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Asia

Update: Alcoa Posts Higher Q2 Adjusted Earnings, Revenue; Shares Fall 3%

(Update to add stock movement in the headline and the fifth paragraph)Alcoa (ASX:AAI) reported Friday second quarter adjusted earnings of $2.12 per share, up from $0.39 a year earlier.Analysts polled by FactSet expected earnings of $2.25.Revenue for the three months ended June 30 was $3.97 billion, compared with $3.02 billion a year earlier. Analysts surveyed by FactSet expected $3.99 billion.The company lowered its 2026 outlook for alumina production to 9.5 million to 9.6 million metric tons and alumina shipments to 11.5 million to 11.6 million metric tons while maintaining its forecast for aluminum segment production at 2.4 million to 2.6 million metric tons and shipments at 2.6 million to 2.8 million metric tons.Its shares fell past 3% in recent trading on Friday.

ASX:AAI
Asia

Alcoa Posts Higher Q2 Adjusted Earnings, Revenue

Alcoa (ASX:AAI) reported Friday second quarter adjusted earnings of $2.12 per share, up from $0.39 a year earlier.Analysts polled by FactSet expected earnings of $2.25.Revenue for the three months ended June 30 was $3.97 billion, compared with $3.02 billion a year earlier. Analysts surveyed by FactSet expected $3.99 billion.The company lowered its 2026 outlook for alumina production to 9.5 million to 9.6 million metric tons and alumina shipments to 11.5 million to 11.6 million metric tons while maintaining its forecast for aluminum segment production at 2.4 million to 2.6 million metric tons and shipments at 2.6 million to 2.8 million metric tons.

ASX:AAI
Asia

Update: Alcoa Advances Western Australia Gallium Plant With Final Investment Decision

(Updates to add stock movement in the last paragraph)Alcoa (ASX:AAI), together with the governments of Australia, Japan, and the US, reached a final investment decision to build a gallium production plant at Alcoa's Wagerup alumina refinery in Western Australia, according to a Wednesday statement from the company.The company said it will build and operate the facility, establishing a new source of gallium to diversify global supply chains and enhance critical mineral security.Construction is set to begin once final site preparations are complete, the company said.The company added that the project is not expected to have a material impact on its financial position or operating performance.The company's shares fell around 2% in recent Wednesday trade.

ASX:AAI
Asia

Alcoa Advances Western Australia Gallium Plant With Final Investment Decision

Alcoa (ASX:AAI), together with the governments of Australia, Japan, and the US, reached a final investment decision to build a gallium production plant at Alcoa's Wagerup alumina refinery in Western Australia, according to a Wednesday statement from the company.The company said it will build and operate the facility, establishing a new source of gallium to diversify global supply chains and enhance critical mineral security.Construction is set to begin once final site preparations are complete, the company said.The company added that the project is not expected to have a material impact on its financial position or operating performance.

ASX:AAI
Asia

Australian Shares Decline; South32 Strikes $6 Billion Deal to Sell Aluminum Assets to Alcoa

