美國鋁公司 (AA) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the Alcoa Corporation second-quarter 2025 earnings presentation and conference call.

午安.歡迎參加美國鋁業公司 2025 年第二季財報和電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Louis Langlois, Senior Vice President of Treasury and Capital Markets. Please go ahead, sir.

現在，我想將會議交給財務和資本市場高級副總裁 Louis Langlois。先生，請繼續。

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

謝謝。大家好。今天與我一同出席的還有美國鋁業公司總裁兼執行長威廉‧奧普林格 (William Oplinger) 和執行副總裁兼財務長莫莉‧比爾曼 (Molly Beerman)。我們將在比爾和莫莉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未來事件和預期有關的前瞻性陳述，這些陳述受各種假設和警告的影響。今天的簡報和我們向美國證券交易委員會提交的文件中都包含了可能導致公司實際結果與這些聲明有重大差異的因素。

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.

此外，我們在本簡報中也納入了一些非 GAAP 財務指標。對於歷史非 GAAP 財務指標，可以在今天簡報的附錄中找到與最直接可比較的 GAAP 財務指標的對帳。由於本投影片中所述的原因，我們並未提供某些前瞻性非公認會計準則財務指標的定量對帳。

Any reference in our discussion today to EBITDA means adjusted EBITDA.

我們今天討論中提到的 EBITDA 均指調整後的 EBITDA。

Finally, as previously announced, the earnings press release and slide presentation are available on our website.

最後，正如先前宣布的那樣，收益新聞稿和幻燈片演示可在我們的網站上查閱。

Now, I'd like to turn over the call to Bill.

現在，我想把電話轉給比爾。

Thank you, Louis. Welcome to our second-quarter 2025 earnings conference call.

謝謝你，路易斯。歡迎參加我們的 2025 年第二季財報電話會議。

We delivered strong operational performance this quarter, both in terms of safety and stability. This is an important value driver for the company. We maintained a fast pace of execution on our priorities and continue to steer through changing market conditions.

本季度，我們在安全性和穩定性方面都取得了強勁的營運業績。這是公司的一個重要的價值驅動因素。我們保持快速執行優先事項，並繼續應對不斷變化的市場條件。

Let's begin with safety. Safety performance remained strong in the second quarter with no fatal or serious injuries reported. Injury rates continued to trend below our full-year 2024 benchmarks, supported by a sustained emphasis on leader time and field. This initiative enables leaders to engage directly with teams, conduct safety observations, and deliver both positive reinforcement and constructive feedback.

讓我們從安全開始。第二季安全表現依然強勁，沒有發生死亡或嚴重傷害事件。由於持續重視領導時間和現場，受傷率繼續低於我們 2024 年全年的基準。該計劃使領導者能夠直接與團隊接觸，進行安全觀察，並提供積極的強化和建設性的回饋。

We continued executing on our strategic priorities. On July 1, we closed the sale of our 25.1% stake in the Ma'aden joint ventures for a total value of $1.35 billion, consisting of $1.2 billion of Ma'aden shares and $150 million of cash.

我們繼續執行我們的戰略重點。7 月 1 日，我們完成了 Ma'aden 合資企業 25.1% 股份的出售，總價值為 13.5 億美元，其中包括 12 億美元的 Ma'aden 股票和 1.5 億美元現金。

In late April, we successfully concluded a five-year tax dispute in Australia with a favorable ruling for Alcoa. The Australian Review Tribunal affirmed our longstanding position, determining that no additional tax was owed. This outcome reflects the substantial effort and dedication of our internal and external legal and tax teams whose strong defense was instrumental in achieving this result.

四月下旬，我們成功結束了在澳洲長達五年的稅務糾紛，並獲得了對美鋁有利的裁決。澳洲審查法庭確認了我們的長期立場，裁定無需繳納額外稅款。這一結果體現了我們內部和外部法律和稅務團隊的巨大努力和奉獻，他們的強大辯護對於實現這一結果至關重要。

Throughout the quarter, we steered through frequent tariff updates that demanded agile decision-making and rapid adjustments across both sales and supply operations. We redirected portions of our Canadian production to serve non-US customers to mitigate Section 232 tariff impacts.

