Adjusted EBITDA
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17 Market and profitability actions generated cash; began de-levering Quarter cash bridge and FY24 Cash flow information, $M 9/30/24 to 12/31/24 Cash balance changes 1,313 1,138 677 20 9/30/24 Cash Adj. EBITDA excl. specials Change in debt Working capital change Capital expend- itures Env/ ARO payments Restruct. payments Cash income tax payments Interest payments Cash dividends Other, net 12/31/24 Cash (351) (169) (69) (48) (43) (43) (27) (122) FY24 Cash flow information 580 252 245 188 146 137 90 126 Uses Capital expenditures Working capital change Environmental/ARO Restructuring Cash income taxes Interest payments Cash dividends Other 1,764 1,589 353 16 Sources Adjusted EBITDA excl. special items Net additions to debt Net NCI contributions 1,958
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18 Exceeded target for profitability initiatives Achievement on profitability program, $M Profitability improvement program 310 100 90 75 70 Target Raw materials Productivity and competitiveness program Warrick optimization and IRA Alumar smelter restart Kwinana curtailment 645 385 80 60 105 45 Achieved 675 ▪ Deployed profitability improvement program successfully ahead of schedule ▪ Surpassed raw materials year over year goal ▪ Ongoing pursuit of profitability improvement as normal course of business Commentary
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19 Strong key metrics at year end 2024 Key financial metrics and cash flow information, 4Q24 and FY24 1. Excludes $96 million of restricted cash Key financial metrics FY24 Return on equity 6.5% FY24 Free cash flow plus net NCI contributions $58M 4Q24 Cash balance $1.1B1 4Q24 Consolidated adjusted net debt $2.1B 4Q24 Commentary ▪ Working capital decreased 11 days sequentially to 34 days ▪ $385 million debt payment decreased cash balance to $1.1 billion ▪ Capital allocation framework unchanged; focus on de-levering in the near term FY24 Capital returns to stockholders $90M 4Q24 Days working capital 34 Days
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20 1. Estimate will vary with market conditions and jurisdictional profitability 2. Net of pending tax refunds 3. As of December 31, 2024, the environmental remediation reserve balance was $ 220M and the ARO liability was $895M FY24 and FY25 Key metrics 2025 Outlook Income statement excl. special items impacts FY24 Actual FY25 Outlook Alumina production (Mmt) 10.0 9.5 – 9.7 Alumina shipments (Mmt) 13.2 13.1 – 13.3 Aluminum production (Mmt) 2.2 2.3 – 2.5 Aluminum shipments (Mmt) 2.6 2.6 – 2.8 Transformation (adj. EBITDA impacts) $(62)M ~$(75)M Intersegment eliminations (adj. EBITDA impacts) $(231)M Varies Other corporate (adj. EBITDA impacts) $(183)M ~$(170)M Depreciation, depletion and amortization $642M ~$640M Non-operating pension/OPEB expense $16M ~$25M Interest expense $156M ~$165M Operational tax expense1 $351M Varies Net income of noncontrolling interest $20M - Cash flow impacts FY24 Actual FY25 Outlook Pension / OPEB cash funding $67M ~ $70M Stock repurchases and dividends $90M Varies Return-seeking capital expenditures $139M ~$75M Sustaining capital expenditures $441M ~$625M Payment of prior year income taxes2 $28M ~$50M Current period cash taxes1 $118M Varies Environmental and ARO payments3 $245M ~$240M Impact of restructuring and other charges $188M TBD Additional market sensitivities and business information are included in the appendix.
