4th Quarter Earnings Conference

1

January 9, 2014

[Alcoa logo]

[Alcoa logo]

Exhibit 99.2

Cautionary Statement

2

o[Alcoa logo]

Forward-Looking Statements

This

presentation

contains

statements

that

relate

to

future

events

and

expectations

and

as

such

constitute

forward-looking

statements.

Forward-looking

statements

include

those

containing

such

words

as

“anticipates,”

“estimates,”

“expects,”

“forecasts,”

“intends,”

“outlook,”

“plans,”

“projects,”

“should,”

“targets,”

“will,”

or

other

words

of

similar

meaning.

All

statements

that

reflect

Alcoa’s

expectations,

assumptions,

or

projections

about

the

future

other

than

statements

of

historical

fact

are

forward-looking

statements,

including,

without

limitation,

forecasts

concerning

global

demand

growth

for

aluminum,

end-market

conditions,

supply/demand

balances,

and

growth

opportunities

for

aluminum

in

automotive,

aerospace

and

other

applications,

trend

projections,

targeted

financial

results

or

operating

performance,

and

statements

about

Alcoa’s

strategies,

outlook,

and

business

and

financial

prospects. 

Forward-looking

statements

are

subject

to

a

number

of

known

and

unknown

risks,

uncertainties,

and

other

factors

and

are

not

guarantees

of

future

performance.

Important

factors

that

could

cause

actual

results

to

differ

materially

from

those

in

the

forward-looking

statements

include:

(a)

material

adverse

changes

in

aluminum

industry

conditions,

including

global

supply

and

demand

conditions

and

fluctuations

in

London

Metal

Exchange-based

prices

and

premiums,

as

applicable

for

primary

aluminum,

alumina,

and

other

products,

and

fluctuations

in

indexed-based

and

spot

prices

for

alumina;

(b)

deterioration

in

global

economic

and

financial

market

conditions

generally;

(c)

unfavorable

changes

in

the

markets

served

by

Alcoa,

including

automotive

and

commercial

transportation,

aerospace,

building

and

construction,

distribution,

packaging,

defense,

and

industrial

gas

turbine;

(d)

the

impact

of

changes

in

foreign

currency

exchange

rates

on

costs

and

results,

particularly

the

Australian

dollar,

Brazilian

real,

Canadian

dollar,

euro,

and

Norwegian

kroner;

(e)

increases

in

energy

costs,

including

electricity,

natural

gas,

and

fuel

oil,

or

the

unavailability

or

interruption

of

energy

supplies;

(f)

increases

in

the

costs

of

other

raw

materials,

including

calcined

petroleum

coke,

caustic

soda,

and

liquid

pitch;

(g)

Alcoa’s

inability

to

achieve

the

level

of

revenue

growth,

cash

generation,

cost

savings,

improvement

in

profitability

and

margins,

fiscal

discipline,

or

strengthening

of

competitiveness

and

operations

(including

moving

its

alumina

refining

and

aluminum

smelting

businesses

down

on

the

industry

cost

curves

and

increasing

revenues

in

its

Global

Rolled

Products

and

Engineered

Products

and

Solutions

segments)

anticipated

from

its

restructuring

programs

and

productivity

improvement,

cash

sustainability,

and

other

initiatives;

(h)

Alcoa's

inability

to

realize

expected

benefits,

in

each

case

as

planned

and

by

targeted

completion

dates,

from

sales

of

non-core

assets,

or

from

newly

constructed,

expanded,

or

acquired

facilities,

including

facilities

supplying

auto

sheet

capacity

or

aluminum-lithium

capacity,

or

from

international

joint

ventures,

including

the

joint

venture

in

Saudi

Arabia;

(i)

political,

economic,

and

regulatory

risks

in

the

countries

in

which

Alcoa

operates

or

sells

products,

including

unfavorable

changes

in

laws

and

governmental

policies,

civil

unrest,

or

other

events

beyond

Alcoa’s

control;

(j)

the

outcome

of

contingencies,

including

legal

proceedings,

government

investigations,

and

environmental

remediation;

(k)

the

business

or

financial

condition

of

key

customers,

suppliers,

and

business

partners;

(l)

adverse

changes

in

tax

rates

or

benefits;

(m)

adverse

changes

in

discount

rates

or

investment

returns

on

pension

assets;

(n)

the

impact

of

cyber

attacks

and

potential

information

technology

or

data

security

breaches;

and

(o)

the

other

risk

factors

summarized

in

Alcoa's

Form

10-K

for

the

year

ended

December

31,

2012

and

other

reports

filed

with

the

Securities

and

Exchange

Commission.

