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Alcoa (AA) Q2 2025 Earnings Call Transcript


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Alcoa (NYSE:AA) reported a sequential decline in revenue and profitability for Q2 2025, with segment margins also falling, largely driven by alumina price weakness and sharply higher Section 232 tariff expenses on North American imports from Canada. The Ma’aden joint venture divestiture contributed significant post-quarter liquidity, yet most proceeds are earmarked for taxes and fees. Persistent Section 232 tariffs forced Alcoa to redirect over 100,000 metric tons of Canadian aluminum to non-U.S. markets since March 2025 to safeguard margins. The company confirmed that Midwest premiums need to rise further, to "between $0.70 and $0.75" per pound, to offset total tariff costs. The San Ciprián restart delay led management to lower full-year aluminum shipment guidance, compounded by continued challenges with the Spanish refinery and smelter margin recovery timelines extending into 2026.

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