Pittsburgh aluminium pioneer Alcoa Corporation released results for the fourth quarter and full year of 2021 last week. Strong pricing of alumina and aluminium coupled by steady operational performance helped the firm set records in 2021.
In the fourth quarter, Alcoa turned in its best quarterly revenue since 2018, reporting US$3.3 billion, up by 7 percent sequentially. Operations generated US$565 million in the quarter, and the firm finished the period with US$1.9 billion in cash. Alcoa showed a net loss of US$392 million in the quarter, including almost US$1.1 billion in pension restructuring charges. Adjusted net income came to US$475 million and adjusted EBITDA excluding special items was US$896 million, both of which were company records.
Alcoa posted a record high annual net income of US$429 million in 2021, and turned in the highest yearly revenue since 2018 of US$12.2 billion, up by 31 percent on the year. Adjusted EBITDA excluding special items rose by 140 percent to US$2.8 billion, and the firm reduced its total debt load to US$1.8 billion in 2021.
Alcoa’s CEO Roy Harvey put the year’s numbers into context in comments made in a related press release.
“We had a transformative year in 2021; we posted our highest ever annual net income, returned cash to our stockholders and significantly reduced our debt and pension obligations. Our performance demonstrates that our long-term strategies are delivering value and strengthening Alcoa, so we can be successful through all phases of the commodity cycle.”
“Thanks to the dedication and excellent performance of Alcoa employees across the globe, we are now stronger than ever and well positioned to realize our vision to reinvent the aluminum industry for a sustainable future,” he went on. “We have a talented workforce, a portfolio of strategically located assets, a suite of low-carbon products, and innovative technologies with the potential to transform our industry.”