美國鋁公司 (AA) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Alcoa Corporation Second Quarter 2022 Earnings Presentation and Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加美國鋁業公司 2022 年第二季度收益報告和電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to James Dwyer, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 James Dwyer。請繼續。

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

謝謝大家，大家好。今天，美國鋁業公司總裁兼首席執行官 Roy Harvey 加入了我的行列；和執行副總裁兼首席財務官 William Oplinger。我們將在 Roy 和 Bill 發表評論後回答您的問題。

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.

提醒一下，今天的討論將包含與受各種假設和警告約束的未來事件和預期有關的前瞻性陳述。可能導致公司實際結果與這些陳述產生重大差異的因素包含在今天的演示文稿和我們提交給美國證券交易委員會的文件中。

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.

此外，我們在本演示文稿中包含了一些非公認會計原則的財務指標。與最直接可比的 GAAP 財務指標的對賬可以在今天的演示文稿的附錄中找到。我們今天討論中對 EBITDA 的任何提及均指調整後的 EBITDA。最後，正如之前宣布的，收益發布和幻燈片演示可在我們的網站上找到。

With that, here's Roy.

有了這個，這裡是羅伊。

Thank you, Jim, and welcome to everyone joining today's call. Once again, we had a strong quarter with results that included a sequential increase in revenue, solid net income, strong cash flows and increased capital returns to our stockholders. We will dive deeper into our results soon, but here are a few of the most important highlights.

謝謝你，吉姆，歡迎大家加入今天的電話會議。再一次，我們有一個強勁的季度業績，包括收入連續增長、穩健的淨收入、強勁的現金流和增加的股東資本回報。我們將很快深入研究我們的結果，但這裡有一些最重要的亮點。

Net income was $549 million. Our adjusted EBITDA, excluding special items, was $913 million, which brings us to nearly $2 billion through the first half of this year. Our free cash flow, less noncontrolling interest, was $383 million. Strong cash flow in the quarter supported capital returns to our stockholders.

淨收入為5.49億美元。我們調整後的 EBITDA（不包括特殊項目）為 9.13 億美元，這使我們在今年上半年達到近 20 億美元。我們的自由現金流（減去非控制性權益）為 3.83 億美元。本季度強勁的現金流支持了我們股東的資本回報。

Year-to-date, we have provided $387 million in capital returns. This includes $275 million in stock buybacks during the second quarter and $19 million in cash dividends, which the company paid on June 3 at the rate of $0.10 per share. Also, today, we announced an additional authorization of $500 million for future stock repurchases, supplementing the $150 million that remains from the prior authorization.

年初至今，我們提供了 3.87 億美元的資本回報。這包括第二季度 2.75 億美元的股票回購和 1900 萬美元的現金股息，該公司於 6 月 3 日以每股 0.10 美元的價格支付了這些股息。此外，今天，我們宣布額外授權 5 億美元用於未來的股票回購，以補充先前授權剩餘的 1.5 億美元。

Importantly, in these volatile markets, we continue to have a very strong balance sheet, and we are well positioned for all parts of the commodity cycle. Our proportional adjusted net debt has reached much lower levels. It stood at $1.2 billion at quarter's end, down from $3.4 billion for full year 2020. And we ended the quarter with a cash balance of $1.6 billion.

重要的是，在這些動蕩的市場中，我們繼續擁有非常強勁的資產負債表，並且我們在商品週期的所有部分都處於有利地位。我們按比例調整後的淨債務已達到低得多的水平。季度末為 12 億美元，低於 2020 年全年的 34 億美元。本季度末現金餘額為 16 億美元。

We also recently amended and restated our revolving credit facility to provide more flexibility, which Bill will discuss in more detail during today's presentation. Before we do that, however, I want to reinforce an important foundational item, our Alcoa values. You see them on the left of this slide, and they continue to guide our company. We act with integrity, operate with excellence, care for people and lead with courage. These values are our consistent guideposts, and we lean into them even more during times of volatility and uncertainty.

我們最近還修改並重申了我們的循環信貸額度，以提供更大的靈活性，比爾將在今天的演講中更詳細地討論這一點。然而，在我們這樣做之前，我想強調一個重要的基礎項目，即我們的美鋁價值觀。您可以在這張幻燈片的左側看到他們，他們將繼續指導我們的公司。我們以誠信行事，以卓越運營，以人為本，以勇氣領導。這些價值觀是我們一貫的指導方針，在動盪和不確定的時期，我們更加傾向於它們。

Importantly, our commitment to safety is embedded in these values. This year, we've not had any fatal or life-altering serious injuries or what we classify as FSI-As. Working safely remains our overarching goal every day. Our success requires continued vigilance in protecting the health and safety of our global workforce, including contractors and anyone who may visit our locations.

重要的是，我們對安全的承諾植根於這些價值觀中。今年，我們沒有發生任何致命或改變生命的嚴重傷害或我們歸類為 FSI-As 的事件。安全工作仍然是我們每天的首要目標。我們的成功需要繼續保持警惕，以保護我們全球員工的健康和安全，包括承包商和任何可能訪問我們地點的人。

With our values as a foundation, we continue to execute on our company's strategic priorities. We are restarting some aluminum smelting capacity. The Alumar restart in Brazil is progressing and we expect some additional modest capacity at the Portland Aluminum smelter in East Australia to come online beginning in September.

以我們的價值觀為基礎，我們繼續執行公司的戰略重點。我們正在重啟部分鋁冶煉產能。巴西的 Alumar 重啟正在進行中，我們預計東澳大利亞的波特蘭鋁冶煉廠的一些額外適度產能將於 9 月開始上線。

Meanwhile, we have made production adjustments at 2 other locations. The high cost of natural gas in Spain prompted us to reduce the daily production rate of the San Ciprián refinery to help mitigate some of those costs. And here in the United States, we made the decision this month to curtail 1 of 3 operating potlines at Warrick operations in the state of Indiana due to operational challenges.

同時，我們在另外兩個地點進行了生產調整。西班牙天然氣的高成本促使我們降低了圣西普里安煉油廠的日產量，以幫助降低部分成本。在美國，由於運營方面的挑戰，我們本月決定削減印第安納州 Warrick 工廠 3 個運營中的 1 個。

We also continue to move forward with our investment program, which includes some return-seeking projects that we announced recently. At our Mosjøen smelter in Norway, we are working to boost the electrical infrastructure to increase its capacity by another 14,000 metric tons per year. In Canada, our Deschambault smelter broke ground this month on a project that will allow us to cast standard ingots for value-add products, providing more flexibility for customers. We have demand for this specific size, including for foundry alloys that are used in various automotive applications.

我們還繼續推進我們的投資計劃，其中包括我們最近宣布的一些尋求回報的項目。在我們位於挪威的 Mosjøen 冶煉廠，我們正在努力提升電力基礎設施，使其產能每年再增加 14,000 公噸。在加拿大，我們的 Deschambault 冶煉廠本月破土動工，該項目將使我們能夠鑄造用於增值產品的標準鑄錠，從而為客戶提供更大的靈活性。我們對這種特定尺寸有需求，包括用於各種汽車應用的鑄造合金。

And speaking of value-add products, we continue to have strong year-over-year demand for EcoLum, our low-carbon aluminum in our Sustana family of products, which is gaining more traction with customers. In our Aluminum segment, we also continued to progress on energy contracts that support the commitment we made to our workforce to restart the San Ciprián smelter beginning in January 2024.

說到增值產品，我們對 EcoLum 的需求持續強勁，我們的 Sustana 產品系列中的低碳鋁材越來越受到客戶的歡迎。在我們的鋁部門，我們還在能源合同方面繼續取得進展，以支持我們對員工做出的從 2024 年 1 月開始重啟 San Ciprián 冶煉廠的承諾。

I'll turn it over to Bill now to walk through the financials.

我現在把它交給比爾來看看財務狀況。

Thanks, Roy. The second quarter of 2022 was our highest-ever quarterly revenue at $3.64 billion. This quarter, GAAP net income attributable to Alcoa of $549 million was higher than our adjusted net income of $496 million, mainly due to noncash adjustments. These special items included mark-to-market gains on energy contracts primarily at our Portland smelter of $106 million as well as a reversal of a valuation allowance of $83 million related to VAT credits in Brazil.

謝謝，羅伊。 2022 年第二季度是我們有史以來最高的季度收入，為 36.4 億美元。本季度，美國鋁業的 GAAP 淨收入為 5.49 億美元，高於我們調整後的淨收入 4.96 億美元，這主要是由於非現金調整。這些特殊項目包括主要在我們的波特蘭冶煉廠的 1.06 億美元能源合同的按市值計價收益，以及與巴西增值稅抵免相關的 8300 萬美元估值補貼的沖銷。

Second quarter 2022 adjusted EBITDA was $913 million, up $295 million from the second quarter of 2021, and only $159 million short of last quarter's record adjusted EBITDA. With another quarter's excellent financial results, our first half adjusted EBITDA, excluding special items, has totaled $1.99 billion.

2022 年第二季度調整後 EBITDA 為 9.13 億美元，比 2021 年第二季度增加 2.95 億美元，僅比上一季度創紀錄的調整後 EBITDA 少 1.59 億美元。憑藉另一個季度的出色財務業績，我們上半年調整後的 EBITDA（不包括特殊項目）總計 19.9 億美元。

Let's look at the key drivers of second quarter EBITDA. The largest sequential benefit in the second quarter came from improved shipment volumes. Other favorable factors included benefits from a stronger U.S. dollar and a higher alumina price index. Lower metal prices, which included approximately $40 million to set inventories to net realizable value, combined with higher costs as well as lower aluminum and alumina premiums to more than offset those benefits.

讓我們看看第二季度 EBITDA 的主要驅動因素。第二季度最大的連續收益來自出貨量的提高。其他有利因素包括美元走強和氧化鋁價格指數上漲帶來的好處。較低的金屬價格，其中包括大約 4,000 萬美元將庫存設定為可變現淨值，再加上較高的成本以及較低的鋁和氧化鋁溢價，足以抵消這些好處。

In the segments, oxide EBITDA was $5 million, a result of lower royalties income, intercompany pricing and the MRN divestiture as well as higher maintenance and production costs. Alumina segment EBITDA increased $81 million sequentially on higher index pricing, the reversal of the VAT valuation allowance in Brazil, favorable foreign currency and higher shipments with partial offsets from increased energy costs, higher raw material costs and production costs and an ARO charge for improvements to bauxite residue areas at Poços. In the Aluminum segment, we saw benefits of higher shipment volumes, but earnings declined on lower LME prices, higher costs and lower by resale margins.

在這些領域，由於特許權使用費收入下降、公司間定價和 MRN 剝離以及更高的維護和生產成本，氧化物 EBITDA 為 500 萬美元。氧化鋁部門的 EBITDA 環比增加 8100 萬美元，原因是指數定價提高、巴西增值稅估值津貼的逆轉、有利的外彙和更高的出貨量，部分抵消了能源成本增加、原材料成本和生產成本的增加以及 ARO 費用的改進Poços 的鋁土礦殘渣區。在鋁部門，我們看到出貨量增加帶來的好處，但由於 LME 價格下降、成本上升和轉售利潤率下降，收益下降。

Turning to the balance sheet and capital returns to stockholders. Cash flows in the balance sheet further improved during the quarter, creating opportunity for capital returns. Days working capital improved 6 days to 43 days of working capital. And proportional adjusted net debt improved to $1.18 billion, while the cash balance grew $84 million to $1.64 billion.

轉向資產負債表和股東的資本回報。本季度資產負債表中的現金流進一步改善，為資本回報創造了機會。營運資金天數提高了 6 天至 43 天的營運資金。比例調整後的淨債務增加至 11.8 億美元，而現金餘額增加了 8400 萬美元至 16.4 億美元。

Return on equity is 41.9% year-to-date. With second quarter free cash flow less net noncontrolling interest distributions of $383 million, year-to-date free cash flow less noncontrolling interest distributions is $227 million. Capital returns to stockholders was $294 million in the quarter, bringing the year-to-date total to $387 million.

年初至今的股本回報率為 41.9%。第二季度自由現金流減去非控制性權益淨分配為 3.83 億美元，年初至今的自由現金流減去非控制性權益分配為 2.27 億美元。本季度股東的資本回報為 2.94 億美元，使年初至今的總回報達到 3.87 億美元。

Here's a closer look at cash. Substantial EBITDA continued to be a strong cash generator. Our largest use of cash year-to-date remains the working capital field we experienced in the first quarter, but working capital change was actually a small source of cash in the second quarter. We expect working capital to further improve over the remainder of the year.

