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, 2024	Saudi Arabia Joint Venture			Mining		Energy			Other
Sales	$	838		$	146	$	61		$	116
Cost of goods sold		696			113		27			104
Net (loss) income		(5	)		7		28			(19	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(2	)		3		12			(9	)
Other		(4	)		—		—			1
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(6	)		3		12			(8	)

Third quarter ended September 30, 2023
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	)

Nine months ended September 30, 2024
Sales	$	2,353		$	419	$	183		$	345
Cost of goods sold		1,908			320		77			313
Net income (loss)		89			16		88			(55	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		22			7		35			(26	)
Other		(16	)		—		(1	)		8
Alcoa Corporation’s equity in net income (loss) of affiliated companies		6			7		34			(18	)

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	)

The Company’s basis in the ELYSISTM Limited Partnership (ELYSIS) as of September 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 September 30, 2024 that will be recognized upon additional contributions into the partnership.

On September 15, 2024, Alcoa entered into a share purchase and subscription agreement with Ma’aden, pursuant to which Alcoa agreed to sell its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of the Ma’aden Bauxite and Alumina Company and the Ma’aden Aluminium Company, to Ma’aden in exchange for issuance by Ma’aden of 85,977,547 shares and $150 in cash (see Note C).

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, 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.