Alcoa Corp. Completes Separation from Parent Company
Alcoa Corp. recently announced that it has completed the separation from its parent company Alcoa Inc.
Alcoa Corp. recently announced that it has completed the separation from its parent company Alcoa Inc., now called Arconic Inc. The new company has begun operating as an independent, publicly traded company listed on the New York Stock Exchange.
“We are launching Alcoa Corp. as a world leader in the aluminum industry with distinct competitive advantages across the value chain,” said Roy Harvey, CEO. “Our bauxite and alumina portfolios enjoy strong first quartile cost positions, and our aluminum portfolio has a highly competitive second quartile position. We’ve made a commercial success of our cast products business, our can sheet business is a leader in North America, and our substantial energy assets are also driving value for maximum profitability. We achieved all of this during difficult market conditions, remaining resilient thanks to the hard work and dedication of our talented 16,000 employees. As we look toward the future, we intend to continue operating with excellence and innovating within the industry we pioneered, always driven by our values and our strong will to succeed.”
Alcoa has a portfolio comprised of six businesses across the aluminum value chain—Bauxite, Alumina, Aluminum, Cast Products, Rolled Products and Energy—and a footprint of 25 manufacturing facilities worldwide with approximately 16,000 employees. Alcoa’s asset base reportedly includes: 45.3 million bone dry metric tons (bdmt) of production in 2015, and access to large bauxite mining deposits with mining rights that extend in most cases more than 20 years; nine alumina refineries on five continents; a newly optimized smelting portfolio; casthouses offering differentiated, value-added aluminum products alloyed and cast into specific shapes to meet customer demand; rolling mill operations in Warrick, Ind., and Ras Al Khair, Saudi Arabia, to serve the North American aluminum can sheet market; and a portfolio of energy assets of which approximately 55% is low-cost hydroelectric power to meet in-house energy requirements at the lowest possible cost, and to sell to external customers.
For more information, visit www.alcoa.com.