Alcoa

disclaims

any

obligation

to

update

publicly

any

forward-looking

statements,

whether

in

response

to

new

information,

future

events

or

otherwise,

except

as

required

by

applicable

law.

Non-GAAP Financial Measures

Some

of

the

information

included

in

this

presentation

is

derived

from

Alcoa’s

consolidated

financial

information

but

is

not

presented

in

Alcoa’s

financial

statements

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP).

Certain

of

these

data

are

considered

“non-GAAP

financial

measures”

under

SEC

rules.

These

non-GAAP

financial

measures

supplement

our

GAAP

disclosures

and

should

not

be

considered

an

alternative

to

the

GAAP

measure.

Reconciliations

to

the

most

directly

comparable

GAAP

financial

measures

and

management’s

rationale

for

the

use

of

the

non-GAAP

financial

measures

can

be

found

in

the

Appendix

to

this

presentation

and

on

our

website

at

www.alcoa.com

under

the

“Invest”

section.

Any

reference

during

the

discussion

today

to

EBITDA

means

adjusted

EBITDA,

for

which

we

have

provided

calculations

and

reconciliations

in

the

Appendix

and

on

our

website.

Putting Legacy Matters behind us, continuing Transformation

Non-cash

Goodwill

write-down

($1.7B)

for

legacy

acquisitions

in

smelting

Discrete

Tax

items

($361M)

Legacy

Legal

Matter

($243M)

Capital

projects

write-off

($13M)

Putting Legacy Matters behind us

Building out Value-Add Businesses & Lowering cost base of our Commodity Businesses

Today:

Value-add

businesses

account

for

57%

of

revenues

and

80%

of

segment

profits

Record

Downstream

results

(record

4th

quarter;

ATOI

up

20%

YOY)

Lower

cost

position

Upstream

and

nine

consecutive

quarters

of

improved

performance

Improved

Productivity

across

all

segments

(2013

$1.1B);

Record

Days

Working

Capital

(4

days

lower

=

$240M)

Strengthening

Balance

Sheet

($1.4B

cash

on

hand;

$8.3B

debt;

$6.9B

net

debt,

lowest

year-end

level

since

2006)

Investing

in

the

Future

(e.g.

Automotive,

Saudi

Arabia

JV,

Al

Lithium)

Annual

Earnings

increased

(excluding

special

items)

despite

lower

metal

prices

Repositioning the Company in the face of Headwinds

3

o[Alcoa logo]

th

William Oplinger

Executive Vice President and Chief Financial Officer

4

January 9, 2014

[Alcoa logo]

[Alcoa logo]

Income Statement Summary

See appendix for Adjusted Income reconciliation

5

o[Alcoa logo]

6

See appendix for Adjusted Income reconciliation

Special Items

o[Alcoa logo]

Market, volume, and cost headwinds lower earnings sequentially

7

See appendix for Adjusted Income reconciliation

Net Income excluding Special Items ($ Millions)

Market

-$26

Performance

-$6

Cost Headwinds

-$48

40

120

Currency

4

30

3Q 13

4Q 13

Cost

Increases

/ Other

38

Raw

Materials

3

Energy

13

Productivity

36

Price

/  Mix

10

Volume

32

LME

o[Alcoa logo]

See appendix for Free Cash Flow and Days Working Capital reconciliations

4

th

Quarter Cash Flow Overview

8

o[Alcoa logo]

($ Millions)

4Q12

3Q13

4Q13

Net Income (Loss)

$257

$44

($2,310)

DD&A

$363

$348

$350

Change in Working Capital

$536

($61)

$522

Pension Contributions

($46)

($173)

($108)

Taxes / Other Adjustments

($177)

$56

$2,466

Cash from Operations

$933

$214

$920

Dividends to Shareholders

($33)

($33)

($33)

Change in Debt

($692)

($5)

($14)

Contributions (Distributions) to Noncontrolling

Interest 

$15

($53)

($29)

Other Financing Activities

($2)

($2)

$11

Cash from Financing Activities

($712)

($93)

($65)

Capital Expenditures

($398)

($250)

($422)

Other Investing Activities

$605

($54)

($3)

Cash from Investing Activities

$207

($304)

($425)

4Q13 FCF

$498 million

$1.4 billion

of cash

4 Day DWC

reduction vs.