整個季度，我們經歷了頻繁的關稅更新，這要求銷售和供應業務做出靈活的決策並快速調整。我們將部分加拿大生產轉向服務非美國客戶，以減輕第 232 條關稅的影響。

In parallel, we sustained active advocacy and engagement with policymakers on both sides of the US-Canada border.

同時，我們持續積極倡導並與美加邊境兩側的政策制定者接觸。

Finally, our recent customer engagements continue to signal encouraging demand trends. We extended our supply agreement with Prysmian, a global leader in energy and telecom cable systems and completed our first North American sale of EcoLum, a value-added low-carbon product, further reinforcing our position as a supplier of choice for sustainable aluminum solutions.

最後，我們最近的客戶互動繼續預示著令人鼓舞的需求趨勢。我們與能源和電信電纜系統全球領導者普睿司曼延長了供應協議，並完成了增值低碳產品 EcoLum 在北美的首次銷售，進一步鞏固了我們作為永續鋁解決方案首選供應商的地位。

In summary, we delivered strong performance across the areas within our control while continuing to advocate for trade policies that support both Alcoa and the broader US aluminum industry.

總而言之，我們在我們控制的領域內表現強勁，同時繼續倡導支持美鋁和更廣泛的美國鋁業的貿易政策。

Now, I'll turn it over to Molly to take us through the financial results.

現在，我將讓 Molly 向我們介紹財務結果。

Thank you, Bill.

謝謝你，比爾。

Revenue was down 10% sequentially to $3 billion. In the Alumina segment, third-party revenue decreased 28% on lower average realized third-party price, partially offset by increased shipments. In the Aluminum segment, third-party revenue increased 3% due to increased shipments and favorable currency impacts, partially offset by a decrease in average realized third-party price.

營收季減 10% 至 30 億美元。在氧化鋁部門，第三方收入因平均實現第三方價格下降而下降 28%，但出貨量增加部分抵消了這一影響。在鋁業部門，由於出貨量增加和有利的貨幣影響，第三方收入增加了 3%，但平均實現的第三方價格下降部分抵消了這一增長。

While the Midwest Premium increased during the quarter in response to the increase in US tariffs, the increase was more than fully offset by lower LME, resulting in a decrease in the realized price of aluminum.

雖然本季中西部溢價因美國關稅上調而上漲，但這一漲幅被倫敦金屬交易所價格下跌完全抵消，導致鋁的實際價格下降。

Second-quarter net income attributable to Alcoa was $164 million versus the prior quarter of $548 million, with earnings per common share decreasing to $0.62 per share. On an adjusted basis, net income attributable to Alcoa was $103 million or $0.39 per share.

第二季歸屬於美國鋁業公司的淨收入為 1.64 億美元，而上一季為 5.48 億美元，每股普通股收益下降至每股 0.62 美元。經調整後，美國鋁業公司的淨利潤為 1.03 億美元，即每股 0.39 美元。

Adjusted EBITDA was $313 million. Let's look at the key drivers of EBITDA. The sequential decrease in adjusted EBITDA of $542 million is primarily due to lower alumina and aluminum prices and increased US Section 232 tariff costs on aluminum imported into the US from our Canadian smelters.

調整後的 EBITDA 為 3.13 億美元。讓我們來看看 EBITDA 的關鍵驅動因素。調整後 EBITDA 環比減少 5.42 億美元，主要原因是氧化鋁和鋁價格下跌，以及從我們的加拿大冶煉廠進口到美國的鋁的美國 232 條關稅成本增加。

The Alumina segment adjusted EBITDA decreased $525 million, primarily due to lower alumina prices. In addition, higher production costs, energy costs, and raw material costs were only partially offset by higher volumes.

氧化鋁部門調整後的 EBITDA 減少了 5.25 億美元，主要原因是氧化鋁價格下跌。此外，生產成本、能源成本和原材料成本的增加只能部分抵銷產量的增加。

The Aluminum segment adjusted EBITDA decreased $37 million. While lower metal prices and unfavorable currency were more than offset by lower alumina costs, the segment was impacted by $95 million in US Section 232 tariffs, which includes the increase in the tariff rate from 25% to 50%, effective June 4. These impacts were only partially offset by price mix improvements and higher volumes.