以下是現金的詳細介紹。可觀的 EBITDA 繼續成為強勁的現金產生者。我們今年迄今為止最大的現金使用仍然是我們在第一季度經歷的營運資金領域，但營運資金變化實際上是第二季度現金的一小部分來源。我們預計營運資金將在今年剩餘時間內進一步改善。

Our next largest use of cash year-to-date was to pay income taxes followed by capital returns to stockholders. For the second quarter, our largest use of cash was capital returns to stockholders, which is a good segue to discuss our recent signed, amended and restated revolving credit agreement.

迄今為止，我們對現金的第二大用途是支付所得稅，然後是向股東返還資本。對於第二季度，我們最大的現金用途是對股東的資本回報，這是討論我們最近簽署、修訂和重申的循環信貸協議的一個很好的話題。

At the end of the quarter, we executed an updated revolving credit agreement. We extended the maturity to June of 2027, decreased the overall facility size from $1.5 billion to $1.25 billion. We made several other significant changes as well.

在本季度末，我們執行了更新的循環信貸協議。我們將期限延長至 2027 年 6 月，將整體融資規模從 15 億美元降至 12.5 億美元。我們還進行了其他幾項重大更改。

First, we achieved greater flexibility for certain cash uses, including dividends, share buybacks and investments. Second, the lenders released the collateral requirements, assuming we maintain a BB rating or better. And third, we added pricing adjustments linked to two of our sustainability targets. We believe this is a very fair agreement and the new agreement provides a pathway to further improvements if we should achieve investment-grade status.

首先，我們在某些現金用途方面實現了更大的靈活性，包括股息、股票回購和投資。其次，假設我們維持 BB 或更好的評級，貸方發布了抵押要求。第三，我們添加了與我們的兩個可持續發展目標相關的定價調整。我們認為這是一個非常公平的協議，如果我們應該達到投資級地位，新協議提供了進一步改進的途徑。

Moving to our full year outlook and considerations for the third quarter. For our full year outlook, the only changes on this slide relate to shipment volumes. We expect Bauxite segment shipments to be between 44 million and 45 million tons due to lower internal shipments to San Ciprián and Western Australia refineries and lower third-party shipments from the MRN mine. We are setting Alumina segment shipments to be between 13.6 million and 13.8 million tons.

轉到我們對第三季度的全年展望和考慮因素。對於我們的全年展望，這張幻燈片上的唯一變化與出貨量有關。我們預計鋁土礦部分的出貨量將在 4400 萬噸至 4500 萬噸之間，原因是向圣西普里安和西澳大利亞煉油廠的內部出貨量減少以及來自 MRN 礦的第三方出貨量減少。我們將氧化鋁部門的出貨量設定在 1360 萬至 1380 萬噸之間。

Looking to the third quarter compared to the second quarter. In bauxite, we expect adjusted EBITDA to improve approximately $10 million on higher internal demand with higher intercompany prices offsetting increased production costs. In alumina, we expect approximately $30 million in higher energy and raw material costs with 1/3 being related to San Ciprián refinery energy costs. We expect higher shipments and improved customer mix to offset remaining cost pressures.

與第二季度相比，展望第三季度。在鋁土礦方面，我們預計調整後的 EBITDA 將因內部需求增加而提高約 1000 萬美元，而公司間價格上漲抵消了生產成本的增加。在氧化鋁方面，我們預計能源和原材料成本增加約 3000 萬美元，其中 1/3 與圣西普里安煉油廠的能源成本有關。我們預計更高的出貨量和改善的客戶組合將抵消剩餘的成本壓力。

In the Aluminum segment, we expect alumina costs to be favorable by $30 million. We also expect an approximately $30 million impact from higher energy and raw material costs, not fully offset by production cost savings. Additionally, the Warrick potline curtailment is expected to result in an unfavorable impact of $20 million.

在鋁部門，我們預計氧化鋁成本將有利 3000 萬美元。我們還預計更高的能源和原材料成本會產生約 3000 萬美元的影響，但不會完全被生產成本節約所抵消。此外，Warrick 電解槽的縮減預計將產生 2000 萬美元的不利影響。

Below the adjusted EBITDA line, other income is expected to decline sequentially by $35 million on additional funding to ELYSIS and changes to modern joint venture's income due to lower prices. In addition, based on recent pricing, the company expects 3Q '22 operational tax expense to be in the range of $100 million to $110 million.

在調整後的 EBITDA 線以下，其他收入預計將連續下降 3500 萬美元，原因是對 ELYSIS 的額外資金以及由於價格下降導致現代合資企業收入發生變化。此外，根據最近的定價，該公司預計 22 年第三季度的運營稅費用將在 1 億美元至 1.1 億美元之間。

Now back to Roy.

現在回到羅伊。

Thanks, Bill. Now moving from our strong second quarter financial results. Let's discuss what we're currently seeing in our markets and the long-term trends that remain positive for the aluminum industry.

謝謝，比爾。現在從我們強勁的第二季度財務業績開始。讓我們討論一下我們目前在市場上看到的情況以及對鋁行業仍然有利的長期趨勢。

Overall, the market is expected to remain in a deficit this year. Pricing and global supply demand forecasts have been dynamic, and this is happening for a variety of reasons. First, on the supply side, China has ramped up some smelters that were idled in 2021 due to intentional curtailments or project delays. At the same time, European smelters and more recently 1 smelter in North America have cut capacity due to higher energy prices.

總體而言，預計今年市場仍將處於赤字狀態。定價和全球供應需求預測一直是動態的，這種情況的發生有多種原因。首先，在供應方面，中國增加了一些因有意減產或項目延誤而在 2021 年閒置的冶煉廠。與此同時，由於能源價格上漲，歐洲冶煉廠和最近北美的 1 家冶煉廠削減了產能。

On the demand side, while there is some global uncertainty in the near term, demand continues to grow. And finally, we continue to see inventories decrease globally as supply has failed to keep pace with continued demand. Given the price and cost pressures over the past quarter, we also see significant amounts of global alumina and aluminum capacities that are likely to be cash negative based on an analysis through June, which means global operating capacities will remain under pressure.

在需求方面，雖然短期內存在一些全球不確定性，但需求繼續增長。最後，由於供應未能跟上持續的需求，我們繼續看到全球庫存減少。鑑於上一季度的價格和成本壓力，根據截至 6 月的分析，我們還看到大量全球氧化鋁和鋁產能可能出現負現金，這意味著全球運營產能仍將面臨壓力。

Based on June's average prices, we estimate that between 10% to 20% of worldwide smelting capacity was underwater last month. At some points in the first week of July, the SHFE spot price are likely to have pushed around half of Chinese smelting capacity underwater. In these conditions, however, suppliers like Alcoa that produce in markets with structural deficits, like North America and Europe, remain in an advantage to position as many consumers prefer domestic suppliers with integrated supply chain. Those consumers have also looked to move away from relying on riskier imported volumes.

根據 6 月份的平均價格，我們估計上個月全球 10% 至 20% 的冶煉產能處於水下。在 7 月的第一周的某些時候，上海期貨交易所的現貨價格可能已經將中國大約一半的冶煉產能推到了水底。然而，在這種情況下，像美鋁這樣在北美和歐洲等結構性赤字市場生產的供應商仍然處於優勢地位，因為許多消費者更喜歡具有集成供應鏈的國內供應商。這些消費者還希望擺脫對風險較高的進口量的依賴。

For Alcoa, much of our value-add aluminum products are sold on annual contracts, and we expect similar volumes and higher average premiums for our value-added aluminum products in 2022 compared with 2021.

對於美國鋁業來說，我們的大部分增值鋁產品都是按年度合同銷售的，我們預計與 2021 年相比，我們的增值鋁產品在 2022 年的銷量相似且平均溢價更高。

Now moving to the longer term. The structural factors in the aluminum market remain positive. The world needs aluminum. And it will continue to be a critical material for our sustainable society. Aluminum has been essential for modern life, and it will play an even larger role in the low-carbon future. As we know, it is lightweight, strong and most importantly, infinitely recyclable. It is being used to replace plastics and heavier metals in a wide range of applications. And it is vital for the ongoing transition to build the electric vehicles and renewable energy infrastructure the world will need to transition to a low-carbon future.

現在轉向長期。鋁市場結構性因素依然向好。世界需要鋁。它將繼續成為我們可持續社會的關鍵材料。鋁一直是現代生活的必需品，它將在低碳未來發揮更大的作用。眾所周知，它重量輕、強度高，最重要的是，它可以無限循環利用。它被用於在廣泛的應用中替代塑料和較重的金屬。建設電動汽車和可再生能源基礎設施的持續轉型至關重要，世界將需要向低碳未來轉型。

Global aluminum demand is expected to grow significantly in the years to come. The International Aluminum Institute forecasts global demand for aluminum will increase up to 80% by 2050 from the baseline of 2018 and that the demand will be met by both recycled and primary metal. The IAI estimates that up to 90 million metric tons of primary aluminum will be required per year in 2050.

預計未來幾年全球鋁需求將顯著增長。國際鋁業協會預測，到 2050 年，全球對鋁的需求將比 2018 年的基線增長高達 80%，而再生金屬和初級金屬都將滿足這一需求。 IAI 估計，到 2050 年，每年將需要多達 9000 萬噸原鋁。

As China approaches its 45 million ton per year capacity cap, we expect new projects outside of China will be needed to meet demand while managing the rising costs of carbon emissions. Due to these carbon costs, we expect the bulk of global smelting projects in the future to seek renewable power. Those factors should also advantage today's low carbon emitting producers, like Alcoa, as demand continues to grow for low-carbon aluminum, particularly in markets like Europe and North America. These longer-term factors continue to make us optimistic on the aluminum market and reinforce our need to continue strengthening our business as we prepare for a bright future.

隨著中國接近其每年 4500 萬噸的產能上限，我們預計將需要中國以外的新項目來滿足需求，同時管理不斷上升的碳排放成本。由於這些碳成本，我們預計未來大部分全球冶煉項目將尋求可再生能源。隨著對低碳鋁的需求持續增長，尤其是在歐洲和北美等市場，這些因素也應該有利於當今的低碳排放生產商，如美國鋁業公司。這些長期因素繼續使我們對鋁市場保持樂觀，並加強我們在為光明的未來做準備時繼續加強業務的必要性。

As I mentioned at the top of our call, we continue to work on optimizing our operating portfolio for today and tomorrow. First, we remain focused on driving returns, restarting capacity when it makes financial sense, such as at the Alumar smelter in São Luis, Brazil and at Portland Aluminum, our joint venture smelter in Australia.

正如我在電話會議開頭提到的那樣，我們將繼續努力優化我們今天和明天的運營組合。首先，我們仍然專注於提高回報，在財務合理的情況下重啟產能，例如在巴西聖路易斯的 Alumar 冶煉廠和我們在澳大利亞的合資冶煉廠 Portland Aluminium。

In Brazil, we have successfully energized the first set of Alumar smelting pots and we continue to add new pots operations as the restart progresses. Our fully owned subsidiary in Brazil owns 60% of the smelter with the remaining percentage belonging to South32. Both partners have agreed to fully restart the site's 447,000 metric tons of capacity, which had been fully curtailed since 2015. We announced in September that we would restart Alcoa's share, which is 268,000 metric tons. We expect the restarts to be complete in the first quarter of 2023.

在巴西，我們已成功為第一套 Alumar 冶煉罐通電，隨著重啟的進行，我們將繼續增加新的冶煉罐操作。我們在巴西的全資子公司擁有該冶煉廠 60% 的股份，其餘股份屬於 South32。雙方已同意全面重啟該工廠的 447,000 公噸產能，該產能自 2015 年以來已全面縮減。我們在 9 月宣布將重啟 Alcoa 的 268,000 公噸產能。我們預計重啟將在 2023 年第一季度完成。

Next, we continue to take decisive action when either operational or cost pressures require adjustments to production. In December of last year, we reached an agreement for a 2-year curtailment of the 228,000 metric tons of aluminum smelting capacity at San Ciprián, which faced exorbitant energy costs. We successfully completed that full curtailment this year, and we're actively working on arranging competitive power arrangements to support the agreed-upon restart in January of 2024.

