Alcoa Q3 Report 2022

Third Quarter Highlights
• Revenue of $2.85 billion
• Recorded a quarterly net loss of $746 million and loss per share of $4.17, which includes $652 million of
restructuring charges related primarily to pension actions
• Completed a $1 billion pension annuity transaction, the fifth such transaction since 2018, for a total
transfer of approximately $3.3 billion of prior pension obligations and related assets
• Acted to mitigate the impact of high energy prices in Europe; curtailed one-third of the production capacity
at the Lista smelter in Norway and reduced daily production rates at the San Ciprián refinery in Spain to
lower natural gas use
• Generated $134 million in cash from operations; repurchased $150 million of common stock and paid
fourth consecutive cash dividend of $18 million
• Finished the third quarter with a cash balance of $1.4 billion

“Despite a challenging quarter that saw significantly lower prices, and high costs for energy and raw materials, we maintained a strong balance sheet, including transferring pension obligations and returning cash to our stockholders,” Harvey said. “As we move forward, we are keenly focused on the items within our direct control, including boosting operational stability, advancing our breakthrough technologies and continuing to promote our sustainable product offerings so we can benefit from the positive, long-term fundamentals for the aluminum industry.”

Total third-party revenue decreased 22 percent sequentially to $2,851 million primarily due to lower alumina and aluminum prices. On a sequential basis, the average realized third-party price of alumina decreased 16 percent and the average realized third-party price of aluminum decreased 17 percent.