Australian shares closed lower on Wednesday as investors reacted to pessimism around a potential peace deal after Iran said it would not meet US envoys.The S&P/ASX 200 Index declined 0.64%, or by 55.80 points, to close at 8,722.90.Brent crude oil futures rose 0.5% to $73.31 per barrel, while gold eased 0.4% to $3,990 per ounce.On the domestic front, Australian manufacturing activity improved modestly in June, with employment and inventories rising even as output and new orders continued to contract amid elevated costs, supply-chain delays, and uncertainty driven by Middle East tensions. The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Manager's Index (PMI) rose to 51.5 in June from 50.7 in May, signalling a third consecutive month of expansion in the sector.The Australian Industry Index continued to signal weakness in June, declining to negative 30 in seasonally adjusted terms, indicating a broad slowdown across industrial sectors, according to a report released by the Australian Industry Group.The number of dwelling approvals in Australia declined 1.1% in May from the previous month to 17,019 after edging 0.2% lower in April, according to seasonally adjusted data released by the Australian Bureau of Statistics.In company news, South32 (ASX:S32) struck a deal to sell its aluminum assets to Alcoa (ASX:AAI) for an implied enterprise value of as much as $5.6 billion. Under the deal, Alcoa will acquire South32's 86% interest in Western Australia-based Worsley Alumina, full ownership of Hillside Aluminum in South Africa, 33% stake in Brazil's MRN bauxite mine, 36% in Brazil Alumina refinery, and 40% in Brazil Aluminum smelter.Coles Group's (ASX:COL) proposed acquisition of a leasehold for a new supermarket and liquor site in the Kalgoorlie-Boulder area of Western Australia would materially harm competition in the retail groceries space, the Australian Competition and Consumer Commission (ACCC) said.Lastly, Magellan Financial Group (ASX:MFG) said it completed its merger with Barrenjoey Capital Partners Group after receiving overwhelming shareholder support at the extraordinary general meeting on April 10 and satisfying all regulatory approvals and closing conditions.

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Asia

Update: South32 Strikes $6 Billion Deal to Sell Aluminum Assets to Alcoa; Completes CEO Transition; Shares Rise 9%

(Updates with the stock movement in the headline and last paragraph.)South32 (ASX:S32) struck a deal to sell its aluminum assets to Alcoa (ASX:AAI) for an implied enterprise value of as much as $5.6 billion, according to a Wednesday filing with the Australian bourse.The consideration comprises $3.1 billion in upfront cash consideration, roughly 17 million Alcoa shares worth $1 billion, about $750 million of net debt and lease liabilities to be assumed by Alcoa, and up to $750 million of contingent cash payments linked to alumina and aluminum prices to 2030, per the filing.Under the deal, Alcoa will acquire South32's 86% interest in Western Australia-based Worsley Alumina, full ownership of Hillside Aluminum in South Africa, 33% stake in Brazil's MRN bauxite mine, 36% in Brazil Alumina refinery, and 40% in Brazil Aluminum smelter. Alcoa will also assume related rehabilitation provisions of about $1.2 billion.The sale excludes Mozal Aluminum in Mozambique, which "remains on care and maintenance, with divestment under active consideration," South32 said.The deal leaves South32 with a simplified business and expected overhead reduction of around $125 million per year, with full benefits to be realized in fiscal 2029, the company added.The transaction is expected to complete in the second half of fiscal 2027, subject to conditions that include regulatory and South32 shareholder approval. It is not subject to any due diligence or financing conditions.In a separate statement, Alcoa said it expects the deal to be accretive to earnings per share and free cash flow immediately following closing. The company has secured fully committed financing in the form of an initial $3.1 billion bridge commitment from Goldman Sachs.Additionally, Matthew Daley has succeeded Graham Kerr as CEO and managing director of South32, effective immediately, completing the company's leadership transition plan. Kerr will continue as a strategic adviser to support the deal.South32 shares rose 9% in recent Wednesday trade, while Alcoa declined 5%.

ASX:AAIASX:S32
Asia

ASX Preview: Australian Shares Set to Rise with US-Iran Talks in Focus; South32 Strikes $6 Billion Deal to Sell Aluminum Assets to Alcoa

Australian shares are poised to rise on Wednesday, tracking steady oil prices that were little changed but set for their steepest monthly and quarterly losses since early 2020, as investors weighed US-Iran talks in Doha and fragile ceasefire dynamics.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.8%, 1.5%, and 0.3%, respectively.In the macroeconomy, Australian manufacturing activity improved modestly in June, with employment and inventories rising even as output and new orders continued to contract amid elevated costs, supply-chain delays, and uncertainty driven by Middle East tensions, according to a survey by S&P Global published Wednesday.Australian housing market worsened in June, recording the largest month-on-month decline in home values since Dec. 2022, as pessimistic sentiment grew amid rising cost-of-living pressures, Cotality said Wednesday.In corporate news, South32 (ASX:S32) struck a deal to sell its aluminum assets to Alcoa (ASX:AAI) for an implied enterprise value of as much as $5.6 billion.Coles Group's (ASX:COL) proposed acquisition of a leasehold for a new supermarket and liquor site in the Kalgoorlie-Boulder area of Western Australia would materially harm competition in the retail groceries space, the Australian Competition and Consumer Commission said Wednesday following a phase two review.Australia's benchmark index fell 0.5% or 44.7 points to close at 8,778.70 on Tuesday.