接下來，當運營或成本壓力需要調整生產時，我們將繼續採取果斷行動。去年 12 月，我們達成了一項協議，將面臨高昂能源成本的 San Ciprián 的 228,000 公噸鋁冶煉能力削減 2 年。今年我們成功完成了全面限電，我們正在積極安排競爭力安排，以支持商定的 2024 年 1 月重啟。

Also at our San Ciprián location, the alumina refinery is currently challenged with extremely high natural gas prices. They are higher there, in fact, than anywhere else that we operate, climbing to more than $25 per giga joule, a nearly fivefold increase since early 2021. As such, we have reduced the daily production rate by about 15% to help mitigate the impact of these higher prices and continue to actively monitor this situation.

同樣在我們的圣西普里安工廠，氧化鋁精煉廠目前面臨著極高的天然氣價格挑戰。事實上，那裡的產量比我們經營的任何其他地方都高，攀升至每千兆焦耳 25 美元以上，自 2021 年初以來增長了近五倍。因此，我們已將每日生產率降低了約 15%，以幫助緩解這些價格上漲的影響，並繼續積極監測這一情況。

Separately, in the United States, on July 1, we quickly acted to safely curtail one of the 3 operating smelting lines at our Warrick facility in Indiana. Unfortunately, we have struggled with staffing shortages of the smelter, which uses older, more manual technology. The decision to curtail 1 line allowed us to work on these operational challenges while focusing on stability for the 2 remaining lines.

另外，在美國，7 月 1 日，我們迅速採取行動，安全地削減了位於印第安納州 Warrick 工廠的 3 條運營冶煉線之一。不幸的是，我們一直在努力解決冶煉廠的人員短缺問題，該冶煉廠使用的是較舊的人工技術。削減 1 條線路的決定使我們能夠應對這些運營挑戰，同時專注於其餘 2 條線路的穩定性。

And at the bottom of this slide, we were happy to announce this quarter some return-seeking capital projects in both Norway and Canada. These 2 initiatives will allow us to create capacity while adding value-add products for our customers.

在這張幻燈片的底部，我們很高興地宣布本季度挪威和加拿大的一些尋求回報的資本項目。這兩項舉措將使我們能夠在為客戶增加增值產品的同時創造能力。

Next, I'd like to turn to our strategic priority to advance sustainably. Today, we have the aluminum industry's most comprehensive portfolio of low carbon products in our Sustana brand family. These offer customers the opportunity to lower their carbon footprint by simply using our products, which have lower carbon intensity than the industry average. Our Sustana family includes 3 products, beginning with EcoSource, which is our low carbon smelter-grade alumina. It has a carbon footprint that is 2x lower than the industry average.

接下來，我想談談我們可持續發展的戰略重點。今天，我們在 Sustana 品牌系列中擁有鋁行業最全面的低碳產品組合。這些讓客戶有機會通過簡單地使用我們的產品來降低他們的碳足跡，這些產品的碳強度低於行業平均水平。我們的 Sustana 系列包括 3 種產品，首先是 EcoSource，它是我們的低碳冶煉級氧化鋁。它的碳足跡比行業平均水平低 2 倍。

Next, our EcoLum aluminum counts scope 1 and 2 emissions from mined bauxite to cast metal and is 3.5x better than the industry average. Finally, we also offer aluminum with at least 50% recycled content in our EcoDura brand. While still a relatively small portion of our overall sales, we do earn a premium on these products and we've experienced year-over-year growth in annual Sustana sales as the move toward more sustainable solutions gained momentum. We continue to see strong demand for our aluminum made with low carbon-emitting processes specifically in Europe.

接下來，我們的 EcoLum 鋁計算了從開采的鋁土礦到鑄造金屬的範圍 1 和 2 排放，比行業平均水平高 3.5 倍。最後，我們還在 EcoDura 品牌中提供至少 50% 可回收成分的鋁。雖然在我們的整體銷售額中仍然只佔相對較小的一部分，但我們確實在這些產品上獲得了溢價，並且隨著向更可持續的解決方案的發展勢頭強勁，我們的 Sustana 年度銷售額同比增長。我們繼續看到對我們採用低碳排放工藝製造的鋁的強勁需求，特別是在歐洲。

And focusing on our operating portfolio, we are also well positioned for a world focused on lower carbon emissions. We have the industry's lowest carbon intensity refining system. Our global smelting portfolio has 81% of its power sourced from renewable electricity, which makes us one of the world's lowest carbon-intensity producers of primary aluminum.

並專注於我們的運營組合，我們也為專注於低碳排放的世界做好了準備。我們擁有業內碳強度最低的煉油系統。我們的全球冶煉產品組合 81% 的電力來自可再生電力，這使我們成為世界上碳強度最低的原鋁生產商之一。

Additionally, we have obtained certifications from the Aluminum Stewardship Initiative, the most comprehensive third-party system to audit responsible aluminum production. We can globally market and sell ASI-certified bauxite, alumina and aluminum. Meanwhile, we communicated last year a net-zero 2050 ambition, which builds on the progress we are already making against our existing goals to reduce greenhouse gas emissions and increase renewable energy in our smelting business. Meeting our net-zero ambition relies heavily on technologies that we're currently working to develop.

此外，我們還獲得了鋁業管理倡議（Aluminum Stewardship Initiative）的認證，該倡議是審核負責任鋁生產的最全面的第三方系統。我們可以在全球範圍內營銷和銷售 ASI 認證的鋁土礦、氧化鋁和鋁。與此同時，我們去年傳達了 2050 年淨零排放目標，該目標建立在我們已經在實現現有目標方面取得的進展基礎上，即減少溫室氣體排放和增加冶煉業務中的可再生能源。實現我們的淨零目標在很大程度上依賴於我們目前正在開發的技術。

At Alcoa, we take pride in the fact that the legacy of our company is tied to the invention of the aluminum smelting process. The discovery by Charles Martin Hall in 1886 transformed society, turning aluminum from a rarely used material, it was the world's most expensive metal at the time, into something that we use daily. That spirit of challenging the status quo lives on with us today. That's why we have a strategic vision to reinvent the aluminum industry for a sustainable future. We are running forward to demonstrate what a low-carbon sustainable aluminum industry can look like.

在美鋁，我們為我們公司的遺產與鋁冶煉工藝的發明息息相關而感到自豪。 Charles Martin Hall 在 1886 年的發現改變了社會，將鋁從一種很少使用的材料（當時是世界上最昂貴的金屬）變成了我們日常使用的東西。這種挑戰現狀的精神今天依然存在。這就是為什麼我們有一個戰略願景來重塑鋁業以實現可持續的未來。我們正在向前展示低碳可持續鋁行業的面貌。

We have a suite of technologies under development with the potential to transform our industry and drive value for Alcoa and our investors. ELYSIS is the result of years' worth of R&D work that started Alcoa's technical center. Now this joint venture with Rio Tinto remains focused on building out this process so it can be adapted for full-scale commercial use. ELYSIS has produced the world's only commodity-grade aluminum manufactured without direct carbon emissions and its metal has been used by brands ranging from Apple to Audi.

我們有一套正在開發的技術，這些技術有可能改變我們的行業並為美鋁和我們的投資者創造價值。 ELYSIS 是美鋁技術中心多年研發工作的結晶。現在，這家與 Rio Tinto 的合資企業仍專注於構建這一工藝，使其能夠適應全面的商業用途。 ELYSIS 生產了世界上唯一一種沒有直接碳排放的商品級鋁材，其金屬已被 Apple 到 Audi 等品牌使用。

ELYSIS continues to be focused on its R&D development time line with the technology available for installation from 2024 and then 2 years later for the production of metal from a first adopter. In addition to the environmental benefits, this innovation is being designed so it can save both operating costs and boost productivity when compared to a same-sized smelting cell.

ELYSIS 繼續專注於其研發開發時間表，該技術可用於從 2024 年開始安裝，然後在 2 年後從第一個採用者處生產金屬。除了環境效益外，這項創新的設計目的是與相同尺寸的熔煉單元相比，它可以節省運營成本並提高生產率。

Our Refinery of the Future initiative is a combination of several different R&D projects and process improvements that aims to not only decarbonize the alumina refining process using renewable energy but also to lower the cost of capital in constructing a new refinery, reduced freshwater use and minimize and ultimately eliminate deposits of bauxite residue.

我們的未來煉油廠計劃結合了幾個不同的研發項目和工藝改進，旨在不僅使用可再生能源使氧化鋁精煉過程脫碳，而且還降低建設新煉油廠的資本成本，減少淡水使用，最大限度地減少和減少最終消除鋁土礦殘渣的沉積。

As I noted earlier, the world is going to need more aluminum over the long term and some of that is expected to come from recycled aluminum. We have a recycling process under development known as ASTRAEA that has been demonstrated at bench scale. It can use low-value nonferrous scrap, remove impurities and other metals and purify the remaining aluminum to a standard that exceeds the quality level of most smelters.

正如我之前提到的，從長遠來看，世界將需要更多的鋁，其中一些預計將來自再生鋁。我們正在開發一種稱為 ASTRAEA 的回收工藝，該工藝已在實驗室規模上得到證明。它可以使用低價值的有色金屬廢料，去除雜質和其他金屬，並將剩餘的鋁提純到超過大多數冶煉廠質量水平的標準。

Finally, another project we have through Alcoa Australia leverages our leading position in alumina refining. High-purity alumina or HPA is used in a range of applications, including LED lighting and lithium-ion batteries. We are in stage 1 of a multistage process that includes ongoing production trials and the detailed design of the demonstration facility. Each of these projects require intense effort, focus and problem-solving skills from our teams. But our R&D projects offer vast potential as we continue to act in a cost competitive and productive manner.

最後，我們通過 Alcoa Australia 開展的另一個項目利用了我們在氧化鋁精煉方面的領先地位。高純度氧化鋁或 HPA 用於一系列應用，包括 LED 照明和鋰離子電池。我們正處於多階段流程的第一階段，其中包括正在進行的生產試驗和示範設施的詳細設計。這些項目中的每一個都需要我們團隊付出巨大的努力、專注和解決問題的能力。但我們的研發項目提供了巨大的潛力，因為我們將繼續以具有成本競爭力和生產效率的方式行事。

As Bill and I prepare to take your questions, I want to quickly recap a few important points. Our company delivered strong financial results in the second quarter, and we had an impressive first half. The work that we have done over these past several years has put Alcoa in a good position for all market cycles, and we continue to work on improving our company.

當比爾和我準備回答你的問題時，我想快速回顧一些重要的觀點。我們公司在第二季度取得了強勁的財務業績，上半年我們的表現令人印象深刻。我們在過去幾年所做的工作使美國鋁業在所有市場週期中都處於有利地位，我們將繼續努力改進我們的公司。

Alcoa provided substantial capital returns in the second quarter with our stock repurchase program and our third consecutive dividend payment. And we are proud to have announced today another $500 million authorization for future stock repurchases. We also consistently evaluate our portfolio in accordance with our strategic priorities. We will restart capacity when it makes sense to do so, and inversely, we will act on curtailments, closures or divestitures if it brings value for our company and its future.

美國鋁業在第二季度通過我們的股票回購計劃和連續第三次派發股息提供了可觀的資本回報。我們很自豪今天宣布了另外 5 億美元的未來股票回購授權。我們還根據我們的戰略重點始終如一地評估我們的投資組合。我們將在合理的情況下重啟產能，反之，如果它為我們公司及其未來帶來價值，我們將採取削減、關閉或資產剝離的行動。

Finally, we know that the aluminum industry is vital today and tomorrow, including an evolving economy focused even more on sustainability. Alcoa is the company to deliver. Today, we have a low-carbon position with the industry's most comprehensive suite of low-carbon products in our Sustana line. For the future, we are investing in technologies that have the potential to transform our industry, and we are using industry-leading environmental and social standards to help chart the challenging and exciting course ahead.

最後，我們知道鋁工業在今天和明天都至關重要，包括更加註重可持續性的不斷發展的經濟。美國鋁業公司是提供服務的公司。今天，我們的 Sustana 產品線擁有業內最全面的低碳產品套件，擁有低碳地位。對於未來，我們正在投資於有可能改變我們行業的技術，並且我們正在使用行業領先的環境和社會標準來幫助規劃未來充滿挑戰和令人興奮的道路。

Importantly, we are led by strong values and our purpose is to turn raw potential into real progress. These simple statements help to drive us forward with our strategic vision to reinvent the aluminum industry for a sustainable future.