4Q 2012

4

th

Quarter 2013 Cash Flow Overview

Engineered Products & Solutions year-over-year ATOI increase of 20%

Any reference in our presentations to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix. See appendix

for Adjusted EBITDA reconciliation.

* Prior period amounts have been revised to conform to the current period presentation. See appendix for additional information.

9

o[Alcoa logo]

$ Millions

Revenue

up

4%

year-over-year

driven

by

strong

share

gains

across

all

markets

Record

4Q

ATOI

and

EBITDA

margin

4Q

EBITDA

margin

at

20.3%,up

2.3

percentage

points

year-over-year 

Quarterly

ATOI

up

20%

year-over-year

to

$168M

driven

by

productivity

and volume

Days

working

capital

improved

3

days

year-over-year

Aerospace

strong,

impacted

by

lower

U.S.

Defense

spare

parts

demand

Gradual

recovery

in

N.A.

Non-Residential

Construction

continues;

European

market

decline

is

slowing

Stronger

N.A.

Heavy

Duty

Truck

build

rates

offset

by

Europe

Softening

Global

Industrial

Gas

Turbine

market

Productivity

improvements

continue

ATOI

expected

to

be

up

8%-10%

sequentially

$ Millions

4Q 12

3Q 13

4Q 13

3

rd

Party Revenue

1,348

1,437

1,405

ATOI*

140

192

168

EBITDA Margin*

18.0%

22.5%

20.3%

4

th

Quarter Results

4

th

Quarter Business Highlights

1

st

Quarter Outlook

4

th

Quarter Performance Bridge

$168

4Q 13

-$5

Volume

-$6

Productivity

$12

3Q 13

-$25

$192

Cost Increase

Price / Mix

4Q13 Actual and 1Q14 Outlook -

EPS

See appendix for Adjusted EBITDA reconciliation. 

* Prior period amounts have been revised to conform to the current period presentation. See appendix for additional information.

Unfavorable volume and cost impact Global Rolled Products results

10

o[Alcoa logo]

Strong Alumina performance offsets negative market impacts

11

o[Alcoa logo]

Continued Primary productivity gains offset sequential cost increases

12

o[Alcoa logo]

Robust demand continues, regional premiums responding

13

o[Alcoa logo]

2013 Full Year Results

14

o[Alcoa logo]

Earnings rise 36% year-over-year despite $273M of market headwinds

15

See appendix for Adjusted Income reconciliation

Net Income excluding Special Items ($ Millions)

Market

-$273

Performance

+$842

Cost Headwinds

-$474

357

262

Price

/  Mix

32

Volume

57

Currency

172

LME

445

2012

2013

Cost

Increases

/ Other

507

Raw

Materials

62

Energy

29

Productivity

+36%

753

o[Alcoa logo]

Continued strong productivity; $1.1 billion captured in 2013

GPP:

Combined

Alumina

and

Primary

Metals

segments;

GRP:

Global

Rolled

Products;

EPS:

Engineered

Products

and

Solutions

*All figures are pretax and pre-minority interest.  2009/2010 represent net productivity; 2011-2013 represent gross productivity

16

268

356

742

2009

2,410

2013

1,117

12

481

2012

1,291

2011

1,099

2010

Year-over-year productivity* savings, $M and 2013 ideas by category

EPS (32%)

GRP (24%)

GPP (43%)

Other (1%)

Over $6.6B of

productivity

in 2009-2013

10,700

Asset Mgmt

Growth

Productivity

12,200

200

1,300

Current  number of

ideas in the system

o[Alcoa logo]

Achieved record low Days Working Capital

See appendix for days working capital reconciliation

17

o[Alcoa logo]