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21 Important step forward for San Ciprián Memorandum of understanding (MoU) summary and partnership timeline Parties to MoU Key areas of cooperation 75% Owner 25% Owner Strategic partnership timeline Objectives 3Q24 4Q24 1Q25 Sale process concluded with no viable offer Announced proposed agreement with IGNIS EQT Progressed energy options, contracts and agreements Announced MoU Finalize partnership agreement Discussions with stakeholders, governments, unions and employees • Prioritize primary aluminum production over immediate capital investments • Streamline authorization of renewable energy projects • Deploy policies to achieve competitive energy costs • Provide materially higher CO2 compensation support • Support residue storage area capital projects approval • Alcoa Inespal SL • IGNIS EQT • National Government of Spain • Regional Government Xunta de Galicia • Express the intentions of the parties to work cooperatively toward improving the long-term operation of the San Ciprián complex • Prerequisite to the formation of the strategic partnership with IGNIS Equity Holdings, SL (IGNIS EQT)
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22 4Q24 Summary / Going forward 4Q24 accomplishments; continuing momentum for 2025 Fourth quarter summary ▪ No fatal or serious injuries (FSIAs) ▪ Significant financial improvement ▪ Surpassed profitability improvement target ▪ Repaid Alumina Limited debt Going forward ▪ 2025 key areas of focus ▪ Complete sale of Ma’aden joint ventures ▪ Advance overall competitiveness ▪ Benefit from strong market fundamentals and outlook
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23 Quarterly income statement for 4Q23, 3Q24 and 4Q24 Quarterly income statement Millions, except realized prices and per share amounts 4Q23 3Q24 4Q24 Prior Year Change Sequential Change Realized primary aluminum price ($/mt) $2,678 $2,877 $3,006 $328 $129 Realized alumina price ($/mt) $344 $485 $636 $292 $151 Revenue $2,595 $2,904 $3,486 $891 $582 Cost of goods sold 2,425 2,393 2,714 289 321 SG&A and R&D expenses 78 82 97 19 15 Depreciation, depletion and amortization 163 159 159 (4) 0 Other (income) expenses, net (11) 12 42 53 30 Interest expense 28 44 45 17 1 Restructuring and other charges, net (11) 30 91 102 61 Total costs and expenses 2,672 2,720 3,148 476 428 (Loss) income before income taxes (77) 184 338 415 154 Provision for income taxes 150 86 136 (14) 50 Net (loss) income (227) 98 202 429 104 Less: Net (loss) income attributable to noncontrolling interest (77) 8 0 77 (8) Net (loss) income attributable to Alcoa Corporation $(150) $90 $202 $352 $112 (Loss) earnings per common share $(0.84) $0.38 $0.76 $1.60 $0.38 Average common shares1 178.5 233.6 260.5 82.0 26.9 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive.
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24 Breakdown of special items by income statement classification – gross basis Special items Millions, except per share amounts 4Q23 3Q24 4Q24 Description of significant 4Q24 special items Net (loss) income attributable to Alcoa Corporation $(150) $90 $202 (Loss) earnings per common share $(0.84) $0.38 $0.76 Special items $50 $45 $74 Cost of goods sold (3) 24 - SG&A and R&D expenses - 2 2 Portfolio actions Restructuring and other charges, net (11) 30 91 Kwinana refinery curtailment $82, take or pay contracts $6 Interest - - - Other expenses (income), net 1 8 (3) Mark to market energy contracts $(19), net loss on asset sales $16 Provision for income taxes 103 (15) (16) Tax on special items Noncontrolling interest (40) (4) - Adjusted (loss) income attributable to Alcoa Corporation $(100) $135 $276 Adjusted (loss) earnings per common share 1 $(0.56) $0.57 $1.04 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive.
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25 Quarterly income statement excluding special items for 4Q23, 3Q24 and 4Q24 Quarterly income statement excluding special items Millions, except realized prices and per share amounts 4Q23 3Q24 4Q24 Prior Year Change Sequential Change Realized primary aluminum price ($/mt) $2,678 $2,877 $3,006 $328 $129 Realized alumina price ($/mt) $344 $485 $636 $292 $151 Revenue $2,595 $2,904 $3,486 $891 $582 Cost of goods sold 2,428 2,369 2,714 286 345 SG&A and R&D expenses 78 80 95 17 15 Adjusted EBITDA 89 455 677 588 222 Depreciation, depletion and amortization 163 159 159 (4) 0 Other (income) expenses, net (12) 4 45 57 41 Interest expense 28 44 45 17 1 Provision for income taxes 47 101 152 105 51 Adjusted (loss) income (137) 147 276 413 129 Less: Adjusted net (loss) income attributable to noncontrolling interest (37) 12 0 37 (12) Adjusted net (loss) income attributable to Alcoa Corporation $(100) $135 $276 $376 $141 Adjusted (loss) earnings per common share $(0.56) $0.57 $1.04 $1.60 $0.47 Average common shares1 178.5 233.6 260.5 82.0 26.9 1. In periods with net loss, share equivalents were excluded from average common shares as the impact was anti -dilutive.
