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


Second quarter ended June 30, 2023	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	700		$	172		$	59		$	116
Cost of goods sold		620			101			32			106
Net (loss) income		(99	)		14			22			(33	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(25	)		6			9			(15	)
Other		(3	)		1			1			7
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(28	)		7			10			(8	)

Second quarter ended June 30, 2022
Sales	$	1,016		$	191		$	65		$	125
Cost of goods sold		712			123			23			115
Net income (loss)		156			32			29			(30	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		39			12			12			(15	)
Other		(4	)		(2	)		(2	)		19
Alcoa Corporation’s equity in net income of affiliated companies		35			10			10			4

Six months ended June 30, 2023
Sales	$	1,300		$	359		$	117		$	237
Cost of goods sold		1,302			204			59			219
Net (loss) income		(351	)		38			46			(49	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(88	)		17			18			(23	)
Other		(15	)		1			1			—
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(103	)		18			19			(23	)

Six months ended June 30, 2022
Sales	$	1,913		$	422		$	127		$	242
Cost of goods sold		1,328			269			53			222
Net income (loss)		311			81			52			(58	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		78			26			21			(28	)
Other		(4	)		(2	)		(1	)		15
Alcoa Corporation’s equity in net income (loss) of affiliated companies		74			24			20			(13	)

The results for the Saudi Arabia joint venture for the six-month period of 2023 include an adjustment to the estimate for the 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 six-month period of 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 June 30, 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 $63 in unrecognized losses as of June 30, 2023 that will be recognized upon additional contributions into the partnership.

In February 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. In April 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.