Alcoa Corp (NYSE: AA) is an aluminum and alumina producer that mines bauxite, refines it into alumina, and smelts alumina into aluminum metal. Revenue comes from selling alumina and aluminum to customers in the packaging, automotive, aerospace, and construction end markets on a transactional basis, with realized prices tied closely to the London Metal Exchange aluminum price and the alumina index. Alcoa operates across three reported segments: Bauxite, Alumina, and Aluminum, giving it an integrated position across the full upstream value chain. The company was incorporated in 2016 as a spinoff from Arconic and is headquartered in Pittsburgh, Pennsylvania. Capital intensity is high, as the business requires significant energy inputs and long-lived smelting and refining assets. Alcoa competes with Rio Tinto, Norsk Hydro, and Rusal, among other global primary aluminum and alumina producers.

Revenue model

Transactional sales of alumina and primary aluminum at prices linked to the London Metal Exchange and alumina index benchmarks, across Bauxite, Alumina, and Aluminum segments.

Products and services

Bauxite mining, alumina refining, primary aluminum smelting.

Customers and end markets

Packaging, automotive, aerospace, and construction industries. Customers purchase alumina and primary aluminum metal.

Value-chain role

Integrated upstream producer spanning bauxite mining, alumina refining, and aluminum smelting.

Geographic exposure

Global operations across multiple countries, with smelting and refining assets in North America, Europe, Australia, and other regions.

Competitors

Rio Tinto, Norsk Hydro, Rusal

Source: SEC 10-K, filed 2026-02-26

Industry: Primary Production of Aluminum Peers: Arconic Corp Century Aluminum Co Kaiser Aluminum Corp