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

First quarter ended March 31, 2022	Saudi Arabia Joint Venture			Mining			Energy		Other
Sales	$	897		$	231		$	62	$	117
Cost of goods sold		616			146			30		107
Net income (loss)		155			49			23		(28	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		39			14			9		(13	)
Other		—			—			1		(4	)
Alcoa Corporation’s equity in net income (loss) of affiliated companies		39			14			10		(17	)

First quarter ended March 31, 2021
Sales	$	682		$	173		$	55	$	95
Cost of goods sold		503			123			25		63
Net income (loss)		45			(5	)		25		(2	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		11			1			10		(1	)
Other		(4	)		—			—		3
Alcoa Corporation’s equity in net income of affiliated companies		7			1			10		2

The Saudi Arabia joint venture consisting of the bauxite mine and alumina refinery (MBAC) and the smelter (MAC) is owned 74.9% by the Saudi Arabian Mining Company (Ma’aden) and 25.1% by Alcoa. In accordance with the June 2019 amended joint venture agreement, Ma’aden’s put option and Alcoa Corporation’s call option, relating to additional interests in the joint venture, were exercisable for a period of six months after October 1, 2021. On March 31, 2022, Ma’aden’s and Alcoa’s put and call options, respectively, expired with neither party exercising their options.

The Company’s basis in the ELYSIS^TM Limited Partnership, 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 $52 in unrecognized losses as of March 31, 2022 that will be recognized upon additional contributions into the partnership.

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. Further, 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.