Alcoa Corporation

Good afternoon and welcome to the Alcoa Corporation second quarter 2024 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 telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to James Dwyer, Vice President, Investor Relations and Pension Investments. Please go ahead, sir.

Thank you, and good day, everyone. I'm joined today by William Opplinger, 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. 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 second quarter 2024 earnings conference call. Before we get to all the good work we have done in the quarter, I'm pleased to say that we are nearing completion of the Illumina Limited acquisition. We held the Alcoa stockholder meeting yesterday, and Alcoa stockholders have voted overwhelmingly to to approve issuing Alcoa shares for the transaction. The Illumina Limited shareholder meeting occurs in a few hours, and we expect a favorable result there as well, which would lead to an expected transaction closing date of August 1st. As you've heard me say before, we believe that this transaction is the right deal for both sets of shareholders, and we look forward to realizing its benefits and welcoming Illumina Limited shareholders into Alcoa. Now, let's move to the quarter. First, I'm pleased that our safety programs continue to drive the right behaviors and are being reflected in both leading and lagging indicators. Safety is the linchpin of our care for people value and the bedrock upon which we build operational excellence. Second, our profitability improvement programs are delivering results and remain on track. Third, operational stability is evidenced by smelter production records at the Canadian system and motion, a safe and timely curtailment of quinana, and steadily improving stability at the Alumar smelter. In addition, we continue to work toward the best possible resolution at San Ciprian as we strive to find competitive energy solutions and also progress the potential sale process. Finally, while we have been actively working on many fronts to improve the company, favorable alumina and aluminum markets have also helped improve our profitability and cash flows. With that, I will turn it over to Molly, who has the details.