Latest news with #Oplinger
Mint
7 days ago
- Business
- Mint
Alcoa CEO Says Trump Tariffs Force a Pause for Canada Growth Projects
(Bloomberg) -- Alcoa Corp., the storied US metals producer, is feeling the pinch of President Donald Trump's tariffs and has been forced to pause work on all its growth projects underway in Canada. If the levies stay in place, Chief Executive Officer Bill Oplinger warns that the American manufacturer may need to turn to the Canadian government for help. For now, Oplinger said he's waiting until Aug. 1 — the negotiation deadline for a new economic and security deal between Canada and the US — to decide whether Alcoa will push for assistance from the Canadian government, financial or otherwise, to support the aluminum operations the company has in Quebec. 'The profitability of Quebec is severely impacted,' Oplinger said in a Friday interview. 'The longer this goes, the more damage it will do to the competitiveness of the Quebec assets. And the Canadian government understands that.' Alcoa's challenges show how US levies on aluminum, aimed at boosting American manufacturing, are now hurting the largest US producer of the metal used in everything from soda cans to cars. While Pittsburgh-based Alcoa has a lot of domestic production, it also depends on operations in Canada to meet demand. The company owns three smelting and casting facilities in Quebec that largely feed American customers. The firm is typically one of the largest suppliers to the US, but is now rerouting cargoes because of the levies. 'We're doing everything we possibly can to ship tons that are normally destined for the US to other parts of the world,' Oplinger said. Oplinger's comments follow an earnings report on Wednesday that revealed Alcoa paid an additional $115 million in tariff-related costs in the second quarter. The company could look into lobbying both Canada's federal government and the Quebec government for support if tariffs stay in place. The firm is among many metal producers navigating trade tumult after the Trump administration raised US import tariffs on steel and aluminum — first to 25% in March, and then to 50% in June. Rio Tinto Plc said Wednesday that its Canadian-made aluminum generated costs of more than $300 million in the first half due to tariffs. The company also told local media in June that it implemented a hiring freeze at smelters across Quebec. Alcoa's executives are now 'looking very hard at capital investments' in Quebec, Oplinger said. 'The plans we had for growth projects in Quebec are on hold until we have some resolution on the tariffs.' Nearly 40% of Alcoa's metal produced in Quebec can be diverted to non-US customers, mostly in Europe and elsewhere in Canada, though weakened demand overseas has hampered the prospects for producers to reroute shipments entirely. The company has warned it could face further tariff costs if Trump follows through on threats to place 50% tariffs on Brazil, where Alcoa sources alumina to feed its US plants. Oplinger said he's now deciding whether to preemptively source alumina outside of Brazil in anticipation of those prospective levies. The Alcoa executive was appointed CEO in 2023 after serving as the firm's Chief Operations Officer and, previously, Chief Financial Officer. 'I've been with Alcoa for over 25 years and I think this is easily the most extreme trade uncertainty we've seen,' he said on Friday. --With assistance from Mathieu Dion. More stories like this are available on
Business Wire
01-05-2025
- Business
- Business Wire
Alcoa President and Chief Executive Officer William Oplinger to Participate in BofA Securities 2025 Global Metals, Mining & Steel Conference
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation President and Chief Executive Officer William F. Oplinger will participate in a live webcast session at the Bank of America Global Metals, Mining & Steel Conference in Barcelona, Spain, on Wednesday, May 14, 2025. At 5:15 a.m. EDT (11:15 a.m. CEST), Oplinger will participate in a question-and-answer session regarding Alcoa's business and outlook in the current market, including factors that could affect the present quarter's financial results. A slide presentation, to be used in connection with the conference and investor meetings, will be available on the 'Investors' section of Alcoa's website, beginning at approximately 7:00 a.m. EDT on Tuesday, May 13, 2025. A live audio webcast of the session will be available on the 'Investors' section of Alcoa's website, A transcript and audio replay will also be available after the session on the 'Investors' section of About Alcoa Corporation Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in bauxite, alumina, and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability, and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Cautionary Statement on Forward-Looking Statements This session will contain statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as 'aims,' 'ambition,' 'anticipates,' 'believes,' 'could,' 'develop,' 'endeavors,' 'estimates,' 'expects,' 'forecasts,' 'goal,' 'intends,' 'may,' 'outlook,' 'potential,' 'plans,' 'projects,' 'reach,' 'seeks,' 'sees,' 'should,' 'strive,' 'targets,' 'will,' 'working,' 'would,' or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (1) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (2) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to London Metal Exchange (LME) or other commodities; (3) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (4) competitive and complex conditions in global markets; (5) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (6) rising energy costs and interruptions or uncertainty in energy