Slide 1: 3rd Quarter Earnings Conference
3rd Quarter Earnings Conference October 8, 2015 1
Slide 2: Important Information
Important Information Forward-Looking Statements This presentation contains 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
Slide 3: Important Information (continued)
Important Information (continued) 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 accounting principles generally accepted in
Slide 4: Klaus Kleinfeld
Klaus Kleinfeld Chairman and Chief Executive Officer October 8, 2015 4
Slide 5: 3Q 2015 Overview
Strong Value Creation Focus - Managing through Headwinds 3Q 2015 Overview $5.6B revenue: 21% decline YoY from divestitures, closures and market headwinds, partially offset by 10% increase from aerospace and automotive growth, acquisitions and Alumina sales $109 million1 adjusted net income and $
Slide 6: William Oplinger
William Oplinger Executive Vice President and Chief Financial Officer October 8, 2015 6
Slide 7: Income Statement Summary
Income Statement Summary Prior Year Sequential $ Millions, except aluminum prices and per-share amounts 3Q14 2Q15 3Q15 Change Change Realized Aluminum Price ($/MT) $2,538 $2,180 $1,901 ($637) ($279) Revenue $6,239 $5,897 $5,573 ($666) ($324) Cost of Goods Sold $4,904 $4,663 $4,559 ($345) ($104) COGS
Slide 8: Special Items
Special Items Income Statement $ Millions, except per-share amounts 3Q14 2Q15 3Q15 Segment Classification Net Income $149 $140 $44 Net Income per Diluted Share $0.12 $0.10 $0.02 Restructuring and Other Corporate/ Restructuring-Related ($202) ($143) ($43) Charges/COGS Primary Metals Tax Items - $22 (
Slide 9: Adjusted Earnings Down on Pricing Partly Offset by Productivity
Adjusted Earnings Down on Pricing Partly Offset by Productivity Net Income excluding Special Items ($ Millions) $370 -$219 $186 -$72 $19 -$144 $99 $0 -$102 -$19 -$9 $109 3Q 14 LME API Currency Volume Price / Productivity Energy Raw Cost RTI 3Q 15 Mix Materials Increases Acquisition / Other Market Pe
Slide 10: EPS: Record Revenue up 35% Year-Over-Year; Aerospace up 39%
EPS: Record Revenue up 35% Year-Over-Year; Aerospace up 39% 3Q15 Actual and 4Q15 Outlook – Engineered Products and Solutions 3rd Quarter ATOI Results 3rd Quarter Business Highlights 3Q 14 2Q 15 3Q 15 Record 3Q Revenue, up 35% year-over-year; Aerospace up 39% Revenue growth driven mainly by acqui
Slide 11: TCS: Strong Productivity Offset by Currency and Cost Headwinds
TCS: Strong Productivity Offset by Currency and Cost Headwinds 3Q15 Actual and 4Q15 Outlook – Transportation and Construction Solutions 3rd Quarter ATOI Results 3rd Quarter Business Highlights Revenue down 9% year-over-year; up 1% excluding currency 3Q 14 2Q 15 3Q 15 Non-Residential Construction
Slide 12: GRP: Auto Sheet Sales +133%; Capacity and Innovation Investments
GRP: Auto Sheet Sales +133%; Capacity and Innovation Investments 3Q15 Actual and 4Q15 Outlook – Global Rolled Products 3rd Quarter ATOI Results 3rd Quarter Business Highlights 3Q 14 2Q 15 3Q 15 Auto sheet sales up 133% year over year Unfavorable currency impacts of $7M 3rd Party Revenue ($ Milli
Slide 13: Alumina: Best YTD Profitability Since 2007
Alumina: Best YTD Profitability Since 2007 3Q15 Actual and 4Q15 Outlook – Alumina 3rd Quarter ATOI Results 3rd Quarter Business Highlights 3Q 14 2Q 15 3Q 15 Shipments up versus Q2’15 Production (kmt) 4,196 3,977 3,954 Lower pricing partially offset by favorable currency 3rd Party Shipments (kmt)
