H. Investments – A summary of unaudited financial information for Alcoa Corporation’s equity investments is as follows (amounts represent 100% of investee financial information):


First quarter ended March 31, 2023	Saudi Arabia Joint Venture			Mining		Energy		Other
Sales	$	600		$	187	$	58	$	121
Cost of goods sold		682			103		27		113
Net (loss) income		(252	)		24		24		(16	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(63	)		11		9		(8	)
Other		(12	)		—		—		(7	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(75	)		11		9		(15	)

First quarter ended March 31, 2022
Sales	$	897		$	231	$	62	$	117
Cost of goods sold		616			146		30		107
Net income (loss)		155			49		23		(28	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		39			14		9		(13	)
Other		—			—		1		(4	)
Alcoa Corporation’s equity in net income (loss) of affiliated companies		39			14		10		(17	)

The results for the Saudi Arabia joint venture for the quarter ended March 31, 2023 include an adjustment to the estimate for an expected settlement of a dispute with an industrial utility for periods in 2021 and 2022. Alcoa’s share of this adjustment is $41 which is included in Other expenses (income), net on the Statement of Consolidated Operations for the quarter ended March 31, 2023. Alcoa’s total share of this dispute of $62 includes $21 that was recorded in the fourth quarter of 2022.

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of March 31, 2023 and 2022, included in Other in the table above, has been reduced to zero for its share of losses incurred to date. As a result, the Company has $60 in unrecognized losses as of March 31, 2023 that will be recognized upon additional contributions into the partnership.

On February 15, 2022, the Company signed an agreement to sell its share of its investment in MRN in Brazil for $10 to South32 Minerals S.A. Related to this transaction, the Company recorded an asset impairment of $58 in the first quarter of 2022 in Restructuring and other charges, net on the Statement of Consolidated Operations. On April 30, 2022, Alcoa completed the sale of its investment in MRN. An additional $30 in cash could be paid to the Company in the future if certain post-closing conditions related to future MRN mine development are satisfied.