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, 2022	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	1,016		$	191		$	65		$	125
Cost of goods sold		712			123			23			115
Net income (loss)		156			32			29			(30	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		39			12			12			(15	)
Other		(4	)		(2	)		(2	)		19
Alcoa Corporation’s equity in net income of affiliated companies		35			10			10			4

Second quarter ended June 30, 2021
Sales	$	741		$	197		$	60		$	96
Cost of goods sold		508			146			32			78
Net income (loss)		102			25			27			(4	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		26			9			11			(2	)
Other		—			(1	)		—			8
Alcoa Corporation’s equity in net income of affiliated companies		26			8			11			6

Six months ended June 30, 2022
Sales	$	1,913		$	422		$	127		$	242
Cost of goods sold		1,328			269			53			222
Net income (loss)		311			81			52			(58	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		78			26			21			(28	)
Other		(4	)		(2	)		(1	)		15
Alcoa Corporation’s equity in net income (loss) of affiliated companies		74			24			20			(13	)

Six months ended June 30, 2021
Sales	$	1,423		$	370		$	115		$	191
Cost of goods sold		1,011			269			57			171
Net income (loss)		147			20			52			(6	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		37			10			21			(3	)
Other		(4	)		(1	)		—			11
Alcoa Corporation’s equity in net income of affiliated companies		33			9			21			8

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 as of June 30, 2022 and 2021, 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 $69 in unrecognized losses as of June 30, 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. 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.