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26 Three months ending December 31, 2024, excluding special items 4Q24 Financial summary Millions Alumina Aluminum4 Transformation Intersegment eliminations Other corporate Alcoa Corporation Total revenue $2,441 $1,899 $8 $(861) $(1) $3,486 Third-party revenue $1,595 $1,895 $4 - $(8) $3,486 Adjusted EBITDA1 $7163 $1943 $(18) $(156) $(59) $677 Depreciation, depletion and amortization $86 $68 - - $5 $159 Other (income) expenses, net2 $(25) $17 - - $53 $45 Interest expense $45 Provision for income taxes $152 Adjusted net income $276 Net income attributable to noncontrolling interest - Adjusted net income attributable to Alcoa Corporation $276 1. Includes the Company’s proportionate share of earnings from equity investments in certain bauxite mines, hydroelectric gen eration facilities, and an aluminum smelter located in Brazil, Canada, and/or Guinea. 2. Amounts for Alumina and Aluminum represent the Company’s proportionate share of earnings from its equity investment in the Saudi Arabian joint ventures. 3. Segment Adjusted EBITDA. 4. Third-party energy sales volume, revenue and Segment Adjusted EBITDA in Brazil were 927 GWh, $32 million and $19 million, res pectively.
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27 Segment Adjusted EBITDA sequential changes, $M 4Q24 Segment Adjusted EBITDA drivers Segment Adjusted EBITDA 3Q24 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other Segment Adjusted EBITDA 4Q24 Alumina $367 66 0 327 1 (4) (27) 41 (35) (20) $716 Aluminum $180 1 88 (123) 3 14 (1) 9 25 (2) $194 Total $547 67 88 204 4 10 (28) 50 (10) (22) $910
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28 Adjusted operating costs of produced alumina and aluminum shipped Adj. operating costs and Segment Adj. EBITDA reconciliation Aluminum segment 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Adj. operating costs ($M) $1,362 $1,313 $1,299 $1,307 $5,281 $1,279 $1,342 $1,353 $1,514 $5,488 Produced aluminum shipments (kmt) 539 531 553 543 2,166 550 595 566 566 2,277 Adj. operating cost ($/t) $2,528 $2,469 $2,352 $2,406 $2,438 $2,323 $2,256 $2,392 $2,675 $2,410 Total sales ($M) $1,813 $1,792 $1,648 $1,687 $6,940 $1,642 $1,898 $1,807 $1,899 $7,246 Adj. operating costs ($M) 1,362 1,313 1,299 1,307 5,281 1,279 1,342 1,353 1,514 5,488 Other segment items ($M) 267 369 270 292 1,198 313 323 274 191 1,101 Segment Adjusted EBITDA ($M) $184 $110 $79 $88 $461 $50 $233 $180 $194 $657 Alumina segment 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Adj. operating costs ($M) $860 $872 $873 $882 $3,487 $796 $814 $734 $766 $3,110 Produced alumina shipments (kmt) 2,785 2,595 2,779 2,913 11,072 2,621 2,595 2,366 2,468 10,050 Adj. operating cost ($/t) $309 $336 $314 $303 $315 $304 $313 $310 $310 $309 Total sales ($M) $1,278 $1,291 $1,338 $1,354 $5,261 $1,356 $1,467 $1,661 $2,441 $6,925 Adj. operating costs ($M) 860 872 873 882 3,487 796 814 734 766 3,110 Other segment items ($M) 315 386 412 388 1,501 421 467 560 959 2,407 Segment Adjusted EBITDA ($M) $103 $33 $53 $84 $273 $139 $186 $367 $716 $1,408 Adjusted operating costs includes all production related costs for alumina or aluminum shipped: raw materials consumed; conve rsion costs, such as labor, materials, and utilities; and plant administrative expenses. Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges; Selling, general administrative, and other ex penses; and Research and development expenses.