Slide 14: Primary Metals: Pricing Pressures Drive Loss
Primary Metals: Pricing Pressures Drive Loss 3Q15 Actual and 4Q15 Outlook – Primary Metals 3rd Quarter ATOI Results 3rd Quarter Business Highlights 3Q 14 2Q 15 3Q 15 Realized price declines ~13% sequentially Production (kmt) 760 701 700 Productivity and cost control more than offset unfavorable
Slide 15: Base Business DWC Improves Year-over-Year, Acquisitions Add 9 days
Base Business DWC Improves Year-over-Year, Acquisitions Add 9 days Average Days Working Capital since Third Quarter 2010 13 days Acquisitions (9 days) Lower from base Alcoa ex-Acquisitions (31 days) 44 business 40 40 40 >$800M Cash 40 37 36 36 34 35 34 32 33 32 33 30 31 29 28 30 28 31 1 day lower fr
Slide 16: Strong Cash Generation; Cash Balance at $1.7 Billion
Strong Cash Generation; Cash Balance at $1.7 Billion 3Q14, 2Q15 and 3Q15 Cash Flow ($ Millions) 3Q14 2Q15 3Q15 Net Income before Noncontrolling Interests $131 $207 $106 Depreciation, Depletion and Amoritization $346 $320 $318 Change in Working Capital ($411) $44 $38 Pension Expense in Excess of Cont
Slide 17: Leverage within target range of 2.25 to 2.75
Leverage within target range of 2.25 to 2.75 Debt, Net Debt, and Debt-to-LTM EBITDA ($ Millions) Cash Net Debt Debt-to-LTM EBITDA 9,165 9,371 9,277 8,829 8,852 8,817 8,789 8,319 1,543 1,939 1,191 1,739 1,861 1,877 1,311 1,437 4.20 3.39 3.27 2.87 2.49 2.22 2.44 2.12 7,622 7,432 6,968 6,882 6,975 7,62
Slide 18: Maintaining Our 2015 Financial Targets
Maintaining Our 2015 Financial Targets 2015 Annual Financial Targets and Year-to-Date Results Taking the Right Actions Overarching 2015 Financial Target YTD: Drive Productivity Gains of $900M $849M Target Manage Return-Seeking Capital of $408M $750M $500M Control Sustaining Capital of $725M $389
Slide 19: Market Fundamentals Remain Mixed
Market Fundamentals Remain Mixed 6.5% 2015E Demand Growth Aluminum and Alumina Surplus Tightening Russia 2015E Primary Aluminum Consumption (mmt), Annualized Growth (%) Brazil Supply/Demand Analysis 0.9 -3% Other ¹ 1.0 -3% 2.1 5% 2015E Alumina Supply/Demand Balance 2015E Aluminum Supply/Demand Balan
Slide 20: Klaus Kleinfeld
Klaus Kleinfeld Chairman and Chief Executive Officer October 8, 2015 20
Slide 21: Aerospace Remains Strong; Steady Growth in Automotive
Aerospace Remains Strong; Steady Growth in Automotive Alcoa End Markets: Current Assessment of 2015 vs. 2014 End Market 2015 Growth Global and Regional Commentary Aerospace • Large Commercial Aircraft segment Growth of 8.3% • Strong Commercial Jet Engine Order Book: ~23,800 Engines on firm order • S
Slide 22: Heavy Duty Truck – U.S.: Strong, China: Weak; Packaging Stable
Heavy Duty Truck – U.S.: Strong, China: Weak; Packaging Stable Alcoa End Markets: Current Assessment of 2015 vs. 2014 End Market 2015 Growth Global and Regional Commentary Heavy Duty Truck • Peaked Production: +15.8% YTD though decelerating, 4Q15F down -8.8% from 3Q15 and Trailer N.A. • Decreasing O
Slide 23: Solid Commercial B&C Growth; Global Airfoil Market Improves
Solid Commercial B&C Growth; Global Airfoil Market Improves Alcoa End Markets: Current Assessment of 2015 vs. 2014 End Market 2015 Growth Global and Regional Commentary Positive Early Indicators: Building and • Non-Residential Contracts Awarded: +12.1% in Aug (mean of 12-month rolling average) Const
Slide 24: Completing Transformation – Creating Two Industry Leaders
