At the J.P. Morgan 2026 Industrials Conference, Alcoa CFO Molly Beerman told attendees the company recorded just under USD 13 billion in 2025 revenue and operates 5 bauxite mines, 5 alumina refineries and 11 smelters. Beerman said first-quarter aluminum shipments are expected to be about 30,000 metric tons lower due to inventory repositioning into the U.S., reducing revenue by about USD 150 million and delaying about USD 30 million of EBITDA until the metal is sold. She added aluminum revenue will be about USD 60 million lower due to higher LME and Midwest premiums affecting metal-linked energy contracts, while first-quarter operational tax expense is expected at USD 45-55 million. On the Middle East conflict, Beerman said Gulf smelters produce just under 7 million metric tons, and cited Qatalum curtailing 40% and Alba announcing a 19% curtailment alongside force majeure on shipments. Beerman said Alcoa has long-term alumina supply commitments into the Gulf of about 4 million metric tons annually, and reported the San Ciprián smelter ramp is over 90% with full capacity expected by mid-2026.

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