美鋁第二季銷售39.66億美元增31% 淨利4.09億 斥31億美元收購South32鋁資產

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 

  
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2026 
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to _____
 
Commission File Number: 1-37816
 
ALCOA CORPORATION
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 
 

 
 Delaware
(State or other jurisdiction of
incorporation or organization)

  

 81-1789115
(I.R.S. Employer
Identification No.)

 

 
  

  

  

 

 
 201 Isabella Street, Suite 500,
Pittsburgh, Pennsylvania
(Address of principal executive offices)

  

  
15212-5858
(Zip Code)

 

 412-315-2900
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act: 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock, par value $0.01 per share

  

 AA

  

 New York Stock Exchange

 

  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☒

  

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☐

  

 Smaller reporting company

 ☐

 

 
 Emerging growth company

 ☐

  

  

  

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 27, 2026, 263,909,445 shares of the registrant’s Common Stock, par value $0.01 per share, were outstanding.
 

 

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 
 

 
 PART I – FINANCIAL INFORMATION

  

 1

 

 
  

  

  

  

 

 
 Item 1.

 Financial Statements

  

 1

 

 
  

  

  

  

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 29

 

 
  

  

  

  

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

  

 44

 

 
  

  

  

  

 

 
 Item 4.

 Controls and Procedures

  

 44

 

 
  

  

  

  

 

 
 PART II – OTHER INFORMATION

  

 45

 

 
  

  

  

  

 

 
 Item 1.

 Legal Proceedings

  

 45

 

 
  

  

  

  

 

 
 Item 1A.

 Risk Factors

  

 45

 

 
  

  

  

  

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

  

 47

 

 
  

  

  

  

 

 
 Item 4.

 Mine Safety Disclosures

  

 47

 

 
  

  

  

  

 

 
 Item 5.

 Other Information

  

 47

 

 
  

  

  

  

 

 
 Item 6.

 Exhibits

  

 48

 

 
  

  

  

  

 

 
 SIGNATURES 

  

 49

 

 Cautionary Statement on Forward-Looking Statements
This report 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 Alcoa Corporation’s proposed transaction to acquire South32 Limited’s equity interests in its bauxite, alumina, and aluminum assets (the proposed transaction and equity interests referred to as the Transaction and AliGroup, respectively); the ability of the parties to complete the Transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the Transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the Transaction; the ability to complete any proposed debt financing in connection with the Transaction; 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 (including related to production and shipments); 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 non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the Transaction; (b) the prohibition or delay of the consummation of the Transaction by a governmental entity; (c) the risk that the Transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses resulting from the Transaction; (e) uncertainty of the expected financial performance following completion of the Transaction; (f) uncertainty of any contingent payment required to be made in connection with the Transaction following completion; (g) failure to realize the anticipated benefits of the Transaction; (h) the occurrence of any event that could give rise to termination of the Transaction; (i) potential litigation in connection with the Transaction or other settlements or investigations that may affect the timing or occurrence of the Transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) 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 the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; 

  

 
  

 (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of the Company’s stockholders (including as a result of the Transaction), 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; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) 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; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission, including those described in this report.
We caution 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. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

  

 
  

 PART I – FINANCIAL INFORMATION 
Item 1. Financial Statements. 
Alcoa Corporation and Subsidiaries 
Statement of Consolidated Operations (unaudited) 
(in millions, except per-share amounts)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Second quarter ended 
June 30,

  

  

 Six months ended 
June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Sales (E)

  

 $

 3,966

  

  

 $

 3,018

  

  

 $

 7,159

  

  

 $

 6,387

  

 

 
 Cost of goods sold (exclusive of expenses below)

  

  

 2,967

  

  

  

 2,652

  

  

  

 5,479

  

  

  

 5,090

  

 

 
 Selling, general administrative, and other expenses

  

  

 101

  

  

  

 82

  

  

  

 184

  

  

  

 153

  

 

 
 Research and development expenses

  

  

 11

  

  

  

 12

  

  

  

 21

  

  

  

 24

  

 

 
 Provision for depreciation, depletion, and amortization

  

  

 173

  

  

  

 153

  

  

  

 335

  

  

  

 301

  

 

 
 Restructuring and other charges, net (D)

  

  

 (4

 )

  

  

 14

  

  

  

 14

  

  

  

 19

  

 

 
 Interest expense

  

  

 36

  

  

  

 56

  

  

  

 71

  

  

  

 109

  

 

 
 Other expenses (income), net (O)

  

  

 200

  

  

  

 (112

 )

  

  

 74

  

  

  

 (138

 )

 

 
 Total costs and expenses