Completing Transformation – Creating Two Industry Leaders Will provide Separation Rationale and Path to Completion Progress Updates Separation into Two Industry-Leading Companies Our Path to Successful Completion Timing: Creates Two Distinct Global Leaders • Target completion in the second half of
Slide 25: Launching Two Strong Companies - Driving Value
Launching Two Strong Companies - Driving Value Separating into Value-Add Co. and Upstream Co. Alcoa Value-Add Co. Upstream Co. Lightweight Multi-Material Innovation Powerhouse Globally Competitive Upstream Business Robust projected aluminum demand growth of 6.5% in 2015 Premier provider of high-pe
Slide 26: Value-Add Co: Premier Provider of Innovative Solutions to Growing Markets
Value-Add Co: Premier Provider of Innovative Solutions to Growing Markets Value-Add Co. Business Operations and Key Attributes Premier provider of high-performance advanced multi-material products and solutions Positioned to grow in growth markets with significant customer synergies e.g., aerosp
Slide 27: Alcoa + RTI = Integrated Supply Solutions
Alcoa + RTI = Integrated Supply Solutions ... Benefiting our Customers RTI Investment and Lockheed Contract RTI Complements Titanium Supply Chain1 ~$1.1B2 Ti Multi-Year3 Contract with Lockheed Martin + Alcoa now provides 100% of titanium milled products Melting (i.e., ingot, billet, plate) Midstream
Slide 28: Aero Fasteners: High Tech - Multi Material - Customer Solutions
Aero Fasteners: High Tech - Multi Material - Customer Solutions Multi-material Fastener Solutions, Market Position and Airbus Contract #1 Global Leader in Aerospace Fastening Systems ~$1B Multi-Year Largest Airbus Fastener Contract Leader in Innovation Alcoa’s largest-ever fastener deal with Air
Slide 29: Automotive Growth shifts Rolling Business to Higher Value
Automotive Growth shifts Rolling Business to Higher Value Automotive Capacity Investments, Alcoa Auto Shipment Indexed Growth and 2014-2018E Revenue Automotive Investments On Track Profitable Growth in Automotive Davenport Fully Operational Indexed1 Auto Sheet Shipments Revenues ($M) Brazing Auto Sh
Slide 30: Micromill: Disruptive Material – Process – Business Model
Micromill: Disruptive … Material – Process – Business Model Micromill’s Innovation in Automotive Alloys, Value Proposition, Ford JDA, and Development Progress The World’s Most Advanced Rolling Mill Ford & Alcoa Collaborate on Next-Gen Alloys Breakthrough Materials Micromill material to debut on
Slide 31: Upstream Co: Cost Competitive Industry Leader
Upstream Co: Cost Competitive Industry Leader Key Attributes and Global Business Unit 3Q15 Updates Robust projected aluminum demand growth of 6.5% in 2015 and double between 2010 and 2020 Attractive Portfolio of five businesses: World’s largest, low cost bauxite miner at the 19th percentile1 o
Slide 32: World’s Most Attractive Bauxite and Alumina Portfolio
World’s Most Attractive Bauxite and Alumina Portfolio Mining and Refining Overview and Business Updates World’s Largest & Low cost Bauxite Miner... ...and Largest & First Quartile Alumina Refiner 2014 Bauxite Production1,2 (M BDMT) 2015E alumina production from top 10 producers4 (mmt) 46 16 13 14 40
Slide 33: Energy and Casting - Profitability Through the Cycle
Energy and Casting - Profitability Through the Cycle Energy and Casting Overview and Business Updates Maximize Energy Assets1 Profitability Casthouses shifting to high value-add products Country Consolidated Capacity (MW)2 Value-Add portfolio $1.3B Brazil 492 provides profits Incremental Margin thro