鋁業部門調整後的 EBITDA 減少了 3700 萬美元。雖然金屬價格下跌和貨幣不利的影響被氧化鋁成本下降所抵消，但該部門仍受到美國第 232 條關稅 9,500 萬美元的影響，其中包括自 6 月 4 日起將關稅稅率從 25% 提高到 50%。這些影響僅被價格組合改善和銷售增加部分抵消。

Outside the segments, other corporate costs increased while intersegment eliminations changed favorably due to lower average alumina price requiring less inventory profit elimination.

除各部門外，其他公司成本均增加，但由於氧化鋁平均價格較低，所需庫存利潤消除量減少，導致部門間消除量出現有利變動。

Moving on to cash flow activities for the second quarter, we ended the quarter with cash of $1.5 billion. Cash from operations was positive again this quarter, providing $488 million, along with a working capital release of $251 million. Working capital decreased from the first quarter and accounts receivable came down with the lower prices for alumina.

繼續討論第二季的現金流活動，本季末我們的現金為 15 億美元。本季經營現金流再次為正，達到 4.88 億美元，同時釋放了 2.51 億美元的營運資金。由於氧化鋁價格下跌，營運資金較第一季減少，應收帳款也隨之下降。

Subsequent to close of the second quarter, on July 1, we received approximately 86 million shares of Ma'aden and $150 million of cash for the sale of our interest in the Ma'aden joint ventures. The majority of the cash will be used to pay related taxes and transaction fees.

第二季結束後，即 7 月 1 日，我們因出售在 Ma'aden 合資企業的權益而獲得了約 8,600 萬股 Ma'aden 股票和 1.5 億美元現金。大部分現金將用於支付相關稅費和交易費用。

Moving on to other key financial metrics, the year-to-date return on equity was positive at 22.5%. Days working capital was flat sequentially at 47 days.

看看其他關鍵財務指標，年初至今的股本回報率為正 22.5%。營運資金天數與上一季持平，為 47 天。

Our second-quarter dividend added $27 million to stockholder capital returns. We had positive free cash flow for the quarter of $357 million.

我們第二季的股息為股東資本回報增加了 2700 萬美元。本季我們的自由現金流為 3.57 億美元。

Turning to the outlook, we have four adjustments to our full-year outlook. First, we are adjusting our annual outlook for aluminum shipments to 2.5 million to 2.6 million metric tons, down from our initial estimate of 2.6 million to 2.8 million metric tons. The change is due to reduced shipments from the San Ciprián smelter where the restart was disrupted by the nationwide power outage in April.

談到展望，我們對全年展望進行了四項調整。首先，我們將鋁年出貨量預期從最初估計的260萬至280萬公噸調整為250萬至260萬公噸。這項變更是由於聖西普里安冶煉廠的出貨量減少，該冶煉廠的重啟因 4 月全國停電而中斷。

As separately announced earlier this week, the joint venture has decided to resume the restart process in the third quarter. The reduction in aluminum shipments will primarily impact the third quarter due to the timing of the San Ciprián ramp-up.

正如本週早些時候另外宣布的那樣，合資企業已決定在第三季度恢復重啟。由於聖西普里安產能提升的時間安排，鋁出貨量的減少將主要影響第三季。

Second, we are lowering other corporate costs to $160 million from our initial estimate of $170 million due to reductions in corporate expenses and favorable currency impacts.

其次，由於公司費用的減少和有利的貨幣影響，我們將其他公司成本從最初估計的 1.7 億美元下調至 1.6 億美元。

Third, we are increasing our outlook for interest expense to $180 million from our prior estimate of $165 million due to unfavorable value-added tax assessments.

第三，由於增值稅評估不利，我們將利息支出預期從先前估計的 1.65 億美元上調至 1.8 億美元。

And last, we have adjusted the return-seeking CapEx outlook for 2025 to $50 million, down from $75 million as the pace of spend has not matched the original forecast.

最後，我們將 2025 年尋求回報的資本支出前景從 7,500 萬美元調整為 5,000 萬美元，因為支出速度與最初的預測不符。

For the third quarter of 2025, in the Alumina segment, we expect performance to improve by approximately $20 million with lower maintenance costs and higher production.

