Alcoa Corporation reported Net Income attributable to Alcoa of $164 million, or $0.62 per common share, for the second quarter of 2025, a decrease from $548 million in the prior quarter but an increase from $20 million in the second quarter of 2024. Adjusted net income was $103 million, or $0.39 per share, with Adjusted EBITDA at $313 million, down from $855 million sequentially.
The sequential decline in profitability was primarily driven by lower prices for alumina and aluminum, coupled with increased U.S. Section 232 tariff costs on Canadian aluminum imports. Despite these headwinds, the company reported a sequential increase in cash and continued strong operational performance.
Alcoa maintained its 2025 outlook for Alumina segment production and shipments, as well as Aluminum segment production. However, the company decreased its 2025 projection for aluminum shipments to a range of 2.5 to 2.6 million metric tons, a reduction of 0.1 to 0.2 million metric tons from prior estimates, primarily due to reduced production at the San Ciprián smelter resulting from its delayed restart.
For the third quarter of 2025, Alcoa expects sequential unfavorable impacts of approximately $90 million in the Aluminum segment due to U.S. Section 232 tariffs. Alumina costs in the Aluminum segment are projected to be favorable by approximately $100 million, while the Alumina segment's Adjusted EBITDA is expected to see favorable impacts of approximately $20 million from lower maintenance costs and higher production rates.
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