重要的是，我們以強大的價值觀為主導，我們的目標是將原始潛力轉化為真正的進步。這些簡單的陳述有助於推動我們實現我們的戰略願景，即重塑鋁業以實現可持續發展的未來。

Now Bill and I look forward to taking your questions.

現在比爾和我期待著回答你的問題。

(Operator Instructions) And our first question will come from Timna Tanners with Wolfe Research.

（操作員說明）我們的第一個問題將來自於 Wolfe Research 的 Timna Tanners。

Wanted to address kind of the energy concerns in Europe. And I know you mentioned this as a headwind for some of your competitors. But if you could just give us an overview of your market conditions. I know you've mentioned in the past, Lista and the other one in Norway, I don't think I can pronounce. And then if you could talk a little bit about a little more detail about San Ciprián. If it's so easy to get wind power, why are your competitors not doing it? So just a little more detail on Europe would be great.

想要解決歐洲的能源問題。我知道你提到這對你的一些競爭對手來說是一個逆風。但是，如果您可以向我們簡要介紹一下您的市場狀況。我知道你過去提到過，Lista 和另一個在挪威的，我想我不會發音。然後，如果你能談談關於圣西普里安的更多細節。如果風能這麼容易，為什麼你的競爭對手不做呢？因此，只要稍微了解一下歐洲的細節就更好了。

Yes, Timna, let me start on that one and then Bill can add in as well if I miss anything. So energy conditions in Europe, as I think everybody on the call knows, are seeing particular increases pretty much from where we were before. And there is, in fact, even more uncertainty when we think about how much of that -- how much gas will actually be delivered into Europe, the need for potential restraints and what's used, et cetera.

是的，Timna，讓我從那個開始，然後如果我錯過任何內容，Bill 也可以添加。因此，正如我認為參加電話會議的每個人都知道的那樣，歐洲的能源狀況與我們之前的水平相比有了很大的提高。事實上，當我們考慮其中有多少——實際上有多少天然氣將被輸送到歐洲，是否需要潛在的限制以及使用什麼等等時，會有更多的不確定性。

So it is a very complicated situation that's changing each and every day. And that is for gas, which is what we -- natural gas, which is what we use inside of our San Ciprián refinery, but then also the knock-on impacts to the electricity market, which is what impacts our -- the Lista plant, which is our smaller plant up in Norway.

所以這是一個非常複雜的情況，每天都在變化。這就是天然氣，這就是我們 - 天然氣，這是我們在 San Ciprián 煉油廠內部使用的天然氣，還有對電力市場的連鎖影響，這就是影響我們的 - Lista 工廠的原因，這是我們在挪威的小型工廠。

So from our perspective, essentially, we have spot exposures in both of those, and we have been pursuing different paths for both and really have been trying to analyze the situation as it sits in front of us.

因此，從我們的角度來看，基本上，我們在這兩個方面都有現場曝光，我們一直在為這兩個方面尋求不同的路徑，並且真的一直在嘗試分析擺在我們面前的情況。

So starting in Spain, and I'll try to answer sort of your 2 questions there. Everybody will remember, we've curtailed the smelter. So thank goodness for that because electricity prices in Spain have skyrocketed. And so we have an agreement there with the workforce until January 2024. As you said, we are in the midst of putting together long-term energy contracts there. It's an agreement that we made with the workers. And there is also a lot of support from the regional government of Galicia and then the national government in Spain to try and offer incentives to the producers of renewable energies to also be able to supply us with energy.

所以從西班牙開始，我會嘗試在那裡回答你的兩個問題。每個人都會記得，我們已經削減了冶煉廠。謝天謝地，因為西班牙的電價飛漲。因此，我們在那裡與勞動力達成協議，直到 2024 年 1 月。正如你所說，我們正在那裡制定長期能源合同。這是我們與工人達成的協議。加利西亞地區政府和西班牙中央政府也提供了大量支持，試圖為可再生能源生產商提供激勵措施，使其也能夠為我們提供能源。

So we're making good progress. We've signed one contract already. We're working on some others. And that is all aligned to try and support the restart that we've committed to in January of 2024. Why are we able to do that instead of our competitors? I think there's a lot of support regionally to help through the permitting process to be able to bring these new renewables facilities up.

所以我們正在取得良好的進展。我們已經簽了一份合同。我們正在研究其他一些。這一切都是為了支持我們在 2024 年 1 月承諾的重啟。為什麼我們能夠做到這一點，而不是我們的競爭對手？我認為有很多地區性的支持可以幫助通過許可程序來啟動這些新的可再生能源設施。

I think we also are very -- have a very credible name and obviously are a very large consumer of energy. And so I think our balance sheet and our position helps to support and, in fact, helps to support some of the developers as they put together those investments. So I don't think it's necessarily a playbook that can't be copied by others. But I think the location and who we are helps to support that program.

我認為我們也非常 - 有一個非常可信的名字，顯然是一個非常大的能源消費者。所以我認為我們的資產負債表和我們的立場有助於支持，事實上，有助於支持一些開發商，因為他們把這些投資放在一起。所以我認為它不一定是別人無法複製的劇本。但我認為地點和我們是誰有助於支持該計劃。

The refinery consumes natural gas, and we have a spot exposure there. We announced over the course of this quarter that we have brought down that capacity by 15%. We continue to experience very high gas prices. And so it is a developing situation. We look at what's happening on alumina pricing. We also have a good amount of chemical sales that happens at that chemical nonsmelter-grade alumina essentially. Chemical sales that happen at that plant. And so that is a developing situation. We'll continue to discuss any other decisions that we make down the road, but certainly a challenging environment.

煉油廠消耗天然氣，我們在那裡有現貨。我們在本季度宣布，我們已將該容量降低了 15%。我們繼續經歷非常高的汽油價格。所以這是一個發展中的情況。我們看看氧化鋁定價發生了什麼。我們也有大量的化學品銷售，主要發生在化學非冶煉級氧化鋁上。該工廠發生的化學品銷售。所以這是一個發展中的情況。我們將繼續討論我們在未來做出的任何其他決定，但肯定是一個充滿挑戰的環境。

The last piece is on Lista in Norway. They are exposed to the spot market. But they have 2 advantages. Number one, Southern Norway, while it is impacted by European energy prices, is still a step below what you're seeing in places like Spain and other places. So that helps to keep the energy prices a little bit more realistic, although we have seen pretty significant increases.

最後一件在挪威的 Lista 上。他們接觸現貨市場。但它們有兩個優點。第一，挪威南部雖然受到歐洲能源價格的影響，但仍比您在西班牙和其他地方看到的低一步。因此，這有助於使能源價格更加現實，儘管我們已經看到了相當大的上漲。

And the second piece is that they also have a very strong casthouse. So we're very, very, very heavily focused on value-add products. And so as we look at the energy prices that we were able to secure and as we compare that with the revenues that were coming in, we actually chose to take some of that risk off the table and, in fact, look forward a few over the months at the end of this year into 2023 and actually secure energy for that period. So we will be less exposed once we get past these next couple of months because we'll have those contracts in place. And we see that as the best outcome for Lista from a financial perspective. And of course, that certainly brings stability operationally and also stability to the workforce inside of Lista.

第二件是他們也有一個非常強大的鑄造廠。所以我們非常、非常、非常專注於增值產品。因此，當我們查看我們能夠確保的能源價格並將其與即將獲得的收入進行比較時，我們實際上選擇將部分風險排除在外，事實上，期待一些從今年年底到 2023 年的幾個月，實際上確保了這段時期的能源。因此，一旦我們度過接下來的幾個月，我們的風險就會減少，因為我們將簽訂這些合同。從財務角度來看，我們認為這是 Lista 的最佳結果。當然，這肯定會給 Lista 內部的員工帶來運營穩定性和穩定性。

So that's how we're dealing with where we have spot exposures. The other facilities that we have in Europe, essentially Mosjøen in Norway and Fjardaál in Iceland, have long-term power contracts, and so they're not exposed to some of the spot issues that we're seeing there.

這就是我們處理現場曝光的方式。我們在歐洲擁有的其他設施，主要是挪威的 Mosjøen 和冰島的 Fjardaáal，都有長期電力合同，因此它們不會受到我們在那裡看到的一些現場問題的影響。

I don't know, Bill, if you want anything else to add to that.

我不知道，比爾，如果你想補充什麼。

I think you covered it really well. I guess the 2 minor points that I would add is that in Spain in the refinery, since we're exposed to spot gas prices, we are seeing spot gas prices close to $30 per gigajoule, which results in a fairly large loss that we're looking at in the third quarter, which is baked into the guidance that we provided, Timna. But the losses in the refinery in Spain are around $75 million a quarter currently. You addressed Mosjøen is in a good situation given the fact that it's up in Northern Norway. So it's not exposed to the Southern European or Southern Norwegian energy prices. So that's the only 2 things I'd add, Roy.

我認為你覆蓋得很好。我想我要補充的兩個小點是，在西班牙的煉油廠，由於我們面臨現貨天然氣價格的影響，我們看到現貨天然氣價格接近每千兆焦耳 30 美元，這導致了我們相當大的損失。在第三季度重新審視，這已納入我們提供的指導 Timna。但西班牙煉油廠目前每季度的損失約為 7500 萬美元。您提到 Mosjøen 的情況很好，因為它位於挪威北部。因此，它不受南歐或挪威南部能源價格的影響。所以這是我唯一要補充的兩件事，羅伊。

Our next question will come from Carlos De Alba with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Carlos De Alba。

So just continuing with, I guess, the question on costs. Any comments as to how do you see the cost pressures in alumina with the refineries there? And then also in that continent, how does Portland fit in your medium- to long-term strategic view for the smelting business?

因此，我想繼續討論有關成本的問題。您如何看待氧化鋁與那裡的精煉廠的成本壓力有何評論？然後在那個大陸，波特蘭如何適應您對冶煉業務的中長期戰略觀點？

So I'll take the cost question first. It's important, Carlos, for you to go to the outlook page, which I think is Page 30 of our deck. In alumina, we're expecting $30 million in higher energy and raw material costs and 1/3 of that is related to San Ciprián. So as I said to Timna, we are seeing high energy costs in Spain and projecting that they're a little bit higher in the third quarter versus where we are in the second quarter.

因此，我將首先提出成本問題。 Carlos，請務必轉到 Outlook 頁面，我認為這是我們套牌的第 30 頁。在氧化鋁方面，我們預計能源和原材料成本將增加 3000 萬美元，其中 1/3 與圣西普里安有關。因此，正如我對蒂姆納所說，我們看到西班牙的能源成本很高，並預計第三季度的能源成本會比我們在第二季度的水平高一些。

Continued -- continue to see some high raw material costs flowing through. However, we are projecting a stronger shipment view in the third quarter for the alumina segment, and we think that, that stronger shipment will offset all the other cost increases or any other issues that we have in the Alumina segment in the third quarter.

繼續——繼續看到一些高昂的原材料成本流過。然而，我們預計氧化鋁部門第三季度的出貨量將更加強勁，我們認為，強勁的出貨量將抵消第三季度氧化鋁部門的所有其他成本增加或任何其他問題。

If I then step back and think about the cost structure of raw materials that are flowing through both the Alumina and the Aluminum segment, we are now finally starting to see, on an as purchase basis, caustic prices going down in the second quarter already and going into the third quarter.

如果我再退一步考慮一下流經氧化鋁和鋁部門的原材料的成本結構，我們現在終於開始看到，在採購的基礎上，苛性鹼價格已經在第二季度下降，並且進入第三季度。

Now you know there's a 6-month lag on our caustic purchases that it takes to flow through to our cost of goods sold, but it's good to actually see that we think we've peaked out on caustic prices, at least for now. And we're starting to see those come off, and that's a positive.

現在您知道我們的苛性鹼採購延遲了 6 個月才能流向我們的銷售成本，但很高興看到我們認為我們的苛性鹼價格已經達到頂峰，至少目前是這樣。我們開始看到這些都消失了，這是積極的。

On the smelting side, seeing something similar, but probably in the third and fourth quarter as coke and pitch peak out in the third and fourth quarter, they will start to decline from there. So we're finally starting to see some relief from higher raw material costs. But as we've said all along, it takes some time to flow through the P&L.

