Alcoa Corporation

Good afternoon, and welcome to the Alcala Corporation fourth quarter 2023 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 phone. To withdraw your question, please press star then two. Please note, today's event is being recorded. I'd now like to turn the conference over to James Dwyer, Vice President, Investment Relations and Pension Investments. Please go ahead.

Thank you, and good day, everyone. I'm joined today by William Oplinger, 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 Bill and Molly. Thank you. 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. For historical non-GAAP financial measures, Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. We have not presented quantitative reconciliations of certain forward-looking non-GAAP financial measures for reasons noted on this slide. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings press release and slide presentation are available on our website. With that, here's Bill.

Thanks, Jim, and welcome everyone to our fourth quarter 2023 earnings call. Today, we'll review the substantial progress we've made in the fourth quarter on key objectives, the financial results, the market, and our plans to continue to improve and strengthen our company. I started last quarter's call by affirming the areas of Alcoa's near-term focus in reinforcing our values. to act with integrity, operate with excellence, care for people, and lead with courage. Consistent with those values, I'm proud that Alcoa's safety performance showed marked improvement in 2023. While we experienced two FSIAs last year, we improved year over year in all key safety metrics. We intend to continue our progress toward our goal of an injury-free workplace. Safety performance is important for another reason, too. It's a key indicator of the stability and quality of our operations. Excellent safety performance goes hand in hand with operational excellence. I'm not surprised then that given our strong safety performance, we set production records at our three smelters in Canada and one in Norway. And we are also successfully restarting one pot line at Warwick here in the States. We made great progress on other focus areas too. We achieved what I said was our most important objective, gaining approvals for our bauxite mines in Western Australia. With these approvals, we now have a clear path forward for continued operation in Western Australia. Also in WA, we recently announced the curtailment of the 60-year-old Quinana refinery, starting in the second quarter of this year. The decision was based on a variety of factors, including Quinana's age, scale, operating costs, and current bauxite grades, in addition to current market conditions. In December, we began engagement with the national and regional authorities in Spain, as well as the Labor Works Council to discuss ongoing financial losses at the San Ciprian Refinery and Smelter. We are considering all forms of relief while working collaboratively on a long-term solution for the complex. With that, let me turn it over to Molly to go over the financials.