Alcoa Corp

Alcoa Corporation, which became an independent public company on November 1, 2016, operates across all stages of the upstream aluminum industry, including bauxite mining, alumina refining, and aluminum smelting and casting. The company has direct and indirect ownership of 25 operating locations in eight countries across five continents. Alcoa's operations are divided into two reportable business segments: Alumina and Aluminum. The Alumina segment primarily includes the company's bauxite mines and alumina refineries. This segment's activities involve mining bauxite and other aluminous ores, as well as refining, producing, and selling smelter-grade and non-metallurgical alumina. The Aluminum segment comprises the company's aluminum smelting and casting operations, along with most of its energy production assets. Alcoa smelts and casts aluminum into various shapes and sizes for global customers, developing different alloy combinations for specific applications. Aluminum metal is a commodity traded and priced daily on the London Metal Exchange (LME). Alumina is also subject to market pricing through the Alumina Price Index (API), which Alcoa calculates based on the weighted average of the prior month's daily spot prices from three indices: CRU Metallurgical Grade Alumina Price, Platts Metals Daily Alumina PAX Price, and FastMarkets Metal Bulletin Non-Ferrous Metals Alumina Index. The prices of both aluminum and alumina are subject to significant volatility, which impacts Alcoa's operating results.