在冶煉方面，看到類似的情況，但可能在第三和第四季度，隨著可樂和瀝青在第三和第四季度達到頂峰，它們將從那裡開始下降。因此，我們終於開始看到原材料成本上漲帶來的一些緩解。但正如我們一直所說的，通過損益表需要一些時間。

So let me turn it over to you, Roy, to answer the Portland question.

所以讓我把它交給你，羅伊，回答波特蘭的問題。

Yes. Carlos, so for Portland very specifically, let me start off a bit more generally and then get to a very specific answer to your question. So generally, what we've been driving to do, and I think this was in a lot of the materials that we provided in the Investor Day that we did seems like a world to go, but it wasn't that long ago, we're focused on driving down the cost curve and making sure that we have long-lived assets that we can invest in and drive to be a -- have a portfolio that makes us a very strong company.

是的。 Carlos，特別是波特蘭，讓我從更籠統的開始，然後對你的問題給出一個非常具體的答案。所以總的來說，我們一直在努力做的事情，我認為這是我們在投資者日提供的很多材料中的內容，我們所做的似乎是一個世界，但就在不久前，我們'專注於降低成本曲線，並確保我們擁有可以投資的長期資產，並推動成為——擁有使我們成為一家非常強大的公司的投資組合。

We're also very determined to move towards renewable energy because we see that as the way for us to be able to adapt to a low-carbon world to meet our net zero by 2050 targets and because more and more customers are demanding or requesting -- are pushing towards low-carbon aluminum as well. And so we always look at every single one of our facilities in those lights.

我們也非常決心轉向可再生能源，因為我們認為這是我們能夠適應低碳世界以實現到 2050 年淨零排放目標的方式，並且因為越來越多的客戶要求或要求 - - 也在推動低碳鋁。因此，我們總是在這些燈光下查看我們的每一個設施。

For Portland specifically, right now, we have a [coal] heavy power supply, not exclusively, but obviously, that has been important for the development of Victoria State and Eastern Australia in general. They're working a lot in order to change that. So I think as you look a number of years out, they're moving very quickly towards heavier renewables.

特別是波特蘭，目前，我們擁有 [煤炭] 重型電力供應，不僅但顯然，這對維多利亞州和澳大利亞東部的整體發展非常重要。為了改變這一點，他們做了很多工作。所以我認為，從幾年前看，他們正在迅速轉向更重的可再生能源。

Right now, we have a contract that I think has 4 years left, approximately 4 years left. That gives us time to evaluate what we want to do and how Portland fits in our long-term portfolio. When we look at facilities, we always talk about, and this is very simplistic terms, fix, close or sell. We look for ways to repower. And if we repower, can we secure renewable sources in order to do that repowering? We have -- always have the opportunity to curtail or close. Obviously, that wouldn't happen until that power contract ends. And of course, there's always the option to be able to divest if we see that we can't solve those issues in a way that then matches our portfolio.

現在，我們有一份合同，我認為還剩 4 年，大約還剩 4 年。這讓我們有時間評估我們想要做什麼以及波特蘭如何融入我們的長期投資組合。當我們查看設施時，我們總是談論，這是非常簡單的術語，修復、關閉或出售。我們尋找重振旗鼓的方法。如果我們重新供電，我們能否獲得可再生能源來進行重新供電？我們 - 總是有機會減少或關閉。顯然，在電力合同結束之前，這不會發生。當然，如果我們發現我們無法以與我們的投資組合相匹配的方式解決這些問題，那麼總是可以選擇剝離。

So for Portland, we're actively looking to find what is the right solution and how that fits with our portfolio, and we'll keep you updated as we think through and make those decisions.

因此，對於波特蘭來說，我們正在積極尋找什麼是正確的解決方案，以及它如何與我們的產品組合相匹配，我們會在我們考慮並做出這些決定時及時通知您。

Our next question will come from Emily Chieng with Goldman Sachs.

我們的下一個問題將來自高盛的 Emily Chieng。

My first question is just around the capital return strategy. So it's certainly great to see the additional buyback there. But was the step change in that program simply a function of the improvement in working cap and higher free cash flow this quarter? Or was it perhaps an increased confidence in the ability to weather through this period of macro uncertainty?

我的第一個問題是關於資本回報策略。因此，很高興在那裡看到額外的回購。但是，該計劃的階躍變化僅僅是本季度營運上限提高和自由現金流增加的函數嗎？或者是對度過這段宏觀不確定時期的能力的信心增強了嗎？

I'm going to agree with both. How about that, Emily? Thanks for the question. But we have a capital allocation program that's focused on maintaining a strong balance sheet, sustaining the plant, sustaining the operations. And then you've heard us say there's 3 prongs of that capital allocation after we've done that in no particular order: transforming the portfolio, positioning for growth and returning cash to shareholders.

我會同意這兩個。怎麼樣，艾米麗？謝謝你的問題。但我們有一個資本分配計劃，專注於維持強大的資產負債表、維持工廠、維持運營。然後你聽到我們說，在我們沒有特定順序完成之後，資本配置有 3 個方面：轉變投資組合、為增長定位以及向股東返還現金。

Given the strength of the balance sheet, and the balance sheet, as you've heard us say numerous times, with the work we've done around funded debt, pension and OPEB, is substantially stronger than where it was even 2 years ago, much less 4 or 5 years ago. We have confidence in the strength of the company. And so we provided returns to shareholders in the second quarter as our cash balance was strong.

鑑於資產負債表的實力，而且正如您多次聽到我們所說的那樣，隨著我們圍繞資助債務、養老金和 OPEB 所做的工作，資產負債表比兩年前要強得多，更不用說四五年前了。我們對公司的實力充滿信心。因此，由於我們的現金餘額強勁，我們在第二季度為股東提供了回報。

Our cash generation was strong. And we have confidence in the future ability of the company to weather through cyclical storms. And so that's why we provided it. Just -- we announced an additional $500 million buyback. We still have $150 million left on the prior buyback authorization. It's very consistent with what we've done in the past where when we see the authorization getting low, we go out with a new level of authorization. So that's what we executed upon in the second quarter.

我們的現金產生很強勁。我們對公司未來抵禦週期性風暴的能力充滿信心。這就是我們提供它的原因。只是——我們宣布了另外 5 億美元的回購。我們之前的回購授權還剩下 1.5 億美元。這與我們過去所做的非常一致，當我們看到授權變低時，我們會採用新的授權級別。所以這就是我們在第二季度執行的。

Great. And just one quick follow-up, if I may. Roy, you mentioned there was a significant amount of capacity that's currently underwater given where spot prices have trended to. Maybe turning the question to the Alcoa set of assets. Are you able to share what percentage of aluminum and alumina capacity is still generating positive cash margins? Maybe said another way, what's the aluminum/alumina breakeven?

偉大的。如果可以的話，只需快速跟進。羅伊，你提到鑑於現貨價格的趨勢，目前有大量的產能處於水下。也許將問題轉向美國鋁業公司的資產。您能否分享仍有多少百分比的鋁和氧化鋁產能仍在產生正的現金利潤率？也許換一種說法，什麼是鋁/氧化鋁盈虧平衡點？

Yes. Emily, I appreciate the question. I'm not going to be able to give you a direct answer because that's not information we typically share. More generally, I would just say is that when -- as we see facilities that are going underwater, we take invasive action to try and figure whether it's best to continue to operate or to curtail or to find other actions.

是的。艾米麗，我很欣賞這個問題。我無法直接回答您，因為這不是我們通常共享的信息。更一般地說，我只想說，當我們看到設施進入水下時，我們會採取侵入性行動來嘗試確定是否最好繼續運營、減少或尋找其他行動。

And so -- and I think Bill had mentioned San Ciprián refinery as a good example of a place where with exorbitant gas prices, that it's simply a loss-making enterprise at this point. And so that's a good example of a place that we do pretty much constant analysis to see how can we optimize the outcomes there.

所以——我認為比爾提到圣西普里安煉油廠是一個很好的例子，說明那裡的天然氣價格過高，在這一點上它只是一家虧損企業。所以這是一個很好的例子，我們經常進行分析，看看我們如何優化那裡的結果。

But otherwise, in general, we really don't talk specifically about each of the plants, but we do take very seriously trying to make sure that we can maximize and optimize the returns at each and every one of our facilities and look for ways to improve them.

但除此之外，一般來說，我們真的不會具體談論每一個工廠，但我們確實非常認真地嘗試確保我們能夠最大化和優化我們每一個設施的回報，並尋找方法來實現改善他們。

Our next question will come from David Gagliano with BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 David Gagliano。

My question is actually related to some of the cost questions that have been asked previously, but it's just a bit of a broader stab at it. So if we consider what's been going on in the aluminum market, things have changed quite a bit, obviously, in the last few months. We've seen China production ramp. We've seen the demand outlook incrementally negative. I think that's a fair comment versus what it was a few months ago.

我的問題實際上與之前提出的一些成本問題有關，但這只是一個更廣泛的問題。因此，如果我們考慮鋁市場的情況，很明顯，在過去的幾個月裡，情況發生了很大變化。我們已經看到中國的產量增加。我們已經看到需求前景逐漸消極。我認為與幾個月前相比，這是一個公平的評論。

And obviously, commodity prices come way down. Slide deck, 10% to 20% of the global aluminum smelting is underwater based on Alcoa's estimates. And so my question is in terms of how you think about your business, your smelting business specifically. If we look at the 2.5 million to 2.6 million tons of capacity now, if say, for whatever reason, prices continue to go down another 10% and another 20%, for example, and costs all kind of stay where they are, about how much of that 2.5 million to 2.6 million tons of capacity would be at risk of closure in a sort of a 6-month to 1-year weak pricing environment?

很明顯，大宗商品價格一路下跌。根據美國鋁業公司的估計，全球 10% 到 20% 的鋁冶煉在水下進行。所以我的問題是關於你如何看待你的業務，特別是你的冶煉業務。如果我們看一下現在 250 萬到 260 萬噸的產能，如果說，無論出於何種原因，價格會繼續下跌 10% 和 20%，例如，成本會保持在原地不動，關於如何在 6 個月至 1 年的疲軟定價環境中，這 250 萬至 260 萬噸產能中的大部分將面臨關閉的風險？

Dave, let me take a stab at it first and then Roy can follow up with some more information. We've done a lot on the portfolio over the last 5.5 years. We announced a portfolio review going on 3 years ago, I believe it is. We curtailed Intalco. We repowered Portland. We are restarting São Luis. Almost said San Ciprián. We're restarting São Luis. We curtailed San Ciprián, which as Roy said earlier, boy, if we had not curtailed San Ciprián smelter, we'd be paying over $300 a megawatt hour on energy.

戴夫，讓我先試一試，然後羅伊可以跟進更多信息。在過去的 5.5 年裡，我們在投資組合上做了很多工作。我們在 3 年前宣布了一項投資組合審查，我相信確實如此。我們削減了 Intalco。我們重新為波特蘭提供了動力。我們正在重啟聖路易斯。幾乎說圣西普里安。我們正在重啟聖路易斯。我們削減了 San Ciprián，正如 Roy 之前所說，孩子，如果我們沒有削減 San Ciprián 冶煉廠，我們將支付超過 300 美元/兆瓦時的能源費用。

So we've done a lot to rightsize the portfolio and really get it in a position where it can get through some pretty tough economic situations. I'm not going to speculate on what gets done at a 10% or a 20% reduction. I hate to try to answer hypothetical questions.

因此，我們做了很多工作來調整投資組合的規模，並真正讓它能夠度過一些非常艱難的經濟形勢。我不會去推測減少 10% 或 20% 的效果。我討厭嘗試回答假設性問題。

You've seen what we've done over 5.5 years. If a facility needs to be curtailed because it's losing money, we don't shy away from hard decisions. We do it in humane ways, but we don't shy away from hard decisions. So Roy, anything you want to add to that?

你已經看到了我們 5.5 年來所做的事情。如果某設施因虧損而需要縮減，我們不會迴避艱難的決定。我們以人道的方式做到這一點，但我們不會迴避艱難的決定。那麼羅伊，你想補充什麼嗎？

Yes. I think you covered a lot of it, Bill. I would just call your attention, Dave, to 3 things. First of all, you talked about demand. We look out at demand, and we continue to see growth this year. There's a lot of uncertainty. There's a lot of questions, particularly in Europe and of course, China with COVID. So there's the potential that we continue to see customers stepping away. But realistically, what we're seeing right now is that demand continues to grow for the year.