Strengthened our balance sheet; lowest year-end net debt since 2006

See appendix for Net Debt-to-Capital reconciliation

* Excludes goodwill impairment and deferred tax valuation allowances recorded in fourth quarter 2013

18

o[Alcoa logo]

Executed against targets to achieve Positive FCF in a tough environment

*Excludes goodwill impairment and deferred tax valuation allowances recorded in fourth quarter 2013

19

o[Alcoa logo]

2014 annual financial targets

The right actions drive growth and operational performance in 2014

Deliver

Operational

Performance

Drive Productivity Gains of $850M

Process productivity

Procurement savings

Overhead cost reductions

Invest in the

Future; Actively

Manage the

Base

Build Value-Add with Growth Capital of $500M

Invest in Saudi JV of $125M

Manage Sustaining Capital of $750M

Strengthen the

Balance Sheet

Generate Positive Free Cash Flow

Attain 30%-35% Debt-to-Capital

20

o[Alcoa logo]

Klaus Kleinfeld

Chairman and Chief Executive Officer

21

January 9, 2014

[Alcoa logo]

[Alcoa logo]

Source: Alcoa analysis

North America

China

Global

Europe

7% to

8%

sales growth

2% to

3%    

sales growth

4% to

6%      

sales growth

8% to

12%

airfoil market

decline

6% to

10%  

prod growth

8% to

12%

sales growth

7% to

9%

sales growth

2% to

3%

sales growth

2% to

3%                            

sales decline

-1% to

3%    

prod flat/growth

6% to

10%

prod decline

2% to

5%   

prod growth

1% to

2%

sales decline

Aerospace

Automotive

Heavy Truck &

Trailer

Beverage Can

Packaging

Commercial Building

and Construction

Industrial Gas

Turbine

1% to

5%

prod growth

-1% to

3%     

prod flat/growth

3% to

4%                   

sales growth

1% to

4%

prod growth

-1% to

3%     

prod flat/growth

2014 Market Conditions

Alcoa End Markets: Current Assessment of 2014 vs. 2013

22

o[Alcoa logo]

Repositioning working: Growing value-add and lowering cost base

CRU Cost Model, Alcoa Analysis.

Any reference in our presentations to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix

23

o[Alcoa logo]

Trucking Industry Needs…

…and Drives Growth for Alcoa wheels

No

Mechanical

or

Chemical Cleaning

Corrosion

Resistant

Looks

New

Longer

58%

73%

Aluminum wheel innovation meets industry needs and drives value-add growth

Alcoa solutions for improved truck fuel efficiency and lowered maintenance cost drive Wheels sales growth

Regulatory Requirements

(1)

20%

Fuel

Efficiency

Improvement

20%

Lower

Greenhouse

Gas

Emissions

Improved Competiveness

Operating

Cost

Reduction

Payload Increase

Alcoa wheel sales and growth (%)

LvL ONE ®

-

Introduced in 2009

Light Weight & Flexible: LvL ONE ®

Low Maintenance: Dura-Bright ®

Lightest

Wheel

at

45

lbs

(41% lighter than steel; 8% lighter than avg. Al)

6X

Brighter

than

even

aluminum

competition

Two

sided

polished

finish

Allows

use

on

truck

and

trailer;

reduces

number

of

spare

parts

…Alcoa Technology Offers Solutions…

Dura-Bright ®

Oct’13: 10X Improved Corrosion

Other

LvL ONE®

Dura-Bright®

22%

CAGR

2009

2013

67%

of

sales

are

driven

by

proprietary

technology

(1)

Greenhouse

Gas

Emissions

and

Fuel

Efficiency

Standards

for

Medium

and

Heavy

Duty

Engines

and

Vehicles

-

2014

to

2018

24

o[Alcoa logo]

Capitalizing on historic Auto industry shift to lightweight vehicles

Sources:  Consumer Federation of America (CFA) survey April 2013; Ducker Worldwide

CAFE = Corporate Average Fuel Economy

25

o[Alcoa logo]

Smelter

Rolling Mill

Mine

Refinery

Phase 1

Phase 2

Saudi Arabia JV construction progressing as planned; world’s lowest cost

77%

complete

190kmt

production in 2013

550kmt

production in 2014

At full capacity in 2014

Lowest

cost

smelter

2%

point

reduction

on

the

smelting cost curve

First

hot

coil

in

4Q

2013

First auto

coil in 4Q 2014

First alumina 4Q 2014

Lowest

cost

refinery

2%

point

reduction

on

the refining cost curve

On track to provide

bauxite in 2014

93%

complete

Saudi Arabia JV construction update

100%

complete

52%

complete

26

o[Alcoa logo]

Repositioning accelerates with new three-year targets

CRU Cost Model, Alcoa Analysis.

