Alcoa Corporation

Good afternoon and welcome to the Alcoa Corporation fourth quarter and full year 2024 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, this event is being recorded. I would now like to turn the conference over to Louis Langlois, Senior Vice President of Treasury and Capital Markets. Please go ahead.

Louis Langlois, Senior Vice President of Treasury and Capital Markets Thank you, and good day, everyone. I'm joined today by William Oblinger, 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. A new 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. Now I'd like to turn over the call to Bill.

Thank you, Louis, and welcome everyone to our fourth quarter 2024 earnings conference call. Today we'll review the substantial progress we made during 2024 on key objectives, substantial results, the market, and our plans to continue to improve and strengthen our company in 2025. Let's start with a recap of 2024. I'm very pleased that we had no fatalities or life-altering injuries and improved our key safety metrics. We successfully operated under our new mine conditions in Western Australia, which included daily observation of our mining and rehabilitation practices by certain regulators. Nine of our 11 smelters increased annual production, with five achieving annual production records. On the people side, we onboarded and integrated new talent in several critical roles and promoted a culture that prioritizes high performance and continuous improvement. Commercially, we expanded a number of important customer and supplier relationships and invested in growth capex to enhance value-add products needed by our customers to meet their manufacturing and sales objectives. In our sustained line of products, we announced our first sales of EcoSource non-metallurgical aluminum, and our low-carbon Ecolum primary aluminum now makes up half of our sales of metal in Europe. We delivered and exceeded our $645 million profitability improvement program ahead of schedule through initiatives which included savings on raw materials, actions to improve profitability and competitiveness, as well as changes to improve the financial performance of our operating portfolio. In November, we started de-levering the company with a repayment of $385 million of debt while maintaining our quarterly dividends. We completed the Illumina Limited acquisition and initiated the sale of our investment in the modern joint ventures, valued today at about $1.3 billion. Also in the fourth quarter of 2024, we progressed the cooperation with stakeholders to improve the long-term outlook of our San Ciprian operations. To sum it up, 2024 was a successful year at Alcoa. Now I'll turn it over to Molly to take us through the strong financial results.