是的。我想你講了很多，比爾。戴夫，我只想提醒你注意三件事。首先，您談到了需求。我們關注需求，今年我們繼續看到增長。有很多不確定性。有很多問題，特別是在歐洲，當然還有中國。因此，我們有可能繼續看到客戶離開。但實際上，我們現在看到的是今年的需求繼續增長。

And so we continue to have a good full order book. We have constant conversations with our customers. And of course, we have annual contracts, and we have -- in the U.S., those tend to be priced annually. And in Europe, they tend to be priced quarterly. We continue to see very strong premiums, very strong order books and value-added. And so while there is great uncertainty, I think it continues to be a good story on demand. It's just a question of where that takes us.

因此，我們繼續擁有良好的完整訂單。我們經常與客戶進行對話。當然，我們有年度合同，而且我們有——在美國，這些合同往往是按年定價的。在歐洲，它們往往按季度定價。我們繼續看到非常強勁的溢價、非常強勁的訂單和增值。因此，儘管存在很大的不確定性，但我認為它仍然是一個按需提供的好故事。這只是把我們帶到哪裡的問題。

The second thing is really around cycles. And Bill and I and Jim have been around this business for a very, very, very long time, decades at this point. And I think the one thing that is typically true is that as you see that revenue cycle turned down, you also tend to see that cost cycle turned down as well. Typically, there is margin compression for the first few months, but then you start to see some of the relief on cost pressures, which Bill's already talked about.

第二件事實際上是圍繞週期。比爾、我和吉姆已經在這個行業工作了非常、非常、非常長的時間，在這一點上已經有幾十年了。我認為通常正確的一件事是，當您看到收入周期下降時，您也傾向於看到成本週期也下降。通常情況下，前幾個月的利潤率會有所壓縮，但隨後您會開始看到成本壓力有所緩解，比爾已經談到了這一點。

And so we try to analyze our decisions based on that assumption. Now every situation is very different, right? Russia, Ukraine has a very specific circumstance in what's happening in the energy markets in Europe, very specific to what we're seeing right now. But we always try to look to see how we can make sure that we're squeezing costs out as quickly as we can. Of course, that's the stuff that we control. It's our workforce. It's our -- what we do on raw materials and our maintenance decisions, et cetera. But there's a lot of places that we can try and drive out cost across the board, and we continue to do that.

因此，我們嘗試根據該假設分析我們的決定。現在每種情況都非常不同，對吧？俄羅斯、烏克蘭在歐洲能源市場發生的事情上有一個非常具體的情況，非常具體到我們現在所看到的情況。但我們總是試圖看看我們如何才能確保我們盡快壓縮成本。當然，這是我們控制的東西。這是我們的勞動力。這是我們的——我們在原材料和維護決策等方面所做的事情。但是有很多地方我們可以嘗試全面降低成本，我們會繼續這樣做。

And that sort of brings me to my third point, which Bill already touched on, which is the fact that we're a very different company and a very different portfolio than where we were 5 years ago. And a lot of the strategy has been so that we can be strong through the cycle no matter what, even in the down part of the cycle that we built a balance sheet that's strong, that we have a portfolio that's better able to weather those changes.

這讓我想到了我的第三點，比爾已經談到了這一點，那就是我們是一家非常不同的公司和一個非常不同的投資組合，與 5 年前相比。很多策略都是為了讓我們無論如何都能在周期中保持強勁，即使在周期的下行階段，我們建立了一個強大的資產負債表，我們的投資組合能夠更好地經受住這些變化.

And in the end, that we will continue to make decisions that need to be made. We don't flinch away from making difficult decisions. While at the same time, we never stopped trying to make sure that we can drive an improved business so that we can continue to operate and continue to operate things the way that they should be operated.

最後，我們將繼續做出需要做出的決定。我們不會畏縮做出艱難的決定。與此同時，我們從未停止努力確保我們能夠推動業務的改進，以便我們能夠繼續運營並繼續以應有的方式運營事物。

Okay. That's helpful. I appreciate the historical references. And yes, and I do remember those days as well. And I remember going through this contingency planning conversations with Bill. And I think you actually in the IR role at one point. And I thought there was typically an answer that said, "Yes, you know what, if prices go down another 20%, we have 20% of our capacity at risk." And really what I'm trying to get to is, is that the case now? Or is it such that the cost structure, to your point, is so much better that the existing assets are -- not impervious, but are -- at what point -- I guess, really what I'm trying to get to is, at what point is the commodity price impact start to actually have an impact on the existing smelting capacity? I just was kind of curious at sort of framework, doesn't have to be specific to the smelter or anything like that.

好的。這很有幫助。我很欣賞歷史參考。是的，我也記得那些日子。我記得我與比爾進行了這次應急計劃對話。而且我認為您實際上曾在某一時刻擔任 IR 角色。我認為通常會有這樣的答案：“是的，你知道嗎，如果價格再下跌 20%，我們將有 20% 的產能面臨風險。”我真正想要的是，現在是這樣嗎？或者，就您而言，成本結構是否好得多，以至於現有資產 - 不是不可滲透的，而是 - 在什麼時候 - 我想，我真正想要的是，商品價格影響何時開始真正對現有冶煉能力產生影響？我只是對某種框架有點好奇，不必特定於冶煉廠或類似的東西。

And also, just why you try to address that rambling follow-up. The Alumar restart, how does that factor into the thought process with regards to yes, it's a 10% increase in your capacity in this environment? How does that factor into your thought process in terms of the rest of the portfolio?

而且，這正是你試圖解決漫無邊際的後續行動的原因。 Alumar 重啟，這個因素如何影響到思考過程，是的，在這種環境下你的容量增加了 10%？就投資組合的其餘部分而言，這對您的思考過程有何影響？

So I think the one thing I'll add to try and address your first question there, Dave, is that we tend to look at a number of different actions you can take as the world shifts. And first and foremost, like we've talked about portfolio already, but most of our smelters at this point are with long-term low-priced energy contracts.

所以我想我要補充的一件事是嘗試解決你的第一個問題，戴夫，我們傾向於考慮隨著世界的變化你可以採取的許多不同的行動。首先也是最重要的，就像我們已經討論過的投資組合一樣，但目前我們的大多數冶煉廠都簽訂了長期低價能源合同。

And so when you think about the danger of them turning negative, it is much lower because they have long-lived contracts and the fact is those are -- those were set at a time where LME prices were significantly lower than what we're experiencing right now.

因此，當您考慮它們轉為負值的危險時，它要低得多，因為它們擁有長期合約，而事實是這些合約是在 LME 價格明顯低於我們所經歷的價格時設定的馬上。

And so we can always move to stop pot relining. We can step into partial curtailments, full curtailments. There's a lot of actions that we can take, and I remember all those wonderful slides that we usually put together that talked about those programs. I think if we were to get to an area where those things were going to start to occur, we would certainly communicate that to you into the market because that would signify that we're getting to a point where we'd have to start taking action.

所以我們總是可以停止鍋換襯。我們可以進行部分削減，全面削減。我們可以採取很多行動，我記得我們通常放在一起討論這些計劃的所有精彩幻燈片。我認為，如果我們要到達一個將要開始發生這些事情的領域，我們肯定會在市場上向您傳達這一點，因為這意味著我們已經到了必須開始採取行動的地步行動。

Like we said, it's really the San Ciprián refinery, and it's Lista that right now are the places where we've had to take decisions, and we've already talked through those, so I won't belabor the point.

就像我們說的，這真的是圣西普里安煉油廠，而 Lista 現在是我們必須做出決定的地方，我們已經討論過這些，所以我不會強調這一點。

When it comes to Alumar, the São Luis restart, and this is a plant that I used to work at, so it's near and dear to my heart, the restart started off a bit later than we wanted it to, but it continues to ramp up now according to the plan that we wanted it to be, just offset by those couple of months.

談到 Alumar，São Luis 重新啟動，這是我曾經工作過的工廠，所以它離我很近，我很珍視，重新啟動開始的時間比我們想要的晚了一點，但它繼續增加現在按照我們想要的計劃進行，只是被這幾個月抵消了。

I think they're doing a very good job at restarting. We've got a long-term renewable power contracts in place at very attractive power prices. And so it's coming in at the -- on the very strong end of our portfolio, and that's why we chose to restart it. And that's even before you get to value-add taxes and all the add-on benefits of having an integrated facility and having a strong position inside of Brazil and a good strong domestic market as well for the metal that we're making.

我認為他們在重新啟動方面做得很好。我們以極具吸引力的電價簽訂了長期可再生能源合同。因此，它出現在我們投資組合中非常強勁的一端，這就是我們選擇重新啟動它的原因。這甚至在您獲得增值稅以及擁有綜合設施並在巴西內部擁有強大地位以及我們正在製造的金屬的強大國內市場以及強大的國內市場的所有附加好處之前。

And so it -- what it does is make our portfolio even stronger. And it's great to be able to bring that plant back up again.

所以它 - 它所做的是使我們的投資組合更加強大。能夠再次使該工廠恢復原狀真是太好了。

And the only thing I would add, Roy, as -- and I know we're trying to address Dave's question. One thing to keep in mind, Dave, and this is a change from -- if you look back 10 or 15 years ago with the portfolio we had. Today, around 65% of our energy is LME-linked. So that means when the LME is going up, we're not getting all the benefit of the LME, and you've seen that. But when the LME goes down, we're -- our energy costs are following that. So that's a much higher percentage than it was, let's say, 10 years ago, and it positions the portfolio for times that when the LME does go down, we're not the ones that have to curtail.

我唯一要補充的是，羅伊，我知道我們正在嘗試解決戴夫的問題。戴夫，要記住一件事，這是一個變化——如果你回顧 10 或 15 年前我們擁有的投資組合。今天，我們約 65% 的能源與 LME 相關。所以這意味著當 LME 上漲時，我們並沒有從 LME 中獲得所有好處，你已經看到了。但是，當 LME 下跌時，我們的能源成本也隨之下降。因此，這比 10 年前的百分比要高得多，而且當 LME 確實下跌時，它對投資組合的定位是，我們不是必須削減的人。

No. And if I can just add one more piece on to it also, Dave. I know we keep adding on pieces and pieces. When you think about the smelters, big smelters very specifically at risk, and who's sitting at the very top end of that cost curve and what are they dependent on. I think it's -- you look -- these are in my prepared comments, but you look at sort of the average for June, specifically in China, and it was 10% to 20% that were underwater. That changed so significantly because of a change in SHFE prices that have reached half of all smelters in China underwater because those prices have come down over the course of a couple of weeks.

不，如果我也可以再添加一件，戴夫。我知道我們一直在不斷地添加碎片。當您考慮冶煉廠時，大型冶煉廠尤其處於風險之中，誰處於成本曲線的最頂端以及他們依賴什麼。我認為這是 - 你看 - 這些在我準備好的評論中，但你看看 6 月份的平均值，特別是在中國，有 10% 到 20% 的人在水下。由於上海期貨交易所價格的變化已經影響到中國一半的冶煉廠，這種情況發生瞭如此顯著的變化，因為這些價格在幾週內已經下降。

And so when you think about how flat the cost curve is where our facilities sit on that cost curve and then where some of the competitors sit in that cost curve and then how beholden they might be to things like coal prices or specific alumina costs, et cetera, I think it helps you to understand that the decisions that we make are a bit more predictable. And because of where we're now located on the cost curve and the work on the portfolio, it's just simply a different game than it was in a decade ago or 5 years ago.

因此，當您考慮成本曲線有多平坦時，我們的設施位於該成本曲線上，然後一些競爭對手位於該成本曲線上，然後他們可能對煤炭價格或特定氧化鋁成本等因素有多大的感激之情，等等等等，我認為這有助於您了解我們做出的決定更具可預測性。而且由於我們現在在成本曲線上所處的位置以及投資組合的工作，這只是與十年前或五年前不同的遊戲。

Our next question will come from Curt Woodworth with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Curt Woodworth。

Congrats on progression on the buyback. Sort of a follow-up to the power question and the LME linkage. We were somewhat surprised this quarter, the power cost is only 25% of the total for the smelting segment, where it's running 33%, 34%. And we sort of would have figured that given the LME linkage and the fact that you have spot power in Norway, that would have gone up a lot. So is it -- and also you have less buy/resell. So could you address that? Is it simply a function of other things going up more? Or is there a lag -- like a lag mechanism in place?