ASX 200ASX:AAIASX:COLASX:S32
Asia

South32 Strikes $6 Billion Deal to Sell Aluminum Assets to Alcoa; Completes CEO Transition

South32 (ASX:S32) struck a deal to sell its aluminum assets to Alcoa (ASX:AAI) for an implied enterprise value of as much as $5.6 billion, according to a Wednesday filing with the Australian bourse.The consideration comprises $3.1 billion in upfront cash consideration, roughly 17 million Alcoa shares worth $1 billion, about $750 million of net debt and lease liabilities to be assumed by Alcoa, and up to $750 million of contingent cash payments linked to alumina and aluminum prices to 2030, per the filing.Under the deal, Alcoa will acquire South32's 86% interest in Western Australia-based Worsley Alumina, full ownership of Hillside Aluminum in South Africa, 33% stake in Brazil's MRN bauxite mine, 36% in Brazil Alumina refinery, and 40% in Brazil Aluminum smelter. Alcoa will also assume related rehabilitation provisions of about $1.2 billion.The sale excludes Mozal Aluminum in Mozambique, which "remains on care and maintenance, with divestment under active consideration," South32 said.The deal leaves South32 with a simplified business and expected overhead reduction of around $125 million per year, with full benefits to be realized in fiscal 2029, the company added.The transaction is expected to complete in the second half of fiscal 2027, subject to conditions that include regulatory and South32 shareholder approval. It is not subject to any due diligence or financing conditions.In a separate statement, Alcoa said it expects the deal to be accretive to earnings per share and free cash flow immediately following closing. The company has secured fully committed financing in the form of an initial $3.1 billion bridge commitment from Goldman Sachs.Additionally, Matthew Daley has succeeded Graham Kerr as CEO and managing director of South32, effective immediately, completing the company's leadership transition plan. Kerr will continue as a strategic adviser to support the deal.

ASX:AAIASX:S32
Asia

Woodside Energy to Supply Domestic Gas to Alcoa's Western Australian Refineries

Woodside Energy Group (ASX:WDS) struck a deal to supply 31.1 petajoules of gas to Alcoa (ASX:AAI) unit Alcoa of Australia from its Western Australian operations between 2027 and 2030, Woodside said in a Tuesday statement.The gas will be supplied to Alcoa's Western Australian refineries.Woodside said it continues to engage with the Western Australian market on additional domestic gas supply for 2026 and beyond.Woodside shares fell 1% in recent Tuesday trade, while Alcoa shed nearly 3%.

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Asia

Alcoa Shares Slide After Ratification of US Labor Agreement With United Steelworkers Union

Alcoa (ASX:AAI) shares fell more than 7% in recent Tuesday trade after the company late Monday disclosed the ratification of a new labor agreement with the United Steelworkers union.The agreement is effective from May 16 this year through May 15, 2030, and covers about 965 employees at the company's Warrick operations in Indiana and Massena operations in New York.The labor deal was ratified by a "wide margin" in a vote by union membership, the company said.