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29 Full year financial highlights Adjusted EBITDA excl. special items bridge, $M 536 1,589 102 149 489 429 140 2023 Currency Metal prices API Raw materials Energy Price/mix Volume Production costs Other 2024 (53) (61) (94) (48) FY23 FY24 Realized primary aluminum price ($/mt) $2,828 $2,841 Realized alumina price ($/mt) $358 $472 Revenue, $M $10,551 $11,895 Net (loss) income attributable to Alcoa, $M $(651) $60 Adjusted net (loss) income attributable to Alcoa, $M $(405) $296 Adjusted (loss) earnings per common share $(2.27) $1.35 Adjusted EBITDA excl. special items, $M $536 $1,589 FY24 Highlights and annual Adjusted EBITDA excluding special items change analysis FY24 Financial information
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30 Millions, except realized prices and per share amounts Reported Special items Adjusted excl. special items Reported Special items Adjusted excl. special items Realized primary aluminum price ($/mt) $2,828 $2,828 $2,841 $2,841 Realized alumina price ($/mt) $358 $358 $472 $472 Revenue $10,551 $10,551 $11,895 $11,895 Cost of goods sold 9,813 (63) 9,750 10,044 (63) 9,981 SG&A and R&D expenses 265 265 332 (7) 325 Depreciation, depletion and amortization 632 632 642 642 Other expenses, net 134 (8) 126 91 33 124 Interest expense 107 107 156 156 Restructuring and other charges, net 184 (184) - 341 (341) - Total costs and expenses 11,135 (255) 10,880 11,606 (378) 11,228 (Loss) income before income taxes (584) 255 (329) 289 378 667 Provision for income taxes 189 (33) 156 265 86 351 Net (loss) income (773) 288 (485) 24 292 316 Less: Net (loss) income attributable to noncontrolling interest (122) 42 (80) (36) 56 20 Net (loss) income attributable to Alcoa Corporation $(651) $246 $(405) $60 $236 $296 (Loss) earnings per common share $(3.65) $1.38 $(2.27) $0.26 $1.09 $1.35 Average common shares1 178.3 178.3 214.1 214.1 Adjusted EBITDA $473 $63 $536 $1,519 $70 $1,589 COGS % revenue 93.0% 92.4% 84.4% 83.9% SG&A and R&D % revenue 2.5% 2.5% 2.8% 2.7% Tax rate (32.4%) (47.1%) 91.8% 52.6% FY23 FY24 FY23 and FY24 Annual income statement Income statement information 1. In periods with net loss, share equivalents related to employee stock-based compensation were excluded from average shares as the impact was anti-dilutive
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31 2024 Alcoa shipments by product type Aluminum value chain 41.3 Mdmt shipments 13.2 Mmt shipments 2.6 Mmt shipments Aluminum Alumina Bauxite 85% 15% Intrasegment Third party 32% 68% Intersegment Third party 100% 0% Intersegment Third party
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32 Alcoa 4Q24 production cash costs Composition of alumina and aluminum production costs Input cost Inventory flow Pricing convention FY25 annual cost sensitivity Caustic soda 5 - 6 Months Quarterly, Spot $10M per $10/dmt Natural gas 1 Month Quarterly, 91% with CPI adjustment $7M per $0.10/GJ Fuel oil 1 - 2 Months Prior Month $2M per $1/barrel Input cost Inventory flow Pricing convention FY25 annual cost sensitivity Alumina ~2 Months API on a 6 to 8 month average $45M per $10/mt Petroleum coke 1 - 2 Months Quarterly $9M per $10/mt Coal tar pitch 1 - 2 Months Quarterly $2M per $10/mt Alumina refining 27% 16% 18% 6% 33% Bauxite Caustic Natural gas Other energy Conversion Aluminum smelting 48% 11% 21% 9% 11% Alumina Carbon Power Materials Conversion
