{"id":8779,"date":"2024-07-12T08:20:59","date_gmt":"2024-07-11T22:20:59","guid":{"rendered":"https:\/\/yinghuiinternational.com\/?p=8779"},"modified":"2024-07-14T08:22:09","modified_gmt":"2024-07-13T22:22:09","slug":"alcoa-looking-strong-for-year-ahead","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2024\/07\/12\/alcoa-looking-strong-for-year-ahead\/","title":{"rendered":"Alcoa looking strong for year ahead"},"content":{"rendered":"\n

<\/h1>\n\n\n\n

\"\"ALEXANDRA EASTWOOD<\/a><\/p>\n\n\n\n

\"Alcoa\"\/<\/figure>\n\n\n\n

Alcoa’s Portland aluminium smelter in Victoria. Image: Alcoa<\/p>\n\n\n\n

Closing its acquisition of Alumina Limited in August will be a key metric for Alcoa as it looks to finish off the remaining half of 2024.<\/p>\n\n\n\n

The Australian Foreign Investment board approved Aloca\u2019s acquisition of Alumina Limited (ASX: AWC) on June 13<\/strong>. The major is expecting the transaction to be completed on August 1, subject to shareholder approval.<\/p>\n\n\n\n

Other highlights from the quarter included a net income of $5\u2013$25 million, an increase driver by the non-recurrence of a charge of $197 million recorded in the first quarter of the year.<\/p>\n\n\n\n

Alcoa\u2019s cash balance is expected to approximately $1.4 billion at June 30, a number consistent with the prior quarter.<\/p>\n\n\n\n

While Alcoa experienced a five per cent decrease in alumina production and shipments, Alcoa president and chief executive officer William Oplinger is remaining optimistic.<\/p>\n\n\n\n

\u201cWe had strong preliminary results for the second quarter of 2024 which reflect market improvements,\u201d Oplinger said<\/a>. \u201cWe are looking forward to closing the acquisition of Alumina Limited on or about August 1, 2024.\u201d<\/p>\n\n\n\n

Revenue is also expected to increase for the second quarter, ranging from $2.8\u2013$2.9 million. Alcoa is attributing this increase to higher average realised third-party prices for alumina and aluminium.<\/p>\n\n\n\n

The increases follow Alcoa\u2019s strong first quarter results, when the company produced 542,000 tonnes of aluminium, in line with its strong results from the fourth quarter of 2023.<\/p>\n\n\n\n

\u201cIn the first quarter of 2024, we finalised the terms of our acquisition of Alumina Limited, which will bring strategic, operational, and financial flexibility,\u201d Oplinger said<\/a> at the time.<\/p>\n\n\n\n

\u201cRaw material prices and markets are improving, and we are implementing near-term improvements to further strengthen Alcoa for the future.\u201d<\/p>\n\n\n\n

Subscribe to <\/em>Australian Mining<\/em><\/a> and receive the latest news on product announcements, industry developments, commodities and more.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

ALEXANDRA EASTWOOD Alcoa’s Portland aluminium smelter in Victoria. Image: Alcoa Closing its acquisition of Alumina Limited in August will be a key metric for Alcoa as it looks to finish off the remaining half of 2024. The Australian Foreign Investment board approved Aloca\u2019s acquisition of Alumina Limited (ASX: AWC) on June 13. The major is … Continue reading “Alcoa looking strong for year ahead”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,7],"tags":[],"class_list":["post-8779","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-2hB","jetpack-related-posts":[{"id":766,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/01\/14\/alcoa-in-australia\/","url_meta":{"origin":8779,"position":0},"title":"Alcoa in Australia","author":"yinghui","date":"January 14, 2015","format":false,"excerpt":"Alcoa\u2019s Australian operations represent the world\u2019s largest integrated bauxite mining, alumina refining, aluminium smelting and rolling system. 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This comes after the company\u2019s first trial bauxite shipment from WA to China in mid 2016, introducing their\u2026","rel":"","context":"In "Clients"","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8599,"url":"https:\/\/yinghuiinternational.com\/index.php\/2024\/05\/24\/conference-program-launches-for-imarc-2024\/","url_meta":{"origin":8779,"position":3},"title":"Conference program launches for IMARC 2024","author":"yinghui","date":"May 24, 2024","format":false,"excerpt":"ALEXANDRA EASTWOOD Image: IMARC The International Mining and Resources Conference (IMARC) will return to Sydney from October 29\u201331, with a packed conference program ready to wow attendees. 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