Any reference in our presentations to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix

27

o[Alcoa logo]

2014 annual financial targets

The right actions drive growth and operational performance in 2014

Deliver

Operational

Performance

Drive Productivity Gains of $850M

Process productivity

Procurement savings

Overhead cost reductions

Invest in the

Future; Actively

Manage the

Base

Build Value-Add with Growth Capital of $500M

Invest in Saudi JV of $125M

Manage Sustaining Capital of $750M

Strengthen the

Balance Sheet

Generate Positive Free Cash Flow

Attain 30%-35% Debt-to-Capital

28

o[Alcoa logo]

Repositioning gaining traction and creating value for the future

Alcoa

Advantage

and

Disciplined

Execution

drive

profitable

growth

in

2014

Building

out

the

value-add

businesses

while

lowering

cost

base

in

the

commodity

businesses

Putting

legacy

matters

behind

us

29

o[Alcoa logo]

o[Alcoa logo]

Kelly Pasterick

Director, Investor Relations

Alcoa

390 Park Avenue

New York, NY 10022-4608

Telephone:  (212) 836-2674

www.alcoa.com

Additional Information

31

o[Alcoa logo]

Annual Sensitivity Summary

Currency Annual Net Income Sensitivity

+/-

$100/MT = +/-

$240 million

LME Aluminum Annual Net Income Sensitivity

Australian $

+/-

$11 million

per 0.01 change in USD / AUD

Brazilian $

+/-

$  3 million

per 0.01 change in BRL / USD

Euro €

+/-

$  2 million

per 0.01 change in USD / EUR

Canadian $

+/-

$  5 million

per 0.01 change in CAD / USD

Norwegian Kroner

+/-

$  5 million

per 0.10 change in NOK / USD

32

o[Alcoa logo]

Revenue Change by Market

33

0%

1%

(7%)

(6%)

(8%)

1%

(14%)

13%

(2%)

1%

4%

6%

2%

12%

(13%)

(8%)

(9%)

(17%)

4%

(14%)

18%

3%

6%

6%

7%

2%

12%

2%

15%

29%

Aerospace

Automotive

B&C

Comm. Transport

Industrial Products

IGT

Packaging

Distribution/Other

Alumina

Primary Metals

4Q’13 Third-Party Revenue

Sequential

Change

Year-Over-Year

Change

o[Alcoa logo]

Reconciliation of ATOI to Consolidated Net Income (Loss)

Attributable to Alcoa

34

(in millions)

4Q12

2012

1Q13

2Q13

3Q13

4Q13

2013

   Total segment ATOI*

$    

574 

$ 

1,357 

$    

351 

$    

304 

$    

338 

$     224 

$  1,217 

   Unallocated amounts (net of tax):

      Impact of LIFO

8

20

(2)

5

9

40

52

      Interest expense

(78)

(319)

(75)

(76)

(70)

(73)

(294)

      Noncontrolling interests

(15)

29

(21)

29

(20)

(29)

(41)

      Corporate expense

(87)

(282)

(67)

(71)

(74)

(72)

(284)

      Impairment of goodwill

–

–

–

–

–

(1,731)

(1,731)

      Restructuring and other charges

(56)

(75)

(5)

(211)

(108)

(283)

(607)

      Other*

(104)

(539)

(32)

(99)

(51)

(415)

(597)

   Consolidated net income (loss) attributable to

Alcoa

$     242

$     191

$     149

$    (119)

$       24

$ (2,339)

$ (2,285)

* On January 1, 2013, management revised the inventory-costing method used by certain locations within the Global Rolled Products and

Engineered Products and Solutions segments, which affects the determination of the respective segment’s profitability measure, ATOI. 

