Alcoa's Q3 2023 report: Increased shipments and progress amidst market challenges

Highlights:

• They increased third-party alumina shipments by 11 per cent and aluminium by 1 per cent sequentially.
• A cash balance of $926 million was reached by the end of the quarter.
• A quarterly cash dividend of $0.10 per share, totalling $18 million, was paid.
• Progress was made in securing approvals for Western Australia mine plans.
• Multiple production records were achieved in the Canadian smelting system.
• A cost reduction program was initiated at the Kwinana refinery in Australia.
• Greater market penetration was achieved for Alcoa's Sustana™ line of low-carbon products.

William F. Oplinger, Alcoa's President and CEO, emphasised their commitment to long-term success, as he said, "In the third quarter, we saw positive improvements in raw material and production costs, but lower average realised pricing for alumina and aluminium had the biggest impact on our results,” he said. “Moving forward, we are laser-focused on improvement, and we’re working across our global system to increase margins through operational productivity."