對於 2025 年第三季的氧化鋁部門，我們預計業績將提高約 2,000 萬美元，維護成本將降低，產量將提高。

In the Aluminum segment, we expect higher Midwest Premium revenue in relation to the increased tariffs. Premium changes can be calculated from the sensitivities provided in the appendix. Those premium gains will be offset by approximately $90 million in sequential expense increase for tariff costs.

在鋁業領域，我們預期隨著關稅的提高，中西部優質鋁業的收入將會增加。可以根據附錄中提供的敏感度計算保費變化。這些保費收益將被約 9,000 萬美元的連續關稅成本費用增加所抵銷。

With the increase in the US Section 232 tariff rate from 25% to 50%, we expect quarterly tariff costs to approximate $250 million, based on an LME of $2,600 and Midwest Premium of $0.67 per pound.

隨著美國第 232 條關稅稅率從 25% 提高到 50%，我們預計季度關稅成本約為 2.5 億美元，基於倫敦金屬交易所 2,600 美元和中西部溢價每磅 0.67 美元。

While costs related to the San Ciprián restart will be higher sequentially, they are not material and we expect to cover with improvements in other operations. Alumina cost in the Aluminum segment is expected to be favorable by $100 million. Our updates exclude impacts from the recently announced tariffs on US imports from Brazil.

雖然與聖西普里安重啟相關的成本將環比增加，但這些成本並不大，我們預計可以透過其他業務的改進來彌補。鋁業部門的氧化鋁成本預計將有利 1 億美元。我們的更新不包括最近宣布的對美國從巴西進口的商品徵收關稅的影響。

Below EBITDA, other expenses in the third quarter are expected to remain consistent with the second quarter. Based on last week's pricing, we expect third-quarter operational tax expense of $50 million to $60 million. Tax expense in the third quarter is notably higher than the second quarter, which included a catch-up benefit to reflect the annualized effective tax rate when applied to year-to-date earnings.

低於EBITDA，預計第三季的其他費用將與第二季保持一致。根據上週的定價，我們預計第三季營運稅費為 5,000 萬至 6,000 萬美元。第三季的稅費明顯高於第二季度，其中包括一項補繳福利，以反映應用於年初至今收益的年度化有效稅率。

In the appendix to the earnings materials, you will see that our Midwest Paid and Midwest Unpaid Premium sensitivities have been updated to reflect the expected trade flows as a result of additional tariff impacts. We also revised our regional premium distribution to align with our efforts to redirect tons and optimize margins.

在收益資料的附錄中，您將看到我們的中西部已付保費和中西部未付保費敏感度已更新，以反映由於額外關稅影響而預期的貿易流量。我們也修改了區域保費分佈，以配合我們重新分配噸位和優化利潤的努力。

Currently, approximately 30% of our Canadian aluminum production is available for spot sales and can be redirected to customers outside the US when the premium shipping and tariff netback calculations favor another destination. Additional updates to our sensitivities may be needed as we continue to adjust our trade flows to the tariff structure.

目前，我們約有 30% 的加拿大鋁產量可供現貨銷售，並且當溢價運費和關稅淨回值計算有利於另一個目的地時，可以將其重新定向到美國以外的客戶。隨著我們繼續根據關稅結構調整貿易流量，可能需要對我們的敏感度進行更多更新。

Now, I'll turn it back to Bill.

現在，我將話題轉回給比爾。

Thanks, Molly.

謝謝，莫莉。

While tariffs continue to drive near-term volatility, the broader outlook for aluminum demand remains robust. This slide illustrates Alcoa's long-term demand forecast, underpinned by powerful global megatrends across key sectors.

儘管關稅繼續推動短期波動，但鋁需求的整體前景仍然強勁。這張投影片展示了美國鋁業公司的長期需求預測，該預測受到各主要產業強勁的全球大趨勢的支持。

Transportation leads as the largest and fastest-growing sector, driven by the shift to electric vehicles, light weighting initiatives, and increased vehicle production.

交通運輸是規模最大、成長最快的產業，這得益於電動車的轉變、輕量化措施以及汽車產量的增加。

Construction shows more modest growth tempered by a slowdown in China, though emerging markets and favorable macroeconomic conditions like lower long-term interest rates and increased fiscal spending in Europe offer upside potential.

