Alcoa sees $55M gain in the aluminium segment in Q1, while alumina faces $15M hit

Alcoa boosted Q1 2026 profits (about USD 212 million net income) with higher aluminium prices  (around USD 3,600-3680 per tonne) despite falling revenue.

The company reported Q1 2026 revenue of USD 3.2 billion, down from USD 3.4 billion in Q4 2025. Net income rose to USD 425 million, or USD 1.60 per share, compared with USD 213 million in the fourth quarter of 2025. Adjusted net income stood at USD 373 million, while adjusted EBITDA reached USD 595 million.

For the global aluminium value-chain 2026 outlook, book our exclusive report “Global ALuminium Industry Outlook 2026"

Despite lower shipments, higher aluminium prices supported earnings (USD 425 million in Q1). Results also benefited from a USD 158 million gain linked to shares in Saudi mining company Ma’aden. But lower volumes, weak bauxite prices, and no repeat of late-2025 gains partly cancelled this out.

Production in the alumina segment fell 5 per cent to 2.4 million tonnes, mainly due to maintenance at Australian refineries. Aluminium production remained steady at 607,000 tonnes. Shipments declined, with alumina shipments down 31 per cent and aluminium shipments down 8 per cent, affected by seasonal factors, lower trading activity, and delays linked to the Middle East conflict and Cyclone Narelle.

Also read: LME index peaks as aluminium gains 15%, copper up 11%

The company ended the quarter with a cash balance of USD 1.4 billion. Its subsidiary, Alcoa Nederland Holding B.V., will redeem USD 219 million of outstanding notes carrying a 6.125 per cent interest rate. This is scheduled for May 15, 2026, and will be paid in full using available cash, along with any pending interest.

Alcoa confirmed the safe restart of its San Ciprián smelter in Spain on April 8, 2026, restoring full operations.

Don't miss out- Buyers are looking for your products on our B2B platform

In 2026, Alcoa kept its outlook. Alumina output will be 9.7-9.9 million tonnes. Aluminium production is set at 2.4-2.6 million tonnes. However, Q2 alumina earnings may fall by USD 15 million from lower prices and higher energy costs.

Alcoa expects Q2 aluminium earnings to be up USD 55 million from more shipments, higher prices, and lower costs after San Ciprián restart. But, US tariffs may add USD 35 million in costs. While Q1 taxes are seen at USD 110-120M.