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, 2024	Saudi Arabia Joint Venture			Mining		Energy			Other
Sales	$	804		$	158	$	59		$	114
Cost of goods sold		613			104		25			104
Net income (loss)		102			14		29			(20	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		26			6		11			(9	)
Other		(4	)		—		—			12
Alcoa Corporation’s equity in net income of affiliated companies		22			6		11			3

Second quarter ended June 30, 2023
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	)

Six months ended June 30, 2024
Sales	$	1,515		$	273	$	122		$	229
Cost of goods sold		1,212			207		50			209
Net income (loss)		94			9		60			(36	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		24			4		23			(17	)
Other		(12	)		—		(1	)		7
Alcoa Corporation’s equity in net income (loss) of affiliated companies		12			4		22			(10	)

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	)

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of June 30, 2024 and 2023, 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 $66 in unrecognized losses as of June 30, 2024 that will be recognized upon additional contributions into the partnership.

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 (income) expenses, 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.