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Company Description

Contact Info

390 Park Avenue

New York, NY 10022

United States

Phone: 212-836-2600

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Alcoa Inc. engages in engineering and manufacturing metals. The company’s multi-material products, which include aluminum, titanium, and nickel, are used worldwide in aircraft, automobiles, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications. The company also engages in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its active participation in all major aspects of the industry, such as technology, mining, refining, smelting, fabricating, and recycling. The company operates in 30 countries. In addition, the company has investments and operating activities in, among others, Australia, Brazil, China, Guinea, Iceland, Russia, and Saudi Arabia. Segments The company’s operations consist of five segments, such as Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Alumina This segment primarily consists of a series of affiliated operating entities referred to as Alcoa World Alumina and Chemicals (AWAC). The company owns 60% and Alumina Limited owns 40% of these individual entities. This segment represents a portion of the company’s upstream operations and consists of the company’s worldwide refinery system, including the mining of bauxite, which is then refined into alumina. Alumina is mainly sold directly to internal and external smelter customers worldwide or is sold to customers who process it into industrial chemical products. A portion of this segment’s third-party sales are completed through the use of agents, alumina traders, and distributors. In 2014, AWAC completed the sale of its ownership stake in Jamalco, a bauxite mine and alumina refinery joint venture in Jamaica, to Noble Group Ltd. As of December 31, 2015, the company had approximately 2,801,000 mtpy of idle capacity against total consolidated capacity of 17,271,000 mtpy. Primary Metals This segment represents a portion of Alcoa’s upstream operations and consists of the company’s worldwide smelting system. Primary Metals purchases alumina, mostly from the Alumina segment, from which primary aluminum is produced and then sold directly to external customers and traders, as well as to the company’s midstream operations and, to a lesser extent, downstream operations. Results from the sale of aluminum powder, scrap, and excess energy are also included in this segment, as well as the results of aluminum derivative contracts and buy/resell activity. As of December 31, 2015, the company had 778 kmt of idle capacity on a base capacity of 3,401 kmt. As of December 31, 2014, the company had 665 kmt of idle capacity on a base capacity of 3,497 kmt. Global Rolled Products This segment represents the company’s midstream operations and produces aluminum sheet and plate for a variety of end markets. Approximately one-half of the third-party shipments in this segment consist of sheet sold directly to customers in the packaging end market for the production of aluminum cans (beverage, food, and pet food). In March 2015, the company completed the sale of a rolling mill located in Belaya Kalitva, Russia to a wholly-owned subsidiary of Stupino Titanium Company. Engineered Products and Solutions This segment represents a portion of the company’s downstream operations and produces products that are used mostly in the aerospace (commercial and defense), commercial transportation, and power generation end markets. Such products include fastening systems (titanium, steel, and nickel alloys) and seamless rolled rings (mostly nickel alloys); and investment castings (nickel super alloys, titanium, and aluminum), including airfoils and forged jet engine components (jet engine disks), all of which are sold directly to customers and through distributors. In 2015, Alcoa completed the acquisition of an aerospace castings company, TITAL, a privately held company. TITAL produces aluminum and titanium investment casting products for the aerospace and defense end markets. Transportation and Construction Solutions This segment represents a portion of the company’s downstream operations and produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets. Such products include integrated aluminum structural systems, architectural extrusions, and forged aluminum commercial vehicle wheels, which are sold directly to customers and through distributors. Patents, Trade Secrets, and Trademarks In 2015, the company’s worldwide patent portfolio consisted of approximately 986 pending patent applications and 1,923 granted patents. The company also has various domestic and international registered trademarks, such as the name ‘Alcoa’ and the Alcoa symbol for aluminum products, Howmet metal castings, Huck fasteners, Kawneer building panels, and Dura-Bright wheels with easy-clean surface treatments. Research and Development The company’s expenditures for research and development activities were $238 million in 2015. Significant Events In September 2016, Alcoa Inc. and Alumina Limited announced that they have agreed to make certain changes to the Alcoa World Alumina and Chemicals (AWAC) joint venture that would enhance value for Alcoa, Alumina, and their respective shareholders. History Alcoa Inc., a Pennsylvania corporation, was founded in 1888.

 

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Price/Cash Flow 17.3x
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