受中國經濟放緩的影響，建築業成長較為溫和，但新興市場和有利的宏觀經濟條件（如較低的長期利率和歐洲增加的財政支出）提供了上行潛力。

Packaging is expanding rapidly, fueled by consumer preference for recyclable materials.

由於消費者對可回收材料的偏好，包裝正在迅速擴張。

Electrical demand is accelerating due to the global energy transition, with aluminum playing a critical role in renewable power generation and grid modernization.

由於全球能源轉型，電力需求正在加速成長，鋁在再生能源發電和電網現代化中發揮關鍵作用。

Other sectors, including Consumer Durables and Machinery and Equipment are also expected to grow steadily.

耐用消費品和機械設備等其他行業預計也將穩定成長。

Importantly, the geography of growth is shifting.

重要的是，成長的地理正在改變。

Primary aluminum demand is projected to grow significantly faster in markets outside China at a 3% CAGR from 2025 to 2030, while China's growth slows to just 0.2% CAGR, largely met by recycled metal. Within Alcoa's core regions, North America is expected to lead with a 3.8% CAGR and Europe is projected to grow at 1.5%.

預計 2025 年至 2030 年期間，中國以外市場的原鋁需求將以 3% 的複合年增長率顯著增長，而中國的複合年增長率將放緩至僅 0.2%，主要由再生金屬滿足。在美國鋁業公司的核心地區中，北美預計將以 3.8% 的複合年增長率領先，歐洲預計將成長 1.5%。

Three structural drivers underpin the overall aluminum growth trajectory. The green and digital transition: aluminum is essential to electrification, decarbonization, and digital infrastructure, supporting everything from electric vehicles to data centers.

三大結構性驅動因素支撐著鋁的整體成長軌跡。綠色和數位轉型：鋁對於電氣化、脫碳和數位基礎設施至關重要，支援從電動車到資料中心的一切。

Second is the rise of developing economies: the China transition and reshoring in North America and Europe. As China's growth moderates, developing economies are stepping up. Meanwhile, reshoring in North America and Europe, often driven by trade policy, continues to boost regional demand.

第二是發展中經濟體的崛起：中國轉型以及北美和歐洲的回流。隨著中國經濟成長放緩，發展中經濟體正加快腳步。同時，受貿易政策推動的北美和歐洲製造業回流持續提振區域需求。

Third, material substitution, aluminum's recyclability and performance make it a preferred alternative to copper, plastics, and other materials, especially in closed-loop systems. Despite short-term uncertainty, these megatrends provide a resilient and compelling roadmap for long-term aluminum demand growth.

第三，材料替代，鋁的可回收性和性能使其成為銅、塑膠和其他材料的首選替代品，尤其是在閉環系統中。儘管短期內存在不確定性，但這些大趨勢為長期鋁需求成長提供了有彈性且令人信服的路線圖。

Now, turning to our markets, starting with Alumina. After a sharp decline during the first quarter, Alumina prices rebounded somewhat in recent months. As noted in our previous earnings update, over 80% of Chinese refineries were operating at a deficit due to high bauxite prices and low alumina prices.

現在，轉向我們的市場，從氧化鋁開始。氧化鋁價格在第一季大幅下跌之後，近幾個月有所反彈。正如我們先前的獲利更新所指出的，由於鋁土礦價格高漲、氧化鋁價格低迷，超過 80% 的中國煉油廠處於虧損狀態。

In response, approximately 10 million metric tons of refining capacity in China was curtailed or reduced for maintenance during April and May. These production cuts contributed to a more balanced market and supported the price recovery seen in the second quarter.

受此影響，中國4月和5月期間約有1000萬噸煉油產能被削減或減少，以進行維護。這些減產措施促進了市場更加平衡，並支持了第二季的價格回升。

Looking ahead, market dynamics will continue to be shaped by capacity expansions in Indonesia, India, and China. As new supply comes online, we anticipate further production cuts and plant maintenance in China may be necessary to maintain market balance in the second half of the year.

展望未來，市場動態將繼續受到印尼、印度和中國的產能擴張的影響。隨著新供應的投入，我們預計中國可能需要進一步減產和工廠維護，以維持下半年的市場平衡。

On the bauxite front, prices have remained elevated due to supply uncertainties stemming from mining license withdrawals in Guinea. These disruptions could intensify with the onset of the rainy season, further tightening supply.

