Alcoa Corporation is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting. The company operates 25 locations across eight countries on five continents. It integrates mining refining and smelting to supply alumina and aluminum products globally. In 2025 the company produced 37,500,000 dry metric tons of bauxite and 11,700,000 metric tons of alumina. Its smelter output reached 2,600,000 metric tons of aluminum.

Revenue comes mainly from the sale of smelter grade alumina, non metallurgical alumina and primary aluminum products. Alumina sales are priced using market indices such as the Alumina Price Index while aluminum sales follow the London Metal Exchange price plus regional and product premiums. The company also earns income from its energy assets which generate electricity for internal use and for sale to third parties. Energy sales contribute to total revenue and help lower the cost of power for smelting operations.

The company operates through the following reportable segments: Alumina and Aluminum.

• Alumina: This segment includes bauxite mines and alumina refineries that mine bauxite and refine it into smelter grade and non metallurgical alumina. It sells alumina to the company’s own smelters and to third party customers under contracts tied to the Alumina Price Index or fixed price spot terms. The segment reports bauxite production of 37,500,000 dry metric tons and alumina output of 11,700,000 metric tons annually.

• Aluminum: This segment comprises the company’s smelting and casting operations and its energy assets in Brazil Canada and the United States. It produces primary aluminum ingots and value added products such as foundry billet rod and slab which are sold to external customers and traders. Pricing is based on the London Metal Exchange price plus regional premiums and negotiated product premiums. The segment reports aluminum production of 2,600,000 metric tons and its energy assets generated approximately 8,092,726 megawatt hours in 2025.

Alcoa is the largest alumina producer outside of China and ranks among the world’s biggest bauxite miners. Its competitive advantages stem from an integrated supply chain long term energy arrangements and a low carbon footprint in its smelting portfolio. The company faces competition from firms such as Rio Tinto South32 Glencore and other alumina and aluminum producers in global markets. Sustainability initiatives including low carbon aluminum products further strengthen its position versus rivals.

The company’s alumina customers include its own aluminum smelters and third parties such as traders and industrial users. Its aluminum products are sold to external customers and traders serving sectors like transportation building and construction packaging wire and other industrial applications. Specific customer names are not disclosed in the filing. Alumina is also sold to chemical manufacturers who use non metallurgical grades for industrial processes.