Slide 34: Primary Metals: $110 - $130M Improvement Plan Underway
Primary Metals: $110 - $130M Improvement Plan Underway Track Record, Historical Performance and Improvement Plan Optimizing Portfolio Continuous Execution on Portfolio Improvements 33% operating capacity Year to Date Actions: closed/curtailed/divested since 2007 Curtailed Sao Luis: 74 kmt Cl
Slide 35: Transformation on Course
Transformation on Course Managing Headwinds; Portfolio Resilient Intensified Innovation & Growth in Value-Add Upstream Portfolio Less Vulnerable to Downswings Transformation Continues on Path to Separation
Slide 36: Additional Information
Additional Information Nahla Azmy Vice President, Investor Relations Alcoa 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 Email: nahla.azmy@alcoa.com www.alcoa.com 36
Slide 37: Annual Sensitivity Summary
Annual Sensitivity Summary LME Aluminum Annual Net Income Sensitivity +/- $100/MT = +/- $190 million API/Spot Alumina Annual Net Income Sensitivity +/- $10/MT = +/- $20 million Currency Annual Net Income Sensitivity Australian $ +/- $11 million per 0.01 change in USD / AUD Brazilian $ +/- $ 1 millio
Slide 38: Composition of Regional Premium Pricing Convention
Composition of Regional Premium Pricing Convention 2015E Shipments Regional Premiums Estimated Pricing Convention 50% Midwest – Platts 15-day lag 35% Rotterdam DDP – Metal Bulletin 45-day lag 10% CIF Japan – Platts Month prior to Quarter start 5% Negotiated Annual 38
Slide 39: Value-Add Co. Segment Bridges – 3Q 2015
Value-Add Co. Segment Bridges – 3Q 2015 EPS Sequential Quarter Bridge GRP Sequential Quarter Bridge $ Millions $ Millions $2 -$9 $9 -$9 $165 $0 $5 -$11 $76 -$7 -$4 $4 -$8 $62 $151 2Q15 Currency Volume Price / Mix Productivity Cost RTI 3Q15 2Q15 Currency Volume Price / Productivity Cost 3Q15 Increase
Slide 40: Upstream Co. Segment Bridges – 3Q 2015
Upstream Co. Segment Bridges – 3Q 2015 Alumina Year-over-Year Bridge Primary Metals Year-over-Year Bridge $ Millions $ Millions $20 -$19 $245 -$177 $39 $212 $26 $115 -$3 $40 -$7 -$134 -$10 $62 -$13 $-15 $46 -$59 -$82 -$10 $30 3Q14 LME API Currency Volume Price / Prod- Energy Cost 3Q15 3Q14 LME API F
Slide 41: Revenue Change by Market - 3Q 2015
Revenue Change by Market - 3Q 2015 Sequential Year-Over-Year 3Q15 Third-Party Revenue Change Change Aerospace 3% 27% 23% Automotive (11%) 32% 23% B&C 0% (21%) Comm. Transport (5%) 0% Industrial Products (12%) (38%) 5% IGT 13% 24% 16% 6% Packaging (2%) (26%) Distribution/Other 21% 24% 7% 2% Alumina (
Slide 42: Revenue Change by Market – YTD 2015
Revenue Change by Market – YTD 2015 3Q YTD Third-Party Revenue Year-Over-Year Change Aerospace 25% Automotive 44% 25% 22% B&C (20%) Comm. Transport 6% Industrial Products (33%) 5% IGT 2% 5% (17%) Packaging 16% 7% Distribution/Other 27% 2% 11% 5% Alumina 9% 2% Primary Metals (12%) 42
Slide 43: Composition of Upstream Production Costs
Composition of Upstream Production Costs Refining Cost Structure Input Cost Inventory flow Pricing Annual ATOI Fuel Oil convention Sensitivity Natural gas 6% Conversion 13% Fuel oil 1 – 2 months Prior month $2m per $1/bbl 42% Caustic 9% Natural gas N/A Spot1 $13m per $1/GJ1 Spot & semi- $8m per Caus
Slide 44: Alcoa Upstream capacity closed, sold and idled