ASX:AAI
Asia

Australian Shares Flat; Southern Cross Media to Cut Up to 300 Jobs, Downgrades Fiscal Year 2026 Guidance

Australian shares were flat with a negative bias on Thursday after the US military launched fresh strikes on Iran for the second straight day.The S&P/ASX 200 Index was little changed to close at 8,633.20.On Wall Street, the Nasdaq Composite fell 1.98%, the Dow Jones declined 1.87%, and the S&P 500 was down 1.62%.The US military launched strikes on Iran ​after President Donald Trump promised new attacks if no peace deal is secured. Iran declared the closure of the Strait of Hormuz in ​response, and Brent crude oil futures rose over 1% to around $94 per barrel.On the domestic front, Australia's consumer inflation expectations fell by 0.1 percentage points in June to 5.5%, according to the Melbourne Institute Survey of Consumer Inflationary Expectations. Trimmed mean inflation expectations, after spiking in April, have moderated for two consecutive months, while wage expectations have remained unchanged for the past seven months, the survey added.In company news, Southern Cross Media (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of a cost reduction program, resulting in fiscal year 2026 restructuring charges of around AU$20 million. It now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion.Alcoa (ASX:AAI) CFO Molly Beerman warned that its alumina unit will be "underwater" due to losses caused by energy disruptions and the blockage of the Strait of Hormuz, speaking during a presentation at the Wells Fargo Industrials & Materials Conference.Lastly, Megaport (ASX:MP1) said the retail component of its fully underwritten one-for-3.08 pro rata accelerated non-renounceable entitlement offer has opened, expected to raise about AU$309 million at AU$14.30 per share, the same price and ratio applied to the institutional component, which raised about AU$518 million.

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Asia

Market Chatter: Alcoa Shares Fall After CFO Warns of Unprofitable Alumina Business

Alcoa (ASX:AAI) shares fell past 8% in recent Thursday trade after the company's CFO warned that its alumina unit will be "underwater" due to losses caused by energy disruptions and the blockage of the Strait of Hormuz.Speaking during a presentation at the Wells Fargo Industrials & Materials Conference, Alcoa CFO Molly Beerman said the alumina business "is very pressured right now" and will be unprofitable in the current quarter as a result of elevated production costs, Bloomberg reported.Alcoa's alumina refineries usually ship the material to aluminum smelters in the Persian Gulf, where refineries consume large volumes of fuel and electricity.Beerman said the company now anticipates a further $15 million of fuel costs at its São Luís refinery in Brazil, and also faces about $30 million of higher production costs at a refinery in Western Australia, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Correction: Alcoa Says Tin Included in 2025 Conflict Minerals Report Either Not from Covered Countries or Scrap/Recycled Materials

(Corrects reference to the report in the first paragraph and updates throughout to include more details)Alcoa (ASX:AAI) concluded in its 2025 Conflict Minerals Disclosure report that the tin included in its products either did not originate in the Democratic Republic of the Congo or adjoining countries or from scrap or recycled materials.The company made the disclosure in a SEC filing dated May 29 and published on the Australian bourse Monday as it found that one supplier was likely to have supplied Conflict Minerals during the reporting year.Conflict minerals include coltan, cassiterite, gold, wolframite, and the derivatives tantalum, tin, and tungsten, according to the Form SD Specialized Disclosure Report.

ASX:AAI
Asia

SRG Global Discloses AU$1.85 Billion of Contracts; Upgrades Fiscal 2026 EBITDA Outlook

SRG Global (ASX:SRG) upgraded its fiscal 2026 guidance after securing AU$1.85 billion of contracts with blue-chip clients in a range of sectors, according to a Tuesday filing with the Australian bourse.The company raised its fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast to the top end of its previously issued AU$164 million to AU$168 million range, while initiating fiscal 2027 EBITDA guidance of between AU$190 million and AU$200 million, which it said is above consensus estimates.The contracts include clients in water, defense, energy, industrial, health and education, ports, and data centers. Among them is a an eight-year term contract with Fortescue (ASX:FMG) for multi-disciplinary maintenance services, a five-year contract with Alcoa (ASX:AAI) to provide asset integrity and reliability services, and a seven-year contract with Origin Energy (ASX:ORG).

