Alcoa Corporation

Good afternoon and welcome to the Alcoa Corporation first quarter 2023 earnings presentation and conference call. All participants will be in a 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 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.

Thank you, and good day, everyone. I'm joined today by Roy Harvey, Alcoa Corporation President and Chief Executive Officer, and Molly Bierman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Roy and Molly. 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.

Thanks, Jim, and thank you to everyone for joining our call. We are joined today by our new Executive Vice President and Chief Financial Officer, Molly Bierman. As you recall, she was appointed as CFO in February of this year, and though this is her first formal presentation of our quarterly financial results, she's no stranger to the process. She had been Alcoa's principal accounting officer and controller since 2016, and I'm pleased to have her as a member of my executive leadership team. Also, our former CFO, Bill Opplinger, is now executive vice president and chief operations officer. where he is working with our production leaders to reinforce a safe and stable operating environment and to drive continued improvement across all of our assets. Together, my executive leadership team is working with Alcoans around the globe to help advance our company's purpose and vision as outlined on the left of this slide. At Alcoa, we all work together to turn raw potential into real progress. The progress we make as a company matters It matters for our investors, customers, employees, and communities. And it matters for society, as the world will need more responsibly produced aluminum in the future. We constantly remind ourselves of the importance of our actions, whether in operations, in our offices, or as we make corporate decisions. And faced with a volatile market environment, as well as continued challenges at some of our operations, we continue to focus on three strategic priorities. First, we work to reduce complexity, which means operating with a lean, cost-focused approach and actively managing our portfolio of assets to drive profitability through all phases of the commodity cycle. Second, we strive to drive returns through margin-focused growth via purposefully allocated capital and differentiated value-add products. That means consistently working to improve our commercial capabilities through quality, technical excellence, and delivery performance. And our third priority is to advance sustainably, which means more than just championing environmental, social, and governance processes. We also work to create value and maintain a strong balance sheet while developing breakthrough technologies that have the potential to decarbonize the aluminum value chain. In the first quarter, we saw sequential improvement across our key earnings metrics. Notably, we increased our adjusted EBITDA from the fourth quarter by more than $211 million posting a result of $240 million. Molly will dive deeper into our financial results shortly. But first, I'd like to reiterate once again our continuing commitment to Alcoa's values and particularly to safety. No matter where we operate, we strive to ensure that our employees, contractors, and visitors remain safe at our locations. In the first quarter, we did not have any fatal or serious injuries. However, we continue to have near misses or potential incidents, which we closely monitor and use as opportunities to accelerate our learning. So we must, and we will, continue to work on identifying and eliminating operational risks that could result in injuries to our employees. We hold ourselves accountable to continuously improve the safety of our work environments and to ensure that everyone arrives home safely. Next. As you see on this slide, in the first quarter, we made adjustments to operating levels of some of our locations. We'll discuss more about that later in this call, including the agreement we successfully negotiated in Spain on the restart of our San Ciprian smelter and progressing the full restart of the Alumar smelter in Brazil. Finally, our commercial team recently introduced an expansion of our Sustana family of low-carbon products. Our EcoSource low-carbon alumina brand now includes non-metallurgical grades. This complements our existing smelter grade product, also marketed under the EcoSource brand. So, with those introductory remarks, let's go to the financials. Molly, please go ahead.