supplies; (7) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (8) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (9) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (10) changes in tax laws or exposure to additional tax liabilities; (11) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (12) disruptions in the global economy caused by ongoing regional conflicts; (13) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (14) global competition within and beyond the aluminum industry; (15) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (16) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (17) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (18) dilution of the ownership position of the Company's stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (19) our ability to obtain or maintain adequate insurance coverage; (20) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (21) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (22) our ability to fund capital expenditures; (23) deterioration in our credit profile or increases in interest rates; (24) impacts on our current and future operations due to our indebtedness; (25) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (26) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (27) labor market conditions, union disputes and other employee relations issues; (28) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (29) the other risk factors discussed in Alcoa's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other reports filed by Alcoa with the SEC. Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. 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. Market projections are subject to the risks described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements and none of the information contained herein should be regarded as a representation that the forward-looking statements contained herein will be achieved.
Yahoo
01-05-2025
- Business
- Yahoo
Alcoa President and Chief Executive Officer William Oplinger to Participate in BofA Securities 2025 Global Metals, Mining & Steel Conference
PITTSBURGH, May 01, 2025--(BUSINESS WIRE)--Alcoa Corporation President and Chief Executive Officer William F. Oplinger will participate in a live webcast session at the Bank of America Global Metals, Mining & Steel Conference in Barcelona, Spain, on Wednesday, May 14, 2025. At 5:15 a.m. EDT (11:15 a.m. CEST), Oplinger will participate in a question-and-answer session regarding Alcoa's business and outlook in the current market, including factors that could affect the present quarter's financial results. A slide presentation, to be used in connection with the conference and investor meetings, will be available on the "Investors" section of Alcoa's website, beginning at approximately 7:00 a.m. EDT on Tuesday, May 13, 2025. A live audio webcast of the session will be available on the "Investors" section of Alcoa's website, A transcript and audio replay will also be available after the session on the "Investors" section of About Alcoa Corporation Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in bauxite, alumina, and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability, and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Cautionary Statement on Forward-Looking Statements This session will contain statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "potential," "plans," "projects," "reach," "seeks," "sees," "should," "strive," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (1) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (2) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to London Metal Exchange (LME) or other commodities; (3) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (4) competitive and complex conditions in global markets; (5) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (6) rising energy costs and interruptions or uncertainty in energy supplies; (7) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (8) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (9) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (10) changes in tax laws or exposure to additional tax liabilities; (11) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (12) disruptions in the global economy caused by ongoing regional conflicts; (13) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (14) global competition within and beyond the aluminum industry; (15) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (16) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (17) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (18) dilution of the ownership position of the Company's stockholders, price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (19) our ability to obtain or maintain adequate insurance coverage; (20) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (21) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (22) our ability to fund capital expenditures; (23) deterioration in our credit profile or increases in interest rates; (24) impacts on our current and future operations due to our indebtedness; (25) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (26) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (27) labor market conditions, union disputes and other employee relations issues; (28) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (29) the other risk factors discussed in Alcoa's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other reports filed by Alcoa with the SEC. Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. 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. Market projections are subject to the risks described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements and none of the information contained herein should be regarded as a representation that the forward-looking statements contained herein will be achieved. View source version on Contacts Investor Contact:Yolande Media Contact:Courtney
