In the three months to December 31 2024, Alcoa increased its revenue by 20 per cent to $US3.5 billion ($5.5 billion).
The company’s net income increased 124 percent sequentially to $202 million ($322 million) over the quarter, or $0.76 ($1.21) per common share.
Additionally, Alcoa’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 49 percent sequentially to $677 million ($1.07 billion).
Across the whole of 2024, Alcoa’s revenue increased 13 per cent to $11.9 billion ($18.9 billion).
The increases were made in despite the miner curtailing operations at its Kwinana alumina refinery last year, a decision made based on its age, scale, operating costs and the market at the time.
The company’s refineries in the US, Canada and Norway more than made up for the transition, hitting several production milestones over the year.
“Reflecting on 2024, it was a productive year for Alcoa as we delivered on strategic actions and operational improvements, including closing the acquisition of Alumina Limited, announcing the sale of our interest in the Ma’aden joint ventures, hitting production records and improving operational stability,” Alcoa president and chief executive officer William F. Oplinger said.
Alcoa expects its total 2025 alumina production to range between 9.5–9.7 million tonnes (Mt), and aluminium production in the range of 2.3–2.5Mt, an increase on 2024 supported by smelter restarts.
“Looking ahead to 2025, we will continue to drive operational excellence and improve our overall competitiveness,” Oplinger said.
