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, 2022	Saudi Arabia Joint Venture			Mining			Energy			Other
Sales	$	773		$	167		$	66		$	121
Cost of goods sold		692			101			38			110
Net (loss) income		(94	)		14			28			(19	)
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(24	)		7			11			(9	)
Other		(1	)		—			(3	)		1
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(25	)		7			8			(8	)

Third quarter ended September 30, 2021
Sales	$	776		$	198		$	73		$	100
Cost of goods sold		479			145			51			90
Net income (loss)		152			11			22			(12	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		38			6			8			(5	)
Other		(3	)		(1	)	—				4
Alcoa Corporation’s equity in net income (loss) of affiliated companies		35			5			8			(1	)

Nine months ended September 30, 2022
Sales	$	2,686		$	589		$	193		$	363
Cost of goods sold		2,020			370			91			332
Net income (loss)		217			95			80			(77	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		54			33			32			(37	)
Other		(5	)		(2	)		(4	)		16
Alcoa Corporation’s equity in net income (loss) of affiliated companies		49			31			28			(21	)

Nine months ended September 30, 2021
Sales	$	2,199		$	568		$	188		$	291
Cost of goods sold		1,490			414			108			261
Net income (loss)		299			31			74			(18	)
Equity in net income (loss) of affiliated companies, before reconciling adjustments		75			16			29			(8	)
Other		(7	)		(2	)	—				15
Alcoa Corporation’s equity in net income of affiliated companies		68			14			29			7

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 September 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 September 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.