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33 1. Average 4Q24 exchange rates 2. The pricing on this portion of the shipping volume, including primary aluminum shipments from Brazil, correlates most closely to the Midwest Duty Unpaid regional premium. Estimated annual Segment Adjusted EBITDA sensitivities 2025 Business information $Millions Segment LME + $100/mt API + $10/mt Midwest Paid + $100/mt Midwest Unpaid + $100/mt Europe + $100/mt Japan + $100/mt AUD + 0.01 0.651 BRL + 0.10 5.831 CAD + 0.01 1.401 EUR + 0.01 1.071 ISK + 10 137.701 NOK + 0.10 11.011 Alumina 89 (17) 8 (2) Aluminum 215 (47) 124 22 69 19 (3) 4 4 (2) 10 1 Total 215 42 124 22 69 19 (20) 12 4 (4) 10 1 Pricing conventions Segment Third party revenue Alumina ▪ ~95% of third-party smelter grade alumina priced on API/spot ▪ API based on prior month average of spot prices ▪ Negotiated bauxite prices Aluminum ▪ LME + regional premium + product premium ▪ Primary aluminum 15-day lag ▪ Brazilian hydroelectric sales at market prices Regional premium breakdown Regional premiums % of 2025 Primary aluminum shipments Midwest ~50% Rotterdam Duty Paid ~35% Midwest Duty Unpaid2 ~10% CIF Japan ~5%
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34 Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) Currency impacts on Segment Adjusted EBITDA AUD BRL CAD EUR ISK NOK Total 12/31/24 currencies 0.62 6.20 1.44 1.04 137.93 11.34 4Q24 currency average 0.65 5.83 1.40 1.07 137.70 11.01 4Q24 Balance sheet revaluation impact Alumina 30.6 11.1 0.7 42.4 Aluminum 4.7 (1.6) 11.1 (2.2) (7.8) (12.2) (8.0) Corporate (2.1) (1.9) (3.3) (0.8) (8.1) Subtotal 33.2 7.6 7.8 (2.3) (7.8) (12.2) 26.3 4Q24 Currency sensitivity impact Alumina 5.6 13.8 3.8 23.2 Aluminum 1.1 2.0 3.0 0.5 0.4 2.1 9.1 Subtotal 6.7 15.8 3.0 4.3 0.4 2.1 32.3 4Q24 Total EBITDA currency impact Alumina 36.2 24.9 4.5 65.6 Aluminum 5.8 0.4 14.1 (1.7) (7.4) (10.1) 1.1 Corporate (2.1) (1.9) (3.3) (0.8) (8.1) Total 39.9 23.4 10.8 2.0 (7.4) (10.1) 58.6
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35 Items expected to impact Adjusted EBITDA and Adjusted net income for 1Q25 Additional business considerations Expected sequential impacts on Adjusted EBITDA excluding special items, excluding indexed sales prices or currency impacts: ▪ In the Alumina segment, we expect performance to be favorable by approximately $30 million due to the non-recurring inventory adjustment recorded in the fourth quarter, partially offset by typical first quarter impacts from the beginning of maintenance cycles and lower shipping volumes. ▪ In the Aluminum segment, we expect performance to be unfavorable by approximately $60 million due to the non-recurring Inflation Reduction Act true-up benefit recorded in the fourth quarter, lower seasonal pricing at Brazil hydro-electric facilities, and the absence of Ma’aden offtake shipping volumes in accordance with the terms of the announced transaction. ▪ Alumina costs in the Aluminum segment are expected to be unfavorable by $90 million. ▪ Estimate intersegment profit elimination for every $10/mt decrease in API prices to be a $7 million to $9 million favorable impact based on comparison of the average API of the last two months of each quarter (API is based on average of prior month spot prices). ▪ Beyond the standard sensitivity provided above for intersegment profit elimination, we anticipate an additional $20 million income in 1Q25 due to lower profit retained in inventory related to changes in production costs and volumes. ▪ Using quarter end exchange rates, 4Q24 Adjusted EBITDA included a favorable balance sheet revaluation impact of approximately $22 million (favorable $26 million sequentially compared to 3Q24); impacts related to balance sheet revaluation are not incorporated into the currency sensitivities provided for Adjusted EBITDA. Below Adjusted EBITDA: ▪ Within Other expenses, contributions to ELYSIS in the first quarter of 2025 are expected to increase by $25 million which triggers loss recognition. The fourth quarter of 2024 included negative impacts of $50 million due to foreign currency losses, which may not recur. ▪ Based on recent pricing, the Company expects 1Q25 operational tax expense to approximate $120 million to $130 million.
