Equity Investments. The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2020 and 2019. In 2020, 2019, and 2018, Alcoa Corporation received $44, $39, and $45, respectively, in dividends from these equity investments. The Company divested its interest in the Ma’aden Rolling Company in June 2019 (see below). 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 Aluminum Company	Saudi Arabia	Aluminum smelter and casthouse	Other expenses, net	25.1%
Ma’aden Bauxite and Alumina Company	Saudi Arabia	Bauxite mine and alumina refinery	Other expenses, 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%
Consorcio Serra do Facão	Brazil	Hydroelectric generation facility	Cost of goods sold	34.97%
Mineração Rio do Norte S.A.	Brazil	Bauxite mine	Cost of goods sold	18.2%
Manicouagan Power Limited Partnership	Canada	Hydroelectric generation facility	Cost of goods sold	40%
Elysis^TM Limited Partnership	Canada	Aluminum smelting technology	Other expenses, 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 project developed by the joint venture consists of a bauxite mine from the Al Ba’itha bauxite deposit in the northern part of Saudi Arabia, an alumina refinery, a primary aluminum smelter, and an aluminum rolling mill.

The joint venture is owned 74.9% by Ma’aden and 25.1% by Alcoa Corporation and originally consisted of three separate companies as follows: the bauxite mine and alumina refinery (MBAC), the smelter (MAC), and the rolling mill (MRC). In June 2019, Alcoa Corporation and Ma’aden amended the joint venture agreement that governs the operations of each of the three companies that comprise the joint venture. Under the terms of the agreement, Alcoa Corporation transferred its 25.1% interest in MRC to Ma’aden and, as a result, has no further direct or indirect equity interest in MRC. Refer to Note D for additional information related to the agreement amendment.

A number of Alcoa Corporation employees perform various types of services for the smelting, rolling mill, and mining and refining companies as part of the operation of the fully-integrated aluminum complex. At December 31, 2020 and 2019, the Company had an aggregate outstanding receivable of $5 and $8, respectively, from the smelting, rolling mill, and mining and refining companies for labor and other employee-related expenses.

As of December 31, 2020 and 2019, the carrying value of Alcoa’s investment in this joint venture was $559 and $603, respectively.

Elysis^TM Limited Partnership—In June 2018, Alcoa Corporation, Rio Tinto plc, and the provincial government of Québec, Canada launched a new joint venture, Elysis^TM Limited Partnership (Elysis^TM). The purpose of this partnership is to advance larger scale development and commercialization of its patent-protected technology that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional aluminum smelting process. Alcoa and Rio Tinto plc, as general partners, each own a 48.235% stake in Elysis^TM, and the Québec provincial government, as a limited partner, owns a 3.53% stake. The federal government of Canada and Apple Inc., as well as the Québec provincial government, will provide initial financing to the partnership. The total planned combined investment (equity and debt) of the five participants in the joint venture is $147 (C$188). Alcoa and Rio Tinto plc will invest a combined $43 (C$55) in the joint venture, as well as contribute and license certain intellectual property and patents to Elysis^TM. To date, the Company has contributed $14 (C$18) toward its initial investment commitment in Elysis^TM. In addition to cash contributions, Alcoa is contributing $3 in research and development expenses annually. The Company’s basis in the investment has been reduced to zero for its share of losses incurred to date. As a result, the Company has $32 in unrecognized losses as of December 31, 2020 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 2020 only includes the combined balances for MAC and MBAC. For 2019, the information shown for the Saudi Arabia Joint Venture includes the full period for both MAC and MBAC, and the data for MRC through the divestiture date. The investments are grouped based

on the nature of the investment. The Mining investments are part of the Bauxite segment, while the Energy and Other investments are primarily part of the Aluminum segment.

	Saudi Arabia Joint Venture			Mining			Energy			Other
2020
Sales	$	2,279		$	841		$	238		$	316
Cost of goods sold		1,829			543			107			283
Net (loss) income		(108	)		46			74			(24	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(27	)		23			31			(11	)
Other		(7	)		(1	)		2			14
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(34	)		22			33			3
2019
Sales	$	3,185		$	846		$	269		$	159
Cost of goods sold		2,722			580			143			151
Net (loss) income		(198	)		35			107			(28	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(50	)		16			42			(13	)
Other		3			5			1			16
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(47	)		21			43			3
2018
Sales	$	3,986		$	802		$	283		$	120
Cost of goods sold		3,334			522			146			110
Net income		9			71			114			16
Equity in net income of affiliated companies, before reconciling adjustments		2			23			46			8
Other		(13	)		(10	)		(4	)		(1	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(11	)		13			42			7

The following table summarizes the balance sheet data for Alcoa Corporation’s equity investments. The information shown for the Saudi Arabia Joint Venture for 2020 and 2019 only includes the combined balances for MAC and MBAC.

	Saudi Arabia Joint Venture		Mining		Energy		Other
2020
Current assets	$	1,099	$	143	$	119	$	219
Noncurrent assets		7,648		828		401		757
Current liabilities		794		206		27		66
Noncurrent liabilities		5,347		331		113		62
2019
Current assets	$	1,109	$	191	$	106	$	181
Noncurrent assets		7,931		923		509		761
Current liabilities		677		156		41		59
Noncurrent liabilities		5,587		511		87		42