Management made the change in order to improve internal consistency and enhance industry comparability.  This revision does not impact the

consolidated results of Alcoa.  Segment information for all prior periods presented was revised to reflect this change.

o[Alcoa logo]

Reconciliation of Adjusted Income

35

o[Alcoa logo]

Reconciliation of Alcoa Adjusted EBITDA

o[Alcoa logo]

Reconciliation of Alumina Adjusted EBITDA

37

o[Alcoa logo]

Reconciliation of Primary Metals Adjusted EBITDA

38

o[Alcoa logo]

Reconciliation of Global Rolled Products Adjusted

EBITDA

39

o[Alcoa logo]

Reconciliation of Engineered Products and Solutions

Adjusted EBITDA

40

($ in millions)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

4Q12

3Q13

4Q13

After-tax operating

income (ATOI)*

$     126

$     161

$     276

$     382

$     423

$     522

$     311

$     419

$     537

$     612

$     726

$     140

$     192

$     168

Add:

Depreciation,

depletion, and

amortization

166

168

160

152

163

165

177

154

158

158

159

40

40

40

Equity loss

(income)

–

–

–

6

–

–

(2)

(2)

(1)

–

–

–

–

–

Income taxes*

        57

        70

      120

      164

      184

      215

      138

        198

        258

        297

        348

        71

        91

        79

Other*

        11

      106

       (11)

         (2)

         (7)

          2

          1

          –

         (1)

         (9)

         (2)

         (9)

          –

         (2)

Adjusted EBITDA*

$     360

$     505

$     545

$      702

$     763

$     904

$     625

$     769

$     951

$  1,058

$  1,231

$     242

$     323

$     285

Third-party sales

$  3,905

$  4,283

$  4,773

$  5,428

$  5,834

$  6,199

$  4,689

$  4,584

$  5,345

$  5,525

$  5,733

$  1,348

$  1,437

$  1,405

Adjusted EBITDA

Margin*

9.2%

11.8%

11.4%

12.9%

13.1%

14.6%

13.3%

16.8%

17.8%

19.1%

21.5%

18.0%

22.5%

20.3%

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization.  Net margin is equivalent to Sales minus the

following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization.  The Other line in the table above includes

gains/losses on asset sales and other nonoperating items.  Adjusted EBITDA is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional

information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations.  The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

* On January 1, 2013, management revised the inventory-costing method used by certain locations within the Engineered Products and Solutions segment, which affects the determination of the segment’s profitability measure, ATOI. 

Management made the change in order to improve internal consistency and enhance industry comparability.  This revision does not impact the consolidated results of Alcoa.  Segment information for all prior periods presented was

revised to reflect this change.

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Reconciliation of Free Cash Flow

41

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Reconciliation of Free Cash Flow, con’t

42

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Days Working Capital

43

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Reconciliation of Net Debt

44

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Reconciliation of Debt-to-Capital

45

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Composition of Upstream Production Costs

Refining Cost Structure

Smelting Cost Structure

1

Natural gas information corresponds to Point Comfort, as Australia is priced on a rolling 16 quarter average

46

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1.0

6.6

25.5

6.4

4.2

2.1

2.0

2.0

1.1

10%

1%

5%

3%

7%

8%

8%

4%

5%

6%

2014E

52.8 mmt

(1)

Other includes Africa, E.Europe, Latin America ex Brazil, and Oceania

2014 Primary Aluminum Consumption (mmt), Annualized Growth (%) 

China

Europe

North America

North Asia

India

SE Asia

MENA

Russia

Brazil

Other ¹

1.9

Source: Alcoa estimates, Brook Hunt, CRU, Harbor 

2014 global aluminum demand growth outlook remains strong

2014 demand +7%

World ex China +4%

47

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48

Source: Alcoa analysis, Brook Hunt, CRU, CNIA, NBS, Chinese Customs

Alumina moves to surplus in 2014; aluminum market balanced

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Inventory is stable with LME cancelled warrants rising

49

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Regional premiums move higher

50

Source: Monthly average of daily prices -

Platts Metals Week

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