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36 1. Alcoa Corporation has an investment in a joint venture related to the ownership and operation of an integrated aluminum compl ex (bauxite mine, alumina refinery, and aluminum smelter) in Saudi Arabia. The joint venture is owned 74.9% by the Saudi Arabian Mining Company (Ma’aden) and 25.1% by Alcoa Corporation. On September 15, 2024, Alcoa announced that it entered into an agreement to sell its owners hip interests in both joint ventures. 2. Halco Mining, Inc. owns 100% of Boké Investment Company, which owns 51% of Compagnie des Bauxites de Guinée (CBG). 3. Pechiney Reynolds Quebec, Inc. owns a 50.1% interest in the Bécancour smelter in Quebec, Canada thereby entitling Alcoa Corpo ration to a 25.05% interest in the smelter. Through two wholly-owned Canadian subsidiaries, Alcoa Corporation also owns 49.9% of the Bécancour smelter. 4. Each of the investees either owns the facility listed or has an ownership interest in an entity that owns the facility listed . Investments listing and income statement location Investments summary Investee Country Nature of investment4 Ownership interest Carrying value as of December 31, 2024 Income statement location of equity earnings ELYSIS Limited Partnership Canada Aluminum smelting technology 48.235% Ma’aden Aluminium Company1 Saudi Arabia Aluminum smelter 25.1% Ma’aden Bauxite and Alumina Company1 Saudi Arabia Bauxite mine and alumina refinery 25.1% Subtotal Ma’aden and ELYSIS $544M Other expenses (income), net Serra do Facão Energia S/A Brazil Hydroelectric generation facility 34.97% Energetica Barra Grande S.A. Brazil Hydroelectric generation facility 42.18% Halco Mining, Inc.2 Guinea Bauxite mine 45.0% Manicouagan Power Limited Partnership Canada Hydroelectric generation facility 40.0% Pechiney Reynolds Quebec, Inc.3 Canada Aluminum smelter 50.0% Subtotal other $436M Cost of goods sold Total investments $980M
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37 Source: 2023 Sustainability Report Alcoa strategic long-term sustainability goals, baseline and progress Alcoa 2023 progress on sustainability goals Goal Description 2015 Baseline 2023 Progress Health and Safety Zero fatalities and serious injuries (life-threatening or life-altering injuries or illnesses). 5 fatal or serious injuries/illnesses 0 fatalities and 2 serious injuries Inclusion, Diversity and Equity Achieve a more inclusive culture that reflects the diversity of the communities where we operate. N/A 19.1% global women Biodiversity and Mine Rehabilitation Maintain a corporate-wide annual ratio of 1:1 or better for mine rehabilitation to mine disturbance. N/A 1.31:1 Impoundment Management From a 2015 baseline, reduce bauxite residue land requirements per metric ton of alumina produced by 15% by 2030. 53.2 m2/kmt Ala 15.5% reduction Emissions and Waste From a 2015 baseline, reduce landfilled waste 15% by 2025 and 25% by 2030. Baseline restated to reflect divestiture of Warrick Rolling. 131.7 mt 22.8% reduction Water Stewardship From a 2015 baseline, reduce the intensity of our total water use from Alcoa-defined water-scarce locations by 5% by 2025 and 10% by 2030. 3.79 m3/mt 2.1% increase Climate Change Align our GHG (Scope 1 and 2) emissions reduction targets with the “well below 2º C” pathway by reducing GHG emission intensity by 30% by 2025 and 50% by 2030 from a 2015 baseline. 7.10 mt CO2e/mt 27.2% reduction
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38 Alcoa Corporation annual consolidated amounts as of December 31, 2024 Production and capacity information Bauxite production, Mdmt Mine Country 2024 Production Darling Range Australia 27.7 Juruti Brazil 5.6 Poços de Caldas Brazil 0.4 Boké (CBG) Guinea 3.4 Al Ba’itha2 Saudi Arabia 1.2 Total 38.3 Alumina refining, kmt Facility Country Capacity Curtailed Kwinana Australia 2,190 2,190 Pinjarra Australia 4,700 - Wagerup Australia 2,879 - Poços de Caldas Brazil 390 214 São Luís (Alumar) Brazil 2,084 - San Ciprián Spain 1,600 800 Total 13,843 3,204 Ras Al Khair2 Saudi Arabia 452 - Aluminum smelting, kmt Facility Country Capacity Curtailed Portland Australia 197 33 São Luís (Alumar)1 Brazil 268 42 Baie Comeau Canada 324 - Bécancour Canada 350 - Deschambault Canada 287 - Fjarðaál Iceland 351 - Lista Norway 95 31 Mosjøen Norway 200 - San Ciprián Spain 228 214 Massena West U.S. 130 - Warrick U.S. 215 54 Total 2,645 374 Ras Al Khair2 Saudi Arabia 202 - 1. On September 20, 2021, the Company announced plans to restart its 60% share of the Alumar smelter in São Luís, Brazil, equiva lent to 268,000 metric tonnes per year (mtpa) of aluminum capacity. Production began in the second quarter of 2022. 2. The Company’s proportionate share of earnings from its equity investment in the Saudi Arabian joint venture does not impact Adjusted EBITDA; On September 15, 2024, the Company announced the sale of its 25.1% stake in the Ma’aden JVs, expected to close in the first half of 2025.
