Improved pricing and strong shipments drive highest quarterly results since 2018
PITTSBURGH – April 15, 2021 – Alcoa Corporation (NYSE: AA) today reported first quarter 2021 results that
reflect improvements in pricing for alumina and aluminum, strong operational performance, and continued
discipline in executing the Company’s long-term strategy.
First Quarter Highlights
• Maintained reliable production and shipments while prioritizing safety, including COVID-19 protocols
• Revenue and income highest since 2018, which was a record-setting year
• Realized 20 percent sequential increase in revenue on higher prices and strong shipments
• Generated net income of $175 million; sequentially, adjusted net income increased 206 percent to $150
million
• Adjusted EBITDA excluding special items increased 44 percent to $521 million
• Completed sale of the Warrick rolling mill for $670 million; met target for non-core asset sales
• Strengthened the balance sheet and increased flexibility for use of excess cash: In March, issued debt with lowest-ever coupon rate; in April, debt proceeds and cash on hand used to fund U.S. pension plansand pay off higher-interest rate notes
• Signed agreements to repower Portland Aluminium smelter in the State of Victoria in Australia
• Increased shipments of aluminum value-add products by approximately 10 percent sequentially
• Cash balance $2.5 billion as of March 31, 2021

Financial Results
M, except per share amounts 1Q21 4Q20 1Q20
Revenue $2,870 $2,392 $2,381
Net income (loss) attributable to Alcoa Corporation $175 $(4) $80
Earnings (loss) per share attributable to Alcoa Corporation $0.93 $(0.02) $0.43
Adjusted net income (loss) $150 $49 $(42)
Adjusted earnings (loss) per share $0.79 $0.26 $(0.23)
Adjusted EBITDA excluding special items $521 $361 $321

“We had an excellent first quarter with our best quarterly result since a record-setting year in 2018,” said Alcoa
President and CEO Roy Harvey. “We excelled from the top line to the bottom line, controlling production costs
and capturing the benefits of improved demand and stronger prices for alumina and aluminum.
“In addition to exceptional operating performance, we made the Company even stronger this quarter by
improving the balance sheet,” Harvey said. “Using cash on hand and the proceeds from our debt issuance with
our lowest-ever coupon rate, we paid off higher-interest rate notes in April and funded more of our pension
obligations. This provides even greater flexibility to execute on our long-term strategy in the years ahead.”
“Our teams have demonstrated relentless discipline to ensure we are ready for whatever the markets may
bring. We’ve proven we can operate during uncertain times, and we’re well positioned for the future with
excellent environmental, social and governance practices and a low-carbon product portfolio that is the
industry’s most comprehensive.”
First Quarter 2021 Results
• Shipments: In Alumina, third-party shipments increased approximately 7 percent sequentially, primarily
due to timing of shipments as well as continued high production rates. In Aluminum, third-party shipments
increased approximately 13 percent sequentially, primarily related to resuming shipments at San Ciprián in
Spain.
• Revenue: Higher aluminum and alumina prices, combined with increased shipments, drove a 20 percent
sequential increase in revenue.
• Net income attributable to Alcoa Corporation: Alcoa reported net income of $175 million, or $0.93 per
share, in the first quarter 2021, an improvement of $179 million from the net loss of $4 million, or $0.02 per
share, in the fourth quarter 2020. The improved sequential results are primarily due to higher aluminum
and alumina prices, lower restructuring-related charges, and the recognition of a gain on the sale of the
Warrick rolling mill.
• Adjusted net income: Excluding the benefit from net special items of $25 million, adjusted net income
was $150 million, or $0.79 per share, triple the prior quarter’s adjusted net income of $49 million, or $0.26
per share. Notable special items include a $27 million gain on the sale of the Warrick rolling mill.
• Adjusted EBITDA excluding special items: Adjusted EBITDA excluding special items was $521 million,
a 44 percent sequential increase primarily attributed to higher aluminum and alumina prices.
• Cash: Alcoa ended the quarter with cash on hand of $2.5 billion, which included $583 million in initial net
proceeds from the sale of Warrick rolling mill and $493 million in net proceeds from the March 2021 debt
issuance. Cash provided from operations was $6 million. Cash provided from financing activities was $428
million, primarily related to the debt issuance, and cash provided from investing activities was $514 million,
primarily related to the sale of the Warrick rolling mill. Free cash flow was negative $69 million.
• Debt and pension actions: Total debt as of March 31, 2021 was $3 billion, and net debt was $492
million, a 47 percent improvement from net debt of $935 million in the fourth quarter 2020. In March 2021,
debt increased $500 million from the 4.125 percent debt issuance. In April, the Company used the
proceeds of the debt issuance and cash on hand to contribute $500 million to U.S. pension plans and
redeem in full $750 million of 6.75 percent senior notes. The actions provide further flexibility, strengthen
the balance sheet, and move the Company closer to its net debt target.
• Working capital: The Company reported 25 days working capital. Excluding the working capital of the
Warrick rolling mill from fourth quarter 2020, the Company has five days additional working capital at the
end of the first quarter 2021 primarily due to higher accounts receivable reflecting improved pricing and lower accounts payable. On a year-over-year quarter basis, also excluding the working capital of the Warrick rolling mill in the comparative period, days working capital improved by four days, primarily due to
lower days of inventory on hand.
Strategic Actions
The Company is continuing the review of its asset portfolio and is increasing low-carbon product sales to drive
lower costs and sustainable profitability.
Non-Core Asset Sales
• Warrick Rolling Mill: On March 31, 2021, Alcoa completed the sale of the Warrick rolling mill, held by Alcoa
Warrick LLC, to Kaiser Aluminum Corporation for total consideration of approximately $670 million, which
included the assumption of $72 million in OPEB liabilities (as adjusted post-closing). Alcoa recorded a gain
on the sale of approximately $27 million in the first quarter 2021, subject to working capital and other
purchase price adjustments. The assets and liabilities of the Warrick rolling mill were classified as held for
sale on the Company’s balance sheet as of December 31, 2020.
Alcoa retains ownership of the 269,000 metric tons per year aluminum smelter and its electricity
generating units at Warrick Operations. In connection with the sale, Alcoa entered into a market-based
metal supply agreement with Kaiser.
With the Warrick rolling mill sale and the 2020 sale of the Gum Springs, Arkansas waste treatment facility,
the Company reached its target to generate between $500 million and $1 billion from non-core asset
sales.
Portfolio Review
In October 2019, the Company announced a five-year review of existing production assets that includes
evaluations for significant improvement or potential curtailments, closures or divestitures. The review included
1.5 million metric tons of global smelting capacity and 4 million tons of global alumina refining capacity. Since
the announcement, 230,000 metric tons of uncompetitive smelting capacity has been curtailed with the 2020
idling of the Intalco smelter. In refining, the December 2019 closure of Point Comfort permanently removed 2.3
million metric tons of alumina capacity.
• Portland Aluminium: On March 18, 2021, Alcoa announced new agreements with multiple power
generators and financial commitments from the Australian federal government and the State of Victoria to
repower the Portland Aluminium smelter. New energy agreements are effective August 1, replacing one
agreement with AGL that expires on July 31, 2021.
• San Ciprián Smelter: In January 2021, the Company reached an agreement with the workers’
representatives to suspend the labor strike at its San Ciprián alumina refinery and aluminum smelter in
Spain to negotiate an exclusive sales process with Sociedad Estatal de Participaciones Industriales
(SEPI), a Spanish government-owned entity. The Company has complied with the terms of the agreement
to pursue a sale, has delivered a term sheet to SEPI, and is continuing to evaluate potential solutions.
Low-Carbon, Sustainable Products
Alcoa is recognizing increased year-over-year demand for its SustanaTM line of products, which is the most
comprehensive in the industry, and metal certified by the Aluminium Stewardship Initiative (ASI).
In March 2021, Alcoa announced that its low-carbon primary aluminum product, EcoLumTM, is being used for the wheels on the Audi e-tron GT, the auto manufacturer’s first fully electric sportscar. The wheels also include an allocation of metal from ELYSISTM, which is working to commercialize a smelting technology that eliminates all greenhouse gas emissions from the traditional smelting process.
In addition, Alcoa expects to ship in May its first commercial sale of EcoSourceTM, its low-carbon alumina product. EcoSource is the world’s first low-carbon smelter grade alumina and can help aluminum producers reduce their carbon footprint.