恭喜回購進展順利。有點像權力問題和 LME 聯繫的後續行動。本季度我們有些驚訝，電力成本僅佔冶煉部門總成本的 25%，其中運行 33%、34%。我們可能會認為，鑑於 LME 的聯繫以及您在挪威擁有現貨電力的事實，這會上升很多。是這樣 - 而且你的購買/轉售更少。那麼你能解決這個問題嗎？它僅僅是其他事物上升的函數嗎？還是有滯後——比如有滯後機制？

Curt, I think it's a little bit of both. There is a little bit of a lag on pricing. So it depends on which contract it is. It can be anywhere between 30 and 90 days. So you do see a lag there. You also see some of the raw material costs have gone up, and that would deflate the amount of percentage associated with energy. I don't have a real more precise answer for you than that, Curt.

柯特，我認為兩者兼而有之。定價有一點滯後。所以這取決於它是什麼合同。它可以是 30 到 90 天之間的任何時間。所以你確實看到那裡有滯後。您還會看到一些原材料成本上升，這將使與能源相關的百分比減少。柯特，我沒有比這更準確的答案了。

Okay. And then just on buy/resell and tolling, that is about 25% of your shipments in the smelter segment. And you mentioned in the prepared remarks that margins have come down for that and some of that is I think Ma'aden tolling. But can you just talk to what you're seeing in margins on that part of the business? And if you could give us a sense for profitability there in terms of our model, that would be helpful.

好的。然後只是購買/轉售和收費，這大約是您在冶煉部門出貨量的 25%。您在準備好的評論中提到，利潤率已經下降，其中一些是我認為 Ma'aden 收費的。但是你能談談你在這部分業務中看到的利潤嗎？如果您可以根據我們的模型讓我們了解那裡的盈利能力，那將很有幫助。

Profitability is generally very low. We're doing buy/resell activities to try to essentially meet customer demands in certain areas. We may do those also for -- just to swap from a time perspective of when we need to make deliveries. And so profitability is not large on the buy/resell.

盈利能力通常很低。我們正在進行購買/轉售活動，試圖從根本上滿足某些領域的客戶需求。我們也可以這樣做——只是為了從我們需要交付的時間角度交換。因此，購買/轉售的盈利能力並不大。

In the case of the second quarter, we did see, with the rapidly declining metal price, there was times where we were buying at 1 price and turning around and selling at a little bit lower price given some of the supply chain disruptions that we saw in the quarter. So that's what was meant by my remark in the prepared comments.

在第二季度的情況下，我們確實看到，隨著金屬價格迅速下跌，有時我們以 1 價買入，然後轉身以略低的價格賣出，因為我們看到了一些供應鏈中斷在本季度。這就是我在準備好的評論中所說的意思。

Okay. And then maybe just one quick one on the tax rate for the third quarter. I know that, typically, the Alumina segment has higher percentage tax base. Do you feel like the tax rate will move around much sequentially? Would it go up a little bit just given the fact that the LME maybe come down a little bit more than alumina?

好的。然後可能只是一個關於第三季度稅率的快速報告。我知道，通常情況下，氧化鋁部門的稅基百分比較高。你覺得稅率會按順序變動嗎？考慮到 LME 可能會比氧化鋁下跌一點點，它會不會上漲一點點？

Tax rate can move around substantially depending on earnings levels and where the earnings come from. That's why we -- in my prepared remarks, I give you specifically the amount of tax expense that we're anticipating for the company. That gets you out of having to try to figure out what the actual tax rate will be. It's our best -- given the current metal prices, current alumina prices, ForEx, it's our best estimate of the tax expense, and it saves you from having to try to figure that out.

稅率可以根據收入水平和收入來源而大幅波動。這就是為什麼我們 - 在我準備好的評論中，我特別給你我們預計公司的稅收費用金額。這使您不必試圖弄清楚實際稅率是多少。這是我們最好的——考慮到當前的金屬價格、當前的氧化鋁價格、外匯，這是我們對稅收費用的最佳估計，它使您不必試圖弄清楚這一點。

Our next question will come from Lucas Pipes with B. Riley Securities.

我們的下一個問題將來自 Lucas Pipes 和 B. Riley Securities。

Good job on the quarter. And I also wanted to ask a quick question on the cost side. So you mentioned the labor shortages at Warrick and 99% CPI, of course, folks are feeling the pinch. What are you seeing on labor inflation? And if so, how quickly would that run through the cost structure?

本季度做得很好。我還想問一個關於成本方面的快速問題。所以你提到了 Warrick 的勞動力短缺和 99% 的 CPI，當然，人們感受到了壓力。您對勞動力通脹有何看法？如果是這樣，它會以多快的速度貫穿成本結構？

It depends by jurisdiction. And in certain jurisdictions, we have labor agreements that are a combination of built-in increases that are related to inflation. There are also places around the world, for instance, like Norway, where there's a stipulation of how much increases get paid. So Lucas, there's not one kind of monolithic answer that I can give you about wage inflation. And so it really depends on the jurisdiction.

這取決於管轄權。在某些司法管轄區，我們的勞動協議是與通貨膨脹相關的內置增長的組合。世界各地也有一些地方，例如挪威，那裡有關於增加多少報酬的規定。所以盧卡斯，關於工資通脹，我不能給你一個單一的答案。所以這真的取決於管轄權。

As we look out, it's getting harder and harder to determine how much wage inflation there will be just with the -- some of the volatility that we're seeing in the marketplace. And just take the U.S., for instance, we did have difficulty getting enough focus to work in Indiana, which in large part led to the curtailment of the facility.

正如我們所看到的，我們越來越難以確定僅隨著我們在市場上看到的一些波動性會有多少工資通脹。以美國為例，我們確實很難集中精力在印第安納州工作，這在很大程度上導致了設施的縮減。

But at the same time, we're seeing some of our competitors curtail. So that may give us an opportunity to hire some people out of those facilities that may take some of that pressure off.

但與此同時，我們也看到我們的一些競爭對手在縮減。因此，這可能使我們有機會從那些可能減輕一些壓力的設施中僱用一些人。

Okay. My second question is on ELYSIS. You mentioned the priority to scale up the supply chain. What does that entail?

好的。我的第二個問題是關於 ELYSIS。您提到了擴大供應鏈的優先事項。這意味著什麼？

Essentially, Lucas, and I'm not going to get too deep into technical details because it's proprietary. Essentially, it means that as we solve the -- essentially, the essential manufacturing technology inside of the cell. And so right now, we started off, we've been essentially ramping up the averages and increasing the size of the cell, working up to the 450-kiloampere cells that will be operating here by the end of next year.

本質上，盧卡斯和我不會深入探討技術細節，因為它是專有的。從本質上講，這意味著當我們解決電池內部的基本製造技術時。所以現在，我們開始了，我們基本上一直在提高平均水平並增加電池的大小，直到明年年底將在這裡運行的 450 千安電池。

As we ramp up that, we need to start thinking about how we make sure that the proprietary material and technology that is the anode, the replacement for the carbon anode, that we can manufacture that, manufacture the cathodes and essentially manufacture everything that goes into what will be the design, and finally, the installation of that first and then those sequence ELYSIS cells.

隨著我們的發展，我們需要開始思考如何確保專有材料和技術是陽極，碳陽極的替代品，我們可以製造它，製造陰極並從本質上製造所有進入設計將是什麼，最後，首先安裝這些序列 ELYSIS 單元。

So essentially, it means how do you solve the supply chain because these are new materials, these are new technologies, and thus, ELYSIS as an entity and then Alcoa and Rio Tinto as the partners that have ownership in that entity really need to solve how we're going to make sure that we have the materials necessary and the know-how to be able to allow that deployment to happen as quickly as it could happen because of increasing demand for low-carbon aluminum. And the very unique product that will be ELYSIS metal.

所以本質上，這意味著你如何解決供應鏈，因為這些是新材料，這些是新技術，因此，ELYSIS 作為一個實體，然後作為擁有該實體所有權的合作夥伴美鋁和力拓，確實需要解決如何由於對低碳鋁的需求不斷增加，我們將確保我們擁有必要的材料和專有技術，以便能夠盡快進行部署。非常獨特的產品將是 ELYSIS 金屬。

That's helpful. And then the commercial strategy would be to sell those packages by 2024? Did I hear that right?

這很有幫助。然後商業策略是到 2024 年出售這些包裹？我沒聽錯嗎？

The strategy that we have is that we'll have a proven technology by the end of 2024. We'll then go into a design phase for what would be the deployment of the -- essentially be putting into place that first facility for first hot metal coming in 2026. And so the decision about how we put together the commercial packages and then who is going to deploy it first and all those things are still decisions that will be made as well as a decision whether we choose to license or just keep it in-house.

我們的策略是，到 2024 年底，我們將擁有一項經過驗證的技術。然後，我們將進入一個設計階段，以部署 - 基本上是為第一個熱點部署第一個設施metal 將於 2026 年問世。因此，關於我們如何組合商業包以及誰將首先部署它的決定，所有這些事情仍然是我們將要做出的決定，以及我們是選擇許可還是保留的決定它在內部。

And so that's all -- that all has option value for us as we solve technology problems and make sure that we have a great and cost-efficient system that then we can choose to do what creates value for our shareholders.

僅此而已 - 當我們解決技術問題並確保我們擁有一個出色且具有成本效益的系統時，所有這些都對我們具有選擇價值，然後我們可以選擇為我們的股東創造價值的事情。

Our next question will come from Michael Dudas with Vertical Research.

我們的下一個問題將來自 Vertical Research 的 Michael Dudas。

Roy, I was intrigued by your comment that you made in your prepared remarks about customers looking to more advantaged, more in-market-type suppliers than maybe in the past. How quickly has that changed? And is that -- and can you look at that relative to what's going on in the global markets and with Russia and the dynamics that could be with us for quite a while and how that metal may or may not be part of what customers are thinking about as they go about their business?

羅伊，我對您在準備好的評論中的評論很感興趣，即您在準備好的評論中提到客戶希望比過去更有優勢、更多的市場型供應商。這種變化有多快？就是這樣 - 你能看看這與全球市場和俄羅斯正在發生的事情以及我們可能會在很長一段時間內發生的動態以及這種金屬可能會或可能不會成為客戶想法的一部分的情況有關嗎關於他們的業務？

Yes. Mike, I don't think this is necessarily new. I started off my career in Alcoa in sort of the interface between operations and commercial and finance, trying to figure out how you find the right products in the right places for the right customers. And I think it's always been true that customers want the quality material that they want and they want to have it when they want it. And thus, there's always been an advantage for the supplier, for the company that is close to the customer.

是的。邁克，我認為這不一定是新的。我在 Alcoa 的職業生涯開始於運營、商業和金融之間的某種接口，試圖弄清楚如何在正確的地方為正確的客戶找到正確的產品。而且我認為客戶想要他們想要的優質材料並且想要在他們想要的時候擁有它一直都是真的。因此，對於靠近客戶的公司來說，供應商總是有優勢的。

I think what we've seen -- and this was really brought in the stark contrast through the COVID pandemic. I think we've seen the people realize that supply chains are fickle. And I think that's not just aluminum, that's across the board. And so what we've seen is more and more interest over these last 2 to 3 years of how can you guarantee not just the quality and the price, but also the fact that you're going to have that material when you need it. Because if you don't have the material, you're not going to be able to produce, and therefore, you're losing demand or losing it to other competitors.

我認為我們所看到的——這確實與 COVID 大流行形成了鮮明的對比。我想我們已經看到人們意識到供應鍊是善變的。而且我認為這不僅僅是鋁，而是全面的。因此，在過去的 2 到 3 年中，我們看到越來越多的人對如何保證質量和價格以及在需要時能夠獲得該材料這一事實產生了越來越多的興趣。因為如果您沒有材料，您將無法生產，因此，您將失去需求或將其輸給其他競爭對手。

That then add one more wrinkle, which is Russia, Ukraine. Because Russia was importing into the U.S., it was importing into Europe. And all of a sudden, you have a lot of companies that are choosing to no longer accept that metal even if it's going through traders. And so I think that's even exacerbated in the situation, making people really think twice about how can they really drive towards local suppliers.