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39 Adjusted EBITDA reconciliations Millions 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Net (loss) income attributable to Alcoa $(150) $(651) $(252) $20 $90 $202 $60 Add: Net (loss) income attributable to noncontrolling interest (77) (122) (55) 11 8 0 (36) Provision for (benefit from) income taxes 150 189 (18) 61 86 136 265 Other (income) expenses, net (11) 134 59 (22) 12 42 91 Interest expense 28 107 27 40 44 45 156 Restructuring and other charges, net (11) 184 202 18 30 91 341 Depreciation, depletion and amortization 163 632 161 163 159 159 642 Adjusted EBITDA 92 473 124 291 429 675 1,519 Special items before tax and noncontrolling interest (3) 63 8 34 26 2 70 Adjusted EBITDA excl. special items $89 $536 $132 $325 $455 $677 1,589 Alcoa Corporation’s definition of Adjusted EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa Corporation’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Alumina Segment Adjusted EBITDA $84 $273 $139 $186 $367 $716 $1,408 Aluminum Segment Adjusted EBITDA 88 461 50 233 180 194 657 Transformation (26) (80) (14) (16) (14) (18) (62) Intersegment eliminations (12) 7 (8) (29) (38) (156) (231) Other corporate (45) (125) (35) (49) (40) (59) (183) Adjusted EBITDA excl. special items $89 $536 $132 $325 $455 $677 $1,589
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40 Free cash flow reconciliation Millions 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Cash provided from operations $198 $91 $(223) $287 $143 $415 $622 Capital expenditures (188) (531) (101) (164) (146) (169) (580) Free cash flow 10 (440) (324) 123 (3) 246 42 Contributions from noncontrolling interest 24 188 61 4 0 0 65 Distributions to noncontrolling interest (6) (30) (6) (26) (17) 0 (49) Free cash flow plus net noncontrolling interest contributions $28 $(282) $(269) $101 $(20) $246 $58 Free cash flow and Free cash flow plus net contributions from noncontrolling interest are non-GAAP financial measures. Management believes that these measures are meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures and net distributions to noncontrolling interest. Capital expenditures are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations, while net distributions to noncontrolling interest are necessary to fulfill our obligations to our joint venture partners. It is important to note that Free cash flow and Free cash flow less net distributions to noncontrolling interest do not represent the residual cash flows available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
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41 Net debt reconciliations 4Q23 3Q24 4Q24 $M Cons. NCI Alcoa Prop. Cons. NCI Alcoa Prop. Cons. NCI Alcoa Prop. Short-term borrowings $56 $- $56 $12 $- $12 $50 $- $50 Long-term debt due within one year 79 31 48 464 - 464 75 - 75 Long-term debt, less amount due within one year 1,732 - 1,732 2,469 - 2,469 2,470 - 2,470 Total debt 1,867 31 1,836 2,945 - 2,945 2,595 - 2,595 Less: Cash and cash equivalents 944 141 803 1,313 - 1,313 1,138 - 1,138 Net debt (net cash) 923 (110) 1,033 1,632 - 1,632 1,457 - 1,457 Plus: Net pension 163 6 157 108 - 108 135 - 135 Plus: OPEB liability 494 11 483 473 - 473 462 - 462 Adjusted net debt $1,580 $(93) $1,673 $2,213 - $2,213 $2,054 - $2,054 Net debt is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt. When cash exceeds total debt, the measure is expressed as net cash. Adjusted net debt and Proportional adjusted net debt are also non-GAAP financial measures. Management believes that these additional measures are meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability, net of the portion of those items attributable to noncontrolling interest (NCI).