2021 Outlook
Alcoa is expecting a strong 2021 based on continued economic recovery and increased demand for aluminum in all end markets.
The Company’s Aluminum segment is forecasting double digit growth on year-over-year sales of value-add products. In the first quarter of 2021, shipments for value-add products, which includes specific shapes and
alloys such as billet, slab, foundry and rod, increased 10 percent sequentially, posting three consecutive quarters of improvement.
The Company’s 2021 shipment outlook for Bauxite and Aluminum remains unchanged from the prior full-year
estimates. Total alumina shipments are expected to increase 100 thousand metric tons to between 14.0 and 14.1 million metric tons. Total annual bauxite shipments are expected to range between 49.0 and 50.0 million dry metric tons. The Aluminum segment is expected to ship between 2.7 and 2.8 million metric tons.
In the second quarter of 2021, Alcoa expects another strong quarter despite the absence of the Warrick rolling
mill results, current energy market conditions, and seasonal maintenance typically higher in the second quarter than other quarters.
Based on current alumina and aluminum market conditions, the Company expects second quarter tax expense to approximate $90 million, which may vary with market conditions and jurisdictional profitability.
The COVID-19 pandemic is ongoing, and its magnitude and duration continue to be unknown. The uncertainty around its future impact on the Company’s business, financial condition, operating results, and cash flows
could cause actual results to differ from this outlook.

Conference Call
Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) on Thursday, April 15,
2021, to present first quarter 2021 financial results and discuss the business, developments, and market conditions.
The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call
will be available for viewing on the same website at approximately 4:15 p.m. EDT on April 15, 2021. Call
information and related details are available under the “Investors” section of www.alcoa.com.

Dissemination of Company Information
Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts. The Company does not incorporate the information
contained on, or accessible through, its corporate website into this press release.

About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a
foundation of strong values and operating excellence dating back 135 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and
throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.