Alcoa Upstream capacity closed, sold and idled Smelting Capacity Refining Capacity Closed/sold since December 2007 Idled Closed/sold since December 2007 Idled Facility Year kmt Facility kmt Facility Year kmt Facility kmt Baie Comeau 2008 53 Rockdale 191 Jamalco (sale of 55% interest) 2014 779 Surina
Slide 45: 6.5% 2015E Demand Growth
6.5% 2015E Demand Growth Russia 2015E Primary Aluminum Consumption (mmt), Annualized Growth (%) Brazil -3% 0.9 1.0 Other ¹ 2.1 -3% 5% MENA 2.1 4% SE Asia 2.1 7% 2.3 10% India 4.3 1% North Asia 2015 demand +6.5% North America 6.7 5% 1.5% World ex China +3.5% Europe 6.7 China 29.1 9.3% 57.4 mmt 1 Othe
Slide 46: Global Inventories at 62 days; Down 2 days YoY
Global Inventories at 62 days; Down 2 days YoY Global inventories vs. LME price over time $ Days of $ per metric ton Consumption Days of Days of Days of Consumption Consumption Consumption 83 days 64 days 62 days 105 Days of Consumption LME Cash Price LME Cash Price LME Cash Price 98 108 days $2,663
Slide 47: Continued Weakness in Regional Premiums
Continued Weakness in Regional Premiums $ per metric Regional Premiums over time $ per metric ton ton $600 $600 Region 3Q15 Average Average Europe $156/MT 3Q15 vs. 3Q14 $500 $500 Japan $96/MT Europe -66% Midwest USA $175/MT Japan -76% $400 $400 Midwest USA -62% $300 $300 $200 $200 $100 $100 $0 $0 So
Slide 48: 2015 Alumina and Aluminum Surplus Tightening
2015 Alumina and Aluminum Surplus Tightening Supply/Demand Analysis 2015E Alumina Supply/Demand Balance 2015E Aluminum Supply/Demand Balance % of market / mmt % of market / ‘000 kmt 2.5% 2.5 2.5 2.2% 2.0% 2.0 2.0 Surplus Surplus 1.5 1.5 1.3% 2.7 Expect Expect 2.4 1.0% 1.0 2.2 2016 1.0 2016 Balance 0
Slide 49: 2015 Alumina and Aluminum Surplus Tightening
2015 Alumina and Aluminum Surplus Tightening Supply/Demand Analysis 2015E Alumina Supply/Demand Balance 2015E Aluminum Supply/Demand Balance 2Q15 2Q15 Surplus 1,996 Surplus Surplus Surplus 2,428 762 2,245 551 ’000 mt China Rest of World ’000 mt China Rest of World 2015 Production 55,354 55,314 2015
Slide 50: Special Items
Special Items Pre-tax, Before NCI After-tax, After NCI Income Statement $ Millions, except per-share amounts 2Q15 3Q15 2Q15 3Q15 Classification Segment Income from Continuing Operations $282 $206 $140 $44 Income per Diluted Share - - $0.10 $0.02 Restructuring and Other Corporate/ Restructuring-Relat
Slide 51: Reconciliations
RECONCILIATIONS Advancing each generation. 69] ALCOA
Slide 52: Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa
Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa(1) (in millions) 1Q14 2Q14 3Q14 4Q14 2014 1Q15 2Q15 3Q15 (2) Total segment ATOI $320 $408 $581 $659 $1,968 $656 $567 $410 Unallocated amounts (net of tax): Impact of LIFO (7) (8) (18) (21) (54) 7 36 50 (2) Metal price lag
Slide 53: Reconciliation of ATOI to Consolidated Net Income – Supplemental View
Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa(1) – Supplemental View (in millions) 1Q14 2Q14 3Q14 4Q14 2014 1Q15 2Q15 3Q15 (2) Total segment ATOI $320 $408 $581 $659 $1,968 $656 $567 $410 Unallocated amounts (net of tax): Impact of LIFO (7) (8) (18) (21) (54) 7 36 50
Slide 54: Reconciliation of Adjusted Income
Reconciliation of Adjusted Income (in millions, except Income Diluted EPS per-share amounts) Quarter ended Quarter ended September 30, June 30, September 30, September 30, June 30, September 30, 2014 2015 2015 2014 2015 2015 Net income attributable to Alcoa $149 $140 $44 $0.12 $0.10 $0.02 Restructur
