Investments

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

H. Investments

December 31,	2024		2023
Equity investments	$	970	$	969
Other investments		10		10
	$	980	$	979

Equity Investments. The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2024 and 2023. In 2024, 2023, and 2022, Alcoa Corporation received $37, $51, and $127, respectively, in dividends from these equity investments. Each of the investees either owns the facility listed or has an ownership interest in an entity that owns the facility listed:

Investee	Country	Nature of investment	Income Statement Location of Equity Earnings	Ownership interest
Ma’aden Aluminium Company	Saudi Arabia	Aluminum smelter and casthouse	Other expenses (income), net	25.1%
Ma’aden Bauxite and Alumina Company	Saudi Arabia	Bauxite mine and alumina refinery	Other expenses (income), net	25.1%
Halco Mining, Inc.	Guinea	Bauxite mine	Cost of goods sold	45%
Energética Barra Grande S.A.	Brazil	Hydroelectric generation facility	Cost of goods sold	42.18%
Pechiney Reynolds Quebec, Inc.	Canada	Aluminum smelter	Cost of goods sold	50%
Serra do Facão Energia S/A	Brazil	Hydroelectric generation facility	Cost of goods sold	34.97%
Manicouagan Power Limited Partnership	Canada	Hydroelectric generation facility	Cost of goods sold	40%
ElysisTM Limited Partnership	Canada	Aluminum smelting technology	Other expenses (income), net	48.235%

Saudi Arabia Joint Venture—Alcoa Corporation and Ma’aden have a 30-year (from December 2009) joint venture shareholders agreement (automatic extension for an additional 20 years, unless the parties agree otherwise or unless earlier terminated) setting forth the terms for the development, construction, ownership, and operation of an integrated aluminum complex in Saudi Arabia. The joint venture complex includes a bauxite mine from the Al Ba’itha bauxite deposit in the northern part of Saudi Arabia, an alumina refinery, and a primary aluminum smelter.

The joint venture is owned 74.9% by Ma’aden and 25.1% by Alcoa Corporation and is currently comprised of two entities: the bauxite mine and alumina refinery (Ma’aden Bauxite and Alumina Company; MBAC) and the smelter (Ma’aden Aluminium Company; MAC).

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 MBAC and MAC 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 year ended December 31, 2022 include a charge related to a dispute with an industrial utility for periods in 2021 and 2022. Alcoa’s share of this charge was $21 which is included in Other expenses (income), net on the Statement of Consolidated Operations for the year ended December 31, 2022. The results for the Saudi Arabia joint venture for the year ended December 31, 2023 include an adjustment to the estimate for the settlement of this dispute. Alcoa’s share of this adjustment is $41 which is included in Other expenses (income), net on the Statement of Consolidated Operations for the year ended December 31, 2023. As of December 31, 2024 and 2023, the carrying value of Alcoa’s investment in this joint venture was $544 and $533, respectively.

ELYSIS Limited Partnership—In June 2018, Alcoa Corporation, Rio Tinto Alcan Inc. (Rio Tinto), and Investissement Québec, a company wholly-owned by the Government of Québec, Canada, launched the ELYSIS Limited Partnership (ELYSIS). The purpose of ELYSIS is to advance larger scale development and commercialization of its patent-protected technology that eliminates direct greenhouse gas emissions from the traditional aluminum smelting process and, instead, emits oxygen. Alcoa and Rio Tinto, as general partners, each own a 48.235% stake in ELYSIS, and Investissement Québec, as a limited partner, owns a 3.53% stake.

Through December 31, 2024, the Company has contributed $152 (C$202) toward its investment commitment in ELYSIS. The Company’s basis in the investment has been reduced to zero for its share of losses incurred to date. In addition to cash contributions, Alcoa is contributing approximately $3 annually to cover overhead expenses incurred by Alcoa and charged to the joint venture. As a result, the Company has $67 in unrecognized losses as of December 31, 2024 that will be recognized upon additional contributions into the partnership.

The following table summarizes the profit and loss data for the respective periods ended December 31, as it relates to Alcoa Corporation’s equity investments. Information shown for the Saudi Arabia Joint Venture for all periods presented includes the combined balances for MAC and MBAC. The investments are grouped based on the nature of the investment. The Mining investments are part of the Alumina segment, while the Energy and Other investments are primarily part of the Aluminum segment.

	Saudi Arabia Joint Venture			Mining			Energy			Other
2024
Sales	$	3,328		$	573		$	240		$	463
Cost of goods sold		2,681			432			107			419
Net income (loss)		134			26			112			(68	)
Equity in net income (loss) of affiliated companies, before    reconciling adjustments		34			12			44			(32	)
Other		(21	)		—			(6	)		9
Alcoa Corporation’s equity in net income (loss) of    affiliated companies		13			12			38			(23	)
2023
Sales	$	2,726		$	670		$	236		$	464
Cost of goods sold		2,550			446			118			425
Net (loss) income		(457	)		50			100			(97	)
Equity in net (loss) income of affiliated companies, before    reconciling adjustments		(115	)		23			39			(46	)
Other		(43	)		—			1			(9	)
Alcoa Corporation’s equity in net (loss) income of    affiliated companies		(158	)		23			40			(55	)
2022
Sales	$	3,317		$	763		$	252		$	488
Cost of goods sold		2,696			488			120			445
Net income (loss)		42			110			109			(75	)
Equity in net income (loss) of affiliated companies, before    reconciling adjustments		11			39			41			(36	)
Other		(7	)		(2	)		(3	)		15
Alcoa Corporation’s equity in net income (loss) of    affiliated companies		4			37			38			(21	)

The following table summarizes the balance sheet data for the respective periods ended December 31, as it relates to Alcoa Corporation’s equity investments.

	Saudi Arabia Joint Venture		Mining		Energy		Other
2024
Current assets	$	1,456	$	4	$	99	$	177
Noncurrent assets		7,035		454		240		777
Current liabilities		1,227		4		16		85
Noncurrent liabilities		4,534		35		35		120
2023
Current assets	$	1,433	$	8	$	103	$	181
Noncurrent assets		6,958		419		310		764
Current liabilities		1,444		5		16		89
Noncurrent liabilities		4,272		24		34		117

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.