Alcoa Corporation (ASX:AAI) has posted solid financial results for the third quarter of 2024, highlighted by a significant rise in adjusted net income to $135 million, up from $30 million in Q2 2024. The aluminium giant also reported adjusted EBITDA of $455 million, a sequential increase of $130 million, thanks to higher alumina prices and lower raw material costs.
The company's Q3 revenue stood at $2.9 billion, unchanged from the previous quarter, but a notable improvement from the $2.6 billion reported in Q3 2023. Alcoa’s acquisition of Alumina Limited in August 2024 has bolstered its position in the market, adding flexibility and boosting its profitability.
CEO William F Oplinger commented on the results: “We are continuing to deliver on our strategic actions, and the acquisition of Alumina Limited has strengthened our market leadership. With positive market conditions and our focus on continuous improvement, we achieved stronger results this quarter."
Additionally, Alcoa announced progress toward a strategic cooperation agreement for its San Ciprián complex, along with a long-term alumina supply deal with Aluminium Bahrain BSC.