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42 DWC working capital and Days working capital reconciliations Millions 4Q23 1Q24 2Q24 3Q24 4Q24 Receivables from customers $656 $869 $939 $862 $1,096 Add: Inventories 2,158 2,048 1,975 2,096 1,998 Less: Accounts payable, trade 1,714 1,586 1,619 1,544 1,805 DWC working capital $1,100 $1,331 $1,295 $1,414 $1,289 Sales $2,595 $2,599 $2,906 $2,904 $3,486 Number of days in the quarter 92 91 91 92 92 Days working capital1 39 47 41 45 34 DWC working capital and Days working capital are non-GAAP financial measures. Management believes that these measures are meaningful to investors because management uses its working capital position to assess Alcoa Corporation’s efficiency in liquidity management. 1. Days working capital is calculated as DWC working capital divided by the quotient of Sales and number of days in the quarter
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43 X 100 ROE Reconciliation and calculation information as of December 31, 2024 Annualized Return on Equity (ROE) Millions 2023 2024 Numerator: Net loss attributable to Alcoa Corporation $(651) $60 Add: Special items1 246 236 ROE Adjusted Net (loss) income YTD $(405) $296 Denominator2: Total assets $14,142 $14,310 Less: Total Liabilities 7,970 8,971 Less: Noncontrolling Interest 1,600 764 Shareholders’ Equity $4,572 $4,575 ROE (8.9)% 6.5% (Net Loss/Income Attributable to Alcoa + Special Items1) (Total Assets – Total Liabilities – Noncontrolling Interest)2 ROE % = ( $(651) + $246 ) ($14,142 – $7,970 – $1,600) 2023 YTD ROE % = = (8.9)% ( $60 + $236 ) ($14,310 – $8,971 – $764) 2024 YTD ROE % = X 100 = 6.5% X 100 GAAP Return on Equity is calculated using Net income (loss) attributable to Alcoa Corporation divided by Shareholders’ Equity . 1. Special items include provisions for income taxes, and noncontrolling interest. 2. Denominator calculated using quarter ending balances.
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44 Abbreviations listed in alphanumeric order Glossary of terms Abbreviation Description % pts Percentage points 1H## Six months ending June 30 1Q## Three months ending March 31 2H## Six months ending December 31 2Q## Three months ending June 30 3Q## Three months ending September 30 4Q## Three months ending December 31 Adj. Adjusted API Alumina Price Index ARO Asset retirement obligations AUD Australian dollar AWAC Alcoa World Alumina and Chemicals B Billion BRL Brazilian real CAD Canadian dollar CIF Cost, insurance and freight CO2e Carbon dioxide equivalent COGS Cost of goods sold Cons. Consolidated CPI Consumer Price Index dmt Dry metric tonne DWC Days working capital EBITDA Earnings before interest, taxes, depreciation and amortization Elims. Eliminations EPS Earnings per common share ERISA Employee Retirement Income Security Act of 1974 EUR Euro Est. Estimated excl. or ex. Excluding Abbreviation Description FOB WA Freight on board Western Australia FY## Twelve months ending December 31 GAAP Accounting principles generally accepted in the United States of America GJ Gigajoule GWh Gigawatt hour ISK Icelandic krona JV Joint venture kmt/kdmt Thousand metric tonnes/Thousand dry metric tonnes LME London Metal Exchange LTM Last twelve months M Million Mmt/Mdmt Million metric tonnes/Million dry metric tonnes Mtpa/kmtpa Metric tonnes per annum/thousand metric tonnes per annum mt Metric tonne NCI Noncontrolling interest NI Net income NOK Norwegian krone OPEB Other postretirement employee benefits PBT Profit before taxes Prop. Proportional R&D Research and development RoW Rest of world SEC Securities and Exchange Commission SG&A Selling, general administrative and other SHFE Shanghai Futures Exchange TBD To be determined U.S. United States of America USD United States dollar YTD, YoY Year to date, year over year
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