Alcoa Corporation (NYSE:AA) Citi’s 2024 Basic Materials Conference December 4, 2024 10:15 AM ET
Company Participants
Molly Beerman – EVP & CFO
Conference Call Participants
Jon Tower – Citi
Jon Tower
Thanks for joining. My name is Jon Tower, Citi’s industrial specialist. I’m joined with the CFO from Alcoa. Molly, great to have you with us.
I’m going to open the floor with a very broad question on 2024. Very productive year. Lots of stuff achieved across the portfolio, the Alumina acquisition, resolving bauxite situation, the Cyprus deal. As we think about ’25, ’26, what’s left?
Molly Beerman
To close out ’24, it was indeed a productive year for Alcoa. If you think back to this, this time last year, we were just securing our mining permits in Western Australia. We announced taking action to find a solution for our San Ciprian operations in Spain. We announced the curtailment of the Kwinana Refinery. We issued our first green, bond. We also announced and closed the Alumina Limited acquisition. We announced our agreement to sell our stake and the bond joint venture. We, also have started to really rebuild the culture for the company to be high-performance focused.
As we look at closing out now, 2024, we have three main focus areas. The first is safety. We’ve made some great improvements in safety in ’24. No fatalities, no serious or life-altering injuries. We intend to keep that throughout the rest of ’24 as well as into ’25. Our operational stability has improved tremendously in ’24. We’re going to meet our targets for production and shipments for the year, and we’re taking advantage of the high sales prices and dropping that to the bottom line.
Last, if you saw the notice last week, we did start to repay some of our debt. We repaid $385 million, that
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