那再加上一個皺紋，那就是俄羅斯、烏克蘭。因為俄羅斯進口到美國，它進口到歐洲。突然之間，你有很多公司選擇不再接受這種金屬，即使它正在通過交易商。所以我認為這種情況甚至會加劇，讓人們真的三思而後行，他們如何才能真正轉向當地供應商。

And so for us, it's an advantage for Alcoa because a lot of our capacity and a lot of our customers happen to sit in North America and Europe, which is where we have also the strongest premium environment, where we offer our value-added products and where we can actually create more value because we have casthouses that we can invest in and where we have good capacities inside of our value-add to make those connections with customers.

所以對我們來說，這對美國鋁業來說是一個優勢，因為我們的很多產能和我們的很多客戶恰好位於北美和歐洲，這也是我們擁有最強大的優質環境的地方，我們在那裡提供我們的增值產品以及我們實際上可以創造更多價值的地方，因為我們有可以投資的鑄造廠，並且我們在增值方面擁有良好的能力，可以與客戶建立這些聯繫。

And I'll just add one more quick piece to it, not to belabor the point. But as you think about then another overlay, which is low carbon and the drive to have products that have less carbon content, that then is another decision point that a lot of our customers are making. And you see this particularly in Europe. In fact, a good portion of our sales in Europe are already moving towards these low-carbon products.

我將再添加一個快速的部分，而不是強調這一點。但是，當您考慮另一個疊加層時，即低碳和生產碳含量較低的產品的動力，這就是我們的許多客戶正在做出的另一個決策點。你在歐洲尤其看到這一點。事實上，我們在歐洲的很大一部分銷售額已經轉向這些低碳產品。

Customers are now not just looking to have surety of supply, but they also want to make sure that, that supply is going to have a lower carbon content. And so for Alcoa that looks at scope 1 and 2 emissions that goes all the way from bauxite to alumina to aluminum, we can actually help them understand what is the material they're going to be getting, what is the carbon content that sits in there? And then how can we evolve that through buying EcoLum products, which is our low carbon, or even down to ELYSIS as that becomes available down here a few years like Lucas' questions.

客戶現在不僅希望確保供應，而且他們還希望確保供應將具有較低的碳含量。因此，對於關注從鋁土礦到氧化鋁再到鋁的範圍 1 和範圍 2 排放的美鋁來說，我們實際上可以幫助他們了解他們將獲得什麼材料，其中的碳含量是多少那裡？然後我們如何通過購買 EcoLum 產品（這是我們的低碳產品）來發展這一點，或者甚至像盧卡斯的問題一樣，幾年後就可以使用 ELYSIS。

So to me, it's an advantage to be located where we are. It helps us drive the right number of customers, but it is also helping us to drive improved revenues and improved connections with our customers.

所以對我來說，位於我們所在的地方是一個優勢。它幫助我們吸引正確數量的客戶，但它也幫助我們提高收入並改善與客戶的聯繫。

(Operator Instructions) Our next question will come from John Tumazos with John Tumazos Independent Research.

（操作員說明）我們的下一個問題將來自 John Tumazos 和 John Tumazos 獨立研究。

The 2 smelter idlings in the Midwest that were 30% of U.S. output didn't benefit, Midwest premiums kept falling. There wasn't much brouhaha in the press. I would have thought Tesla increasing output or Ball Corporation building 2 plants might have had some anxiety. Why is there so much complicity with shrinking output? Is it just that autos and housing are particularly weak this month as well?

占美國產量 30% 的中西部 2 家閒置冶煉廠沒有受益，中西部溢價持續下降。媒體上沒有太多的喧囂。我原以為特斯拉增加產量或鮑爾公司建設 2 座工廠可能會有一些焦慮。為什麼產量減少會有這麼多的同謀？僅僅是汽車和房地產這個月也特別疲軟嗎？

Yes, John, let me take a stab at that because I think it's a good question. We put some thought into it. And as is always the case when it comes to the pricing environment, there's a lot of factors that go into it. So I'm going to give you some breadcrumbs, and I also know that you're going to be putting together those breadcrumbs to have a view as well.

是的，約翰，讓我試一試，因為我認為這是一個很好的問題。我們對此進行了一些思考。與定價環境一樣，其中有很多因素。所以我要給你一些麵包屑，我也知道你也會把這些麵包屑放在一起來看看。

So obviously, there's the supply side, which is pretty clear what's happening. On the demand side, we continue to see an order book that is full. We continue to see a lot of demand for value-added products. And so that, to us, really, we haven't seen a lot of changes that have happened over the course of this year. And so that said, those 2 things are more or less stable to where they were, although you still continue to see a little bit of weakness in the automotive side as we talked about last quarter as well.

所以很明顯，有供應方面，這很清楚正在發生什麼。在需求方面，我們繼續看到訂單已滿。我們繼續看到對增值產品的大量需求。所以，對我們來說，真的，我們沒有看到今年發生的很多變化。話雖如此，這兩件事或多或少地穩定在原來的水平，儘管正如我們上個季度所討論的那樣，您仍然會繼續看到汽車方面的一些疲軟。

Add that then to the logistics of some of these imports coming into country. And so I think part of what you might be seeing is that when those imports, in fact, are able to get in, when those vessels can actually make it, and we understand there were a couple, 2, 3 vessels that were meant to come in Q1, but they actually came in Q2, and that tends to mean that it's not just in the moment, supply/demand, but then there's also this supply coming in from vessels that then makes a factor like Midwest that is so dependent on those deals that are happening in the moment. That can have impacts that are a bit surprising.

然後將其添加到其中一些進口到該國的物流中。所以我認為你可能會看到的部分情況是，當這些進口實際上能夠進入時，當這些船隻能夠真正製造出來時，我們知道有兩三艘船隻是為了第一季度出現，但實際上第二季度出現，這往往意味著不僅是目前的供需關係，而且還有來自船舶的供應，這使得像中西部這樣的因素如此依賴那些正在發生的交易。這可能會產生一些令人驚訝的影響。

So on this one, everything that we see is that the Midwest premium has continued to reflect the strong demand that we see. It's not yet reflecting the lack of that supply because it's being substituted by some of these imports that came in a bit tardy but have actually come in. I think the question will, of course, be, and I'll leave that to you as you think through this, what happens in the future? And how does that change through time? But for us, it's -- but for us, we continue to see good demand and that supply, obviously, is having an impact.

因此，在這一點上，我們看到的一切都是中西部溢價繼續反映我們看到的強勁需求。它還沒有反映出供應的缺乏，因為它被其中一些來得有點遲但實際上已經進入的進口所取代。我認為問題當然會是，我會把它留給你你想想看，未來會發生什麼？隨著時間的推移，這種情況如何變化？但對我們來說，這是 - 但對我們來說，我們繼續看到良好的需求，而供應顯然正在產生影響。

Do you think a solution would be for Washington to increase to 10% tariff?

你認為解決方案是華盛頓將關稅提高到 10% 嗎？

We'll probably leave that to smarter people to work through. Our -- from our standpoint, we're always looking to have a very efficient market. And so for us, we want to make sure that we're incentivizing demand. We want to be sure that we can have the best possible outcome for our plants that are operating in the U.S. and Canada and Brazil, around the world.

我們可能會把它留給更聰明的人來解決。我們——從我們的角度來看，我們一直在尋求一個非常有效的市場。所以對我們來說，我們要確保我們正在刺激需求。我們希望確保我們能夠為我們在美國、加拿大和巴西以及世界各地運營的工廠獲得最佳結果。

I think we want to make sure that we don't have unintended impacts that happen downstream. A tariff is -- it's been effective to a certain extent that increasing -- at driving the market as we see it today, but it's an imperfect instrument. And we just want to make sure that it doesn't have unintended consequences.

我認為我們要確保我們不會對下游產生意外影響。正如我們今天所看到的，關稅在推動市場方面——它在一定程度上是有效的——但它是一個不完美的工具。我們只是想確保它不會產生意想不到的後果。

If I can ask one last one. The IAI this morning had Eastern Europe, Russia, 5,000x more output than April, another 30-day month. It would seem as though it's 4-plus months now with the war in the sanctions. The -- plenty of alumina must be getting into Russia overland from China or even further from Vietnam or India overland or some think bauxite via -- alumina via Indonesia. There must be enough coverage on (inaudible) cars and covered trucks given there aren't that many hopper cars for overland transport from Asia.

如果我可以問最後一個。今天早上的 IAI 的東歐、俄羅斯的產量比 4 月（又一個 30 天的一個月）高出 5,000 倍。制裁之戰似乎已經過去了 4 個多月。大量的氧化鋁必須從中國陸路進入俄羅斯，甚至從越南或印度通過陸路進入俄羅斯，或者一些人認為鋁土礦是通過印度尼西亞的氧化鋁。鑑於亞洲陸路運輸的漏斗車數量不多，因此（聽不清）汽車和有蓋卡車必須有足夠的覆蓋範圍。

Does it appear that the Tayshet 428,500-ton new greenfield smelter is, in fact, getting fired up? But they're maintaining the old 3.75 million-ton output plus firing up the new smelter despite the sanctions and most of their alumina getting cut off from the West? I hope President Biden's jackasses are listening.

Tayshet 新建的 428,500 噸新建冶煉廠是否看起來實際上正在啟動？但是，儘管受到製裁，而且他們的大部分氧化鋁從西方被切斷，他們仍然保持著原來的 375 萬噸產量並啟動了新的冶煉廠？我希望拜登總統的笨蛋正在傾聽。

John, we're looking at a lot of the same import data that you look at, I'm sure. We're having a hard time determining how imports -- sizable enough imports are getting into Russia to support all of the smelting capacity. We don't really have any better insight into what smelters are actually producing in Russia than probably what you do. But like I said, the import data of alumina certainly wouldn't suggest that they can keep all of the smelters running plus ramp-up Tayshet. But we have not heard anything different. So that's where we stand.

約翰，我敢肯定，我們正在查看很多與您相同的導入數據。我們很難確定如何進口——有足夠多的進口進入俄羅斯，以支持所有的冶煉能力。對於俄羅斯的冶煉廠實際生產的產品，我們真的沒有比您所做的更好的了解了。但就像我說的那樣，氧化鋁的進口數據當然不能表明他們可以保持所有冶煉廠的運轉以及 Tayshet 的產能提升。但我們沒有聽到任何不同的聲音。這就是我們的立場。

The aluminum price would suggest the output exists and that the sanctions are some kind of fantasy, that the data the Russian submitted is truthful because the aluminum price goes down, unfortunately. You guys are doing a great job in a tough time.

鋁價表明產量存在，制裁是某種幻想，俄羅斯提交的數據是真實的，因為不幸的是鋁價下跌。你們在艱難時期做得很好。

Thank you very much, John.

非常感謝你，約翰。

Yes, thanks, John.

是的，謝謝，約翰。

And our final question is a follow-up from David Gagliano with BMO Capital Markets.

我們的最後一個問題是 David Gagliano 對 BMO 資本市場的跟進。

I promise this will be shorter. I just had a quick question on the costs, the costs that are tied to LME, the 65% of cost side to LME. Is there any kind of lag in there?

我保證這會更短。我剛剛問了一個關於成本的問題，與 LME 相關的成本，LME 成本的 65%。那裡有任何滯後嗎？

Yes. So 65% of energy, it's not all costs, the energy costs. And the lag is anywhere between 30 and 90 days. So there can be a little bit of a lag there.

是的。所以 65% 的能源，這不是所有的成本，能源成本。滯後時間在 30 到 90 天之間。所以那裡可能會有一點延遲。

This concludes our question-and-answer session. I would like to turn the conference back over to Roy Harvey for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給羅伊·哈維來做任何閉幕詞。

Thank you once again for joining our call today and for your questions and continued interest in Alcoa. We will continue to execute on our strategies as we progress throughout the year. Both Bill and I look forward to talking to everyone again in October for our third quarter results. In the meantime, please be safe. Take care of yourselves and each other. Thanks.

再次感謝您今天加入我們的電話會議，感謝您提出問題以及對 Alcoa 的持續關注。隨著我們全年的進展，我們將繼續執行我們的戰略。比爾和我都期待在 10 月份再次與大家討論我們的第三季度業績。在此期間，請注意安全。照顧好自己和彼此。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。