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spk01: Good afternoon and welcome to the Alcoa Corporation third quarter 2021 earnings presentation and conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to James Dwyer, Vice President of Investor Relations. Please go ahead.
spk00: Thank you, and good day, everyone. I'm joined today by Roy Harvey, Alcoa Corporation President and Chief Executive Officer, and William Oblinger, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Roy and Bill. As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings release and slide presentation are available on our website. With that, here's Roy.
spk02: Thank you, Jim, and thanks to those who are joining our call today. We had another strong quarter, bolstered by aluminum prices that are higher than we've seen in more than a decade. As in every quarter, Bill and I will discuss these results and take your questions. Before we get underway, however, and particularly at a time where we are experiencing a rapidly changing market dynamic, I would like to reinforce once again that our values, which we established when we launched as an independent company in 2016, continue to guide us. It's not just about the results, but also how we achieve them. Our values continue to be foundational for our company and are embedded in all of our decisions. Now, as Alcoa Corporation approaches its five-year anniversary, we've been reflecting on the achievements Alcoans across the globe have helped us to accomplish. It is clear that our strategic priorities are creating value. Today, Alcoa is much stronger than when we launched. We've significantly improved our processes, We've strengthened our balance sheet. We've reshaped our portfolio. We've responded to society's need for responsible production, launching the industry's most comprehensive portfolio of low carbon products. And we've also certified many of our assets to the stringent standards of the Aluminum Stewardship Initiative. In addition, our strategic priorities have helped us to do exactly what we said we wanted to do, strengthen our company to prepare for an even brighter future. And today, we've reached an important milestone. As you saw from the press release that we just issued, Alcoa has decided to initiate a quarterly dividend. Additionally, we've authorized a new share repurchase program that will complement our existing program that was authorized in 2018. These decisions concerning capital returns align with our existing capital allocation framework and reflect two important points. First, we have confidence in the strength of our company and our ability to generate cash to sustain these programs through the commodity cycle. Today, both our balance sheet and operating portfolio are in a much stronger position with no substantial debt maturities until 2027. Second, we believe the markets we participate in will be stronger, that this cycle will last longer, and that Alcoa is well positioned to deliver in a low-carbon, ESG-focused world. but our work is never complete. These achievements simply serve as a strong foundation. Despite the positive financial news, I am disappointed that we had a serious injury in the quarter. An electrical contractor in Brazil sustained a life-threatening electrical shock. Thankfully, he recovered and has now returned to work and we've implemented corrective actions. Our focus must always be on the safety of everyone who visits or works at our facilities. As our comments progress today, I'd like to highlight some recent initiatives that align with our strategic priorities and that use this strong foundation as a starting point. The Alumar Restart that will be powered by renewable energy, the joint development project for high purity aluminum, and our net zero ambition. The green evolution is happening fast, and as evidenced by these projects, we are positioning ourselves
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