Slide 55: Reconciliation of Alcoa Adjusted EBITDA
Reconciliation of Alcoa Adjusted EBITDA ($ in millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3Q14 2Q15 3Q15 Net income (loss) attributable to Alcoa $1,310 $1,233 $2,248 $2,564 $(74) $(1,151) $254 $611 $191 $(2,285) $268 $149 $140 $44 Add: Net income (loss) attributable to noncontro
Slide 56: Reconciliation of Alumina Adjusted EBITDA
Reconciliation of Alumina Adjusted EBITDA ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3Q14 2Q15 3Q15 After-tax operating income (ATOI) $632 $682 $1,050 $956 $727 $112 $301 $607 $90 $259 $370 $62 $215 $212 Add: Depreciation, depletion, and amo
Slide 57: Reconciliation of Primary Metals Adjusted EBITDA
Reconciliation of Primary Metals Adjusted EBITDA LTM ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3Q14 2Q15 3Q15 2015* After-tax operating income (ATOI) $808 $822 $1,760 $1,445 $931 $(612) $488 $481 $309 $(20) $594 $245 $67 $(59) $462 Add: Dep
Slide 58: Reconciliation of Global Rolled Products Adjusted EBITDA
Reconciliation of Global Rolled Products Adjusted EBITDA(1) ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010(2) 2011(2) 2012(2) 2013 2014 3Q14 2Q15 3Q15 After-tax operating income (ATOI) $254 $278 $233 $178 $(3) $(49) $220 $266 $358 $292 $245 $69 $76 $62 Add: Depreci
Slide 59: Reconciliation of Engineered Products and Solutions Adjusted EBITDA
Reconciliation of Engineered Products and Solutions(1) Adjusted EBITDA(2) ($ in millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3Q14 2Q15 3Q15 After-tax operating income (ATOI) $144 $183 $237 $351 $465 $321 $355 $436 $484 $569 $579 $155 $165 $151 Add: Depreciation, depletion, and am
Slide 60: Reconciliation of Transportation and Construction Solutions Adjusted EBITDA
Reconciliation of Transportation and Construction Solutions(1) Adjusted EBITDA(2) ($ in millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3Q14 2Q15 3Q15 After-tax operating income (ATOI) $15 $94 $129 $94 $82 $5 $73 $109 $126 $167 $180 $50 $44 $44 Add: Depreciation, depletion, and amor
Slide 61: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Year ended Quarter ended (in millions) December 31, December 31, December 31, December 31, December 31, September 30, June 30, September 30, 2010 2011 2012 2013 2014 2014 2015 2015 Cash from $2,261 $2,193 $1,497 $1,578 $1,674 $249 $472 $420 operations Capital expendi
Slide 62: Days Working Capital
Days Working Capital ($ in millions) Quarter ended 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15(3) 30-Jun-15(3) 30-Sep-15(3) Receivables from customers, less allowances $1,709 $1,650 $1,600 $1,573 $1,704 $1,483 $1,4
Slide 63: Reconciliation of Net Debt
Reconciliation of Net Debt (in millions) December 31, March 31, June 30, September 30, 2010 2011 2012 2013 2014 2015 2015 2015 Short-term borrowings $92 $62 $53 $57 $54 $80 $50 $50 Commercial paper – 224 – – – – – – Long-term debt due within one year 231 445 465 655 29 26 26 136 Long-term debt, less
Slide 64: Reconciliation of Debt-to-Adjusted EBITDA Ratio
Reconciliation of Debt-to-Adjusted EBITDA Ratio ($ in millions) 2010 2011 2012 2013 2014 1Q15* 2Q15* 3Q15* Net income (loss) attributable to Alcoa $254 $611 $191 $(2,285) $268 $641 $643 $538 Add: Net income (loss) attributable to noncontrolling interests 138 194 (29) 41 (91) (12) 64 144 Loss from di
Slide 65: Advancing each generation. ALCOA
Advancing each generation. ALCOA