Alcoa Corporation today announced that it has completed the separation from its parent company Alcoa Inc. (now named Arconic Inc.) and has begun operating as an independent, publicly-traded company listed on the New York Stock Exchange under the symbol “AA.” Alcoa Corporation is a globally cost-competitive industry leader in bauxite, alumina and aluminium products, positioned to succeed throughout the market cycle.
“We are launching Alcoa Corporation as a world leader in the aluminium industry with distinct competitive advantages across the value chain,” said Roy Harvey, Chief Executive Officer of Alcoa. “Our bauxite and alumina portfolios enjoy strong first quartile cost positions and our aluminium 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 towards 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,” he added.
{alcircleadd}Alcoa has an industry-leading, cost-competitive portfolio comprised of six businesses across the aluminum value chain—Bauxite, Alumina, Aluminum, Cast Products, Rolled Products and Energy—that are positioned to succeed throughout the market cycle. The company’s footprint includes 25 manufacturing facilities worldwide, and approximately 16,000 employees. Alcoa’s world-class asset base includes:
Alcoa projects global aluminium demand growth of 5 per cent in 2016 and expects growth to double between 2010 and 2020. Alcoa Corporation is well-positioned to meet this robust demand.
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In the third quarter, Alcoa reported that it had exceeded its three-year 2016 target of moving down the global alumina cost curve. It also achieved its global aluminium cost curve target.
The separation was completed today through a pro rata distribution by Alcoa Inc. of 80.1 per cent of the outstanding shares of the newly formed Alcoa Corporation. Arconic will retain 19.9 per cent of Alcoa Corporation common stock. The distribution is intended to qualify as a tax-free transaction to Alcoa Inc. shareholders for U.S. federal income tax purposes.
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