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Asia

Alcoa Says One Supplier Likely Provided Conflict Minerals in 2025 Period

Alcoa (ASX:AAI) said an internal review found that one supplier likely provided the company with conflict minerals for products that it manufactured in 2025, according to a Monday filing with the Australian bourse.Conflict minerals are natural resources often extracted in conflict zones in Africa and sold to fund armed violence and human rights abuses.Tin is the only conflict mineral the company identified in its 2025 review.Alcoa believes that the 2025 conflict minerals included in its products either did not originate in the Democratic Republic of the Congo or adjoining countries, which are covered under the global conflict minerals mandate, or were from scrap or recycled materials, the company said.

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Asia

ASX Biggest Gainers

Here are the ASX-listed companies with the biggest gains on Tuesday.Fisher & Paykel Healthcare (ASX:FPH): +7%, AU$29.55NRW Holdings (ASX:NWH): +3%, AU$7.46Capstone Copper (ASX:CSC): +2%, AU$14.23Wesfarmers (ASX:WES): +2%, AU$77.31Ventia Services Group (ASX:VNT): +2%, AU$6.28Southern Cross Gold (ASX:SX2): +2%, AU$9.86Sims (ASX:SGM): +2%, AU$24.61Alcoa (ASX:AAI): +2%, AU$100.97Codan (ASX:CDA): +2%, AU$41.23Eagers Automotive (ASX:APE): +1%, AU$22.25

ASX 200ASX:AAIASX:APEASX:CDAASX:CSCASX:FPHASX:NWHASX:SGMASX:SX2ASX:VNTASX:WES
Asia

ASX Biggest Gainers

Here are the ASX-listed companies with the biggest gains on Friday.Alcoa Corp (ASX:AAI): +4%, AU$93.22South32 (ASX:S32): +4%, AU$4.29Capstone Copper (ASX:CSC): +3%, AU$13.81James Hardie Industries (ASX:JHX): +3%, AU$28.97Evolution Mining (ASX:EVN): +3%, AU$12.18Rio Tinto (ASX:RIO): +2%, AU$186.03NEXTDC (ASX:NXT): +2%, AU$14.91SGH (ASX:SGH): +2%, AU$41.81Lynas Rare Earths (ASX:LYC): +2%, AU$18.92Pilbara Minerals (ASX:PLS): +2%, AU$6.28

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Wire

Alcoa to Invest $65 Million in Norway Aluminum Smelter to Include Recycled Content in Casting Process; Shares Up 4%

Alcoa (ASX:AAI) will invest $65 million to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen aluminum smelter in Norway, according to a Tuesday statement from the company.The investment will expand and upgrade the Mosjøen casthouse, increasing production capacity by up to 75,000 metric tons.The project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028, the company said.Alcoa's shares climbed 4% in recent trading on Tuesday.

ASX:AAI
Asia

Alcoa Declares Quarterly Dividend

Alcoa (ASX:AAI) declared a dividend of $0.10 per share for the quarter ended March 31, according to a Friday filing with the Australian bourse.The dividend will be paid on June 5 to shareholders on record as of May 19, the filing said.The company paid the same dividend for the prior corresponding period, an earlier filing showed.

ASX:AAI
Asia

Alcoa Extends $1.25 Billion Revolving Credit Facility to 2028

Alcoa (ASX:AAI), along with its subsidiary Alcoa Nederland Holding and other affiliates, amended its existing $1.25 billion revolving credit agreement with a syndicate of lenders, according to a Tuesday Australian bourse filing.The amendment extends the facility's maturity to June 27, 2028, and removes select pricing components, including the secured overnight financing rate credit spread adjustment and sustainability-linked rate and fee adjustments, the filing said.The company made a one-time payment of an amendment fee equal to about 0.1% of each participating lender's commitment to the lenders that agreed to the amendment, the filing added.Alcoa's shares shed 1% in recent Tuesday trade.

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