Alcoa Corporation Declared Q3 2023 Operating Results

SEATTLE (Scrap Monster): Alcoa Corporation announced third quarter 2023 results. The company’s loss narrowed during the quarter. The sales were badly hit by lower aluminum prices.

The company’s total third party revenue of $2.602 billion was significantly lower when compared with $2.851 billion in the prior year quarter and $2.684 billion in the sequential second quarter this year. The company’s adjusted net loss stood at $202 million during the quarter, while the adjusted loss per share was $1.14.

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Both the Alumina and Aluminum segments reported higher shipments during the third quarter of the year. The third party shipments of alumina recorded 11% increase over the sequential quarter. The total aluminum shipments too were up marginally by 1% sequentially, said the company press release.

 The alumina production surged higher by 10% sequentially to 2.8 million metric tons, mainly driven by higher production by Brazilian Alumar refinery. Alcoa’s aluminum production increased by 2% from sequential quarter to 532,000 metric tons.

William F. Oplinger, President and CEO, Alcoa noted that the company witnessed positive improvements in raw material and production costs, but lower average realized pricing for alumina and aluminum during Q3 this year.