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


Third quarter ended September 30, 2023	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	725		$	157		$	61		$	117
Cost of goods sold		645			121			28			105
Net (loss) income		(39	)		6			31			(21	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(10	)		3			12			(11	)
Other		(15	)		—			(2	)		(6	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(25	)		3			10			(17	)

Third quarter ended September 30, 2022
Sales	$	773		$	167		$	66		$	121
Cost of goods sold		692			101			38			110
Net (loss) income		(94	)		14			28			(19	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(24	)		7			11			(9	)
Other		(1	)		—			(3	)		1
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(25	)		7			8			(8	)

Nine months ended September 30, 2023
Sales	$	2,025		$	516		$	178		$	354
Cost of goods sold		1,947			325			87			324
Net (loss) income		(390	)		44			77			(70	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(98	)		20			30			(34	)
Other		(30	)		1			(1	)		(6	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(128	)		21			29			(40	)

Nine months ended September 30, 2022
Sales	$	2,686		$	589		$	193		$	363
Cost of goods sold		2,020			370			91			332
Net income (loss)		217			95			80			(77	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		54			33			32			(37	)
Other		(5	)		(2	)		(4	)		16
Alcoa Corporation’s equity in net income (loss) of affiliated companies		49			31			28			(21	)

The results for the Saudi Arabia joint venture for the nine-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 nine-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 September 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 $62 in unrecognized losses as of September 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.