Slide 1: Annual Meeting of Stockholders
Annual Meeting of Stockholders Alcoa Corporation May 10, 2017
Slide 2: Safety briefing
Safety briefing Meeting room exits and evacuation Meeting Room 405 Meeting Room 404 Exit Stairwell Exit Exit Exit Exit Stairway to 3rd Floor Entrance 2
Slide 3: Agenda
Agenda Alcoa Corporation stockholder meeting, May 10, 2017 I. Welcome and Call Meeting to Order - Michael G. Morris, Chairman - Roy C. Harvey, Chief Executive Officer - Jeffrey D. Heeter, Executive Vice President, General Counsel and Secretary II. Report of the Secretary - Jeffrey D. Heeter III. Ite
Slide 4: Director nominees
Director nominees Twelve directors to serve one-year term Mary Anne Citrino James Hughes Carol Roberts Senior Advisor, The Blackstone Former CEO of First Solar, Inc. Former Senior Vice President and Group L.P. CFO, International Paper Company Timothy Flynn Michael Morris Suzanne Sitherwood Former Ch
Slide 5: Company leadership
Company leadership Management and officers Executive team Officers Roy Harvey*, Chief Executive Officer Molly Beerman, Vice President and Controller William Oplinger*, Executive Vice President and Chief Catherine Garfinkel, Vice President and Chief Ethics and Financial Officer Compliance Off
Slide 6: Agenda
Agenda Alcoa Corporation stockholder meeting, May 10, 2017 I. Welcome and Call Meeting to Order - Michael G. Morris, Chairman - Roy C. Harvey, Chief Executive Officer - Jeffrey D. Heeter, Executive Vice President, General Counsel and Secretary II. Report of the Secretary - Jeffrey D. Heeter III. Ite
Slide 7: Items of business
Items of business Proposals and voting 1. Election of Twelve Director Nominees to Serve for a One-Year Term 2. Ratification of Appointment of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for 2017 3. Advisory Vote to Approve Executive Compensation 4. Advis
Slide 8: Agenda
Agenda Alcoa Corporation stockholder meeting, May 10, 2017 I. Welcome and Call Meeting to Order - Michael G. Morris, Chairman - Roy C. Harvey, Chief Executive Officer - Jeffrey D. Heeter, Executive Vice President, General Counsel and Secretary II. Report of the Secretary - Jeffrey D. Heeter III. Ite
Slide 9: Report of the Chief Executive Officer
Report of the Chief Executive Officer Roy C. Harvey
Slide 10: Important information
Important information Cautionary Statement regarding 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-lo
Slide 11: Important information (continued)
Important information (continued) Non-GAAP financial measures This presentation includes unaudited “non-GAAP financial measures” (GAAP means accounting principles generally accepted in the United States of America) as defined in Regulation G under the Securities Exchange Act of 1934, including Adjus
Slide 12: Simple, direct, meaningful values guide our actions
Simple, direct, meaningful values guide our actions Alcoa Corporation Values 12
Slide 13: Safety performance overshadowed by fatalities
Safety performance overshadowed by fatalities Recent safety results and fatality prevention strategy Safety metrics Fatality prevention strategy Rate1,2 NA Metals Manuf. 6 5.1 Alcoa 5 Benchmark Contractor 4 Safety 2.8 3 2 1.4 1.3 1 0.5 0.3 0.3 0.2 0.1 0 Critical 6+1 Total Recordable Days Away and Lo
Slide 14: Progress in 2016 enabled separation, positions for 2017
Progress in 2016 enabled separation, positions for 2017 Activities and accomplishments in 2016 Productivity: Achieved $760M 2016 gross productivity versus $550M target; net performance of $290M Bauxite: 6M bdmt total third-party shipments from all mines; initial shipments from Australia to China
Slide 15: World class, low cost assets well-positioned for the future
World class, low cost assets well-positioned for the future 2016 cost curve and business position Bauxite Alumina Aluminum 1st 1st Mid 2nd Quartile Quartile Quartile World’s largest World’s largest Global network of bauxite miner1 alumina refiner1 aluminum smelters2, casthouses, rolling mills and en
Slide 16: Executing strategy; focused on delivering results
Executing strategy; focused on delivering results Progress on strategic priorities Successfully streamlined organization into three business segments Reduce Complexity Reducing global administrative locations Relocating corporate headquarters to Pittsburgh Delivered $533 million of adjusted
Slide 17: Questions?
Questions? Alcoa Corporation
Slide 18: Agenda
Agenda Alcoa Corporation stockholder meeting, May 10, 2017 I. Welcome and Call Meeting to Order - Michael G. Morris, Chairman - Roy C. Harvey, Chief Executive Officer - Jeffrey D. Heeter, Executive Vice President, General Counsel and Secretary II. Report of the Secretary - Jeffrey D. Heeter III. Ite
Slide 19: Appendix
Appendix
Slide 20: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation $M 1Q16 4Q16 1Q17 Net (loss) income attributable to Alcoa Corporation $(210) $(125) $225 Add: Net (loss) income attributable to noncontrolling interest (5) (4) 83 Provision for income taxes 18 6 110 Other expenses / (income), net 39 1 (100) Interest expense 64 46 26 Re
Slide 21: Net Debt reconciliation
Net Debt reconciliation $M March 31, 2017 Short-term borrowings $3 Long-term debt due within one year 20 Long-term debt, less amount due within one year 1,431 Total debt 1,454 Less: Cash and cash equivalents 804 Net debt1 $650 1. Net debt is a non-GAAP financial measure. Management believes that thi
Slide 22: The Element of Possibility” &
The Element of Possibility” &