Yahoo
01-05-2025
- Business
- Yahoo
Alcoa says Q2 order book strong despite tariffs, assessing Spain power risks
By Melanie Burton MELBOURNE (Reuters) -Aluminium producer Alcoa said on Thursday its order book for the second quarter remains robust and it has yet to see a drop in orders related to U.S. tariffs, while also noting that this week's power outage in Spain posed risks to its business there. Since taking office, U.S. President Donald Trump has imposed a flat 25% tariff on aluminum imports "without exceptions or exemptions" in a bid to lift U.S. production of the metal. "Our first quarter order book was strong. Our second quarter order book remains strong. So we have yet to see a fall off in orders associated with the tariffs," CEO William Oplinger said at a mining event in Melbourne. "When we're talking to our customers, they're uncertain about the future. So we just don't have good insight much past the first half now." Alcoa said at its first-quarter earnings call last month that it expects U.S. tariffs on aluminium imports from Canada to cost the company about $90 million in the second quarter. Oplinger said Alcoa supported Trump's vision of a competitive manufacturing environment in the U.S. and the best way to achieve that would be to make sure Canadian aluminium gets to the United States. The U.S. is about 4 million tonnes short of aluminium each year and lacks economic deposits of the raw material, bauxite to produce aluminium, he added. Alcoa does not have any immediate plans to build any smelters in the U.S. which typically take 5-7 years. It would take seven new U.S. aluminium smelters to produce the 4 million tonnes, costing an estimated $35 billion, he said. Alcoa, the largest aluminium producer in the U.S., has a market value of $6.5 billion, he pointed out. "So this concept of creating manufacturing in the near term is simply not going to happen in primary aluminum." The as-yet-unexplained power outage that rocked Spain and Portugal this week has raised the risks for Alcoa's San Ciprián aluminium complex in Spain, Oplinger said. "At this point, we don't yet have an answer to what happened to the energy in Spain, and in my view, we will take some days to evaluate the risks associated with further losses of power," he said. "If the grid doesn't understand what happened, it is very difficult to have an electro-intensive business in a place that can't guarantee that the electricity will stay on." Alcoa is conducting a review to assess damage at the plant. Oplinger said the facility's smelter was in the process of restarting, which was 8-10% complete. Production at the plant was curtailed in 2021 due to high power prices and it has been in the process of being restarted with a full ramp-up expected by October. Sign in to access your portfolio
Reuters
01-05-2025
- Business
- Reuters
Alcoa says Q2 order book strong despite tariffs, assessing Spain power risks
MELBOURNE, May 1 (Reuters) - Aluminium producer Alcoa (AA.N), opens new tab said on Thursday its order book for the second quarter remains robust and it has yet to see a drop in orders related to U.S. tariffs, while also noting that this week's power outage in Spain posed risks to its business there. Since taking office, U.S. President Donald Trump has imposed a flat 25% tariff on aluminum imports "without exceptions or exemptions" in a bid to lift U.S. production of the metal. "Our first quarter order book was strong. Our second quarter order book remains strong. So we have yet to see a fall off in orders associated with the tariffs," CEO William Oplinger said at a mining event in Melbourne. "When we're talking to our customers, they're uncertain about the future. So we just don't have good insight much past the first half now." Alcoa said at its first-quarter earnings call last month that it expects U.S. tariffs on aluminium imports from Canada to cost the company about $90 million in the second quarter. Oplinger said Alcoa supported Trump's vision of a competitive manufacturing environment in the U.S. and the best way to achieve that would be to make sure Canadian aluminium gets to the United States. The U.S. is about 4 million tonnes short of aluminium each year and lacks economic deposits of the raw material, bauxite to produce aluminium, he added. Alcoa does not have any immediate plans to build any smelters in the U.S. which typically take 5-7 years. It would take seven new U.S. aluminium smelters to produce the 4 million tonnes, costing an estimated $35 billion, he said. Alcoa, the largest aluminium producer in the U.S., has a market value of $6.5 billion, he pointed out. "So this concept of creating manufacturing in the near term is simply not going to happen in primary aluminum." The as-yet-unexplained power outage that rocked Spain and Portugal this week has raised the risks for Alcoa's San Ciprián aluminium complex in Spain, Oplinger said. "At this point, we don't yet have an answer to what happened to the energy in Spain, and in my view, we will take some days to evaluate the risks associated with further losses of power," he said. "If the grid doesn't understand what happened, it is very difficult to have an electro-intensive business in a place that can't guarantee that the electricity will stay on." Alcoa is conducting a review to assess damage at the plant. Oplinger said the facility's smelter was in the process of restarting, which was 8-10% complete. Production at the plant was curtailed in 2021 due to high power prices and it has been in the process of being restarted with a full ramp-up expected by October.