在鋁土礦方面，由於幾內亞撤銷採礦許可證導致供應不確定，鋁土礦價格持續高漲。隨著雨季的到來，這些中斷可能會加劇，導致供應進一步緊張。

In this dynamic environment, Alcoa's global refinery network continues to provide reliable aluminum supply to both our smelters and key customers. We're also capitalizing on high bauxite prices with our Juruti mine, on track to achieve record sales volumes this year.

在這種動態的環境中，美鋁公司的全球煉油網絡繼續為我們的冶煉廠和主要客戶提供可靠的鋁供應。我們也利用 Juruti 礦的高鋁土礦價格，預計今年將實現創紀錄的銷售量。

Let's now move on to aluminum. LME prices dipped in April, coinciding with the reciprocal tariffs announced on April 2, but regained momentum over the course of the quarter. Despite this recovery, prices remained below first-quarter levels, reflecting ongoing market volatility.

現在我們來討論鋁。倫敦金屬交易所 (LME) 價格 4 月有所下跌，與 4 月 2 日宣布的互惠關稅相吻合，但在本季內恢復了勢頭。儘管出現復甦，但價格仍低於第一季的水平，反映出市場持續波動。

US Midwest Premium initially [surged] in early June, following the implementation of the 50% Section 232 tariffs, reaching $0.68 per pound and now stands at $0.67 as of late last week. This remains below analyst estimates of approximately $0.75 per pound to fully offset the tariff costs.

在第 232 條款實施 50% 關稅之後，美國中西部地區溢價最初在 6 月初 [飆升]，達到每磅 0.68 美元，截至上週晚些時候已達到每磅 0.67 美元。這仍然低於分析師估計的每磅約 0.75 美元以完全抵消關稅成本的價格。

The Midwest Duty unpaid index, calculated by subtracting the tariff from the duty paid premium, has shown negative or near zero values at times. This theoretical index only holds when the market is priced on marginal imports, which hasn't consistently been the case.

從已支付關稅溢價中減去關稅計算得出的中西部未付關稅指數有時會顯示負值或接近零的值。這項理論指數僅當市場以邊際進口價格定價時才成立，但事實並非總是如此。

In response, we sold over 100,000 metric tons of Canadian metal normally destined for the US to non-US customers since March. And we'll continue this strategy until the Midwest Premium fully reflects the new tariff structure.

作為回應，自 3 月以來，我們向非美國客戶銷售了超過 10 萬公噸通常運往美國的加拿大金屬。我們將繼續實施這項策略，直到中西部優質產品完全反映新的關稅結構。

From a demand perspective, conditions remained steady in both Europe and North America, although sector performance is mixed. Electrical and Packaging continue to perform well. Construction appears to be stabilizing. And Automotive remains the most affected by tariff-related uncertainty.

從需求角度來看，歐洲和北美的情況保持穩定，儘管產業表現參差不齊。電氣和包裝行業繼續表現良好。建築業似乎正在趨於穩定。汽車產業仍受關稅相關不確定性的影響最大。

In China, easing trade tensions with the US are providing a modest boost to demand.

在中國，與美國的貿易緊張局勢緩和正在溫和提振需求。

On the supply side, growth was limited in the second quarter with only marginal increases from smelter restarts and expansions. Global production remains constrained, particularly outside of China.

供應方面，第二季成長有限，僅因冶煉廠重啟擴建帶來小幅成長。全球產量仍受到限制，尤其是中國以外的地區。

Specific to Alcoa, in North America, our value-added product order book remains stable, with strong demand for slab, billet, and rod. In Europe, VAP volumes improved slightly in the second quarter, with billet demand strengthening and rod and slabs demand holding firm. However, foundry orders softened in both regions, largely due to uncertainty in the automotive sector tied to tariff impacts.

具體到美鋁公司，在北美，我們的加值產品訂單保持穩定，對板坯、鋼坯和棒材的需求強勁。在歐洲，第二季 VAP 銷量略有改善，鋼坯需求增強，棒材和板坯需求保持堅挺。然而，這兩個地區的鑄造訂單均有所疲軟，這主要是由於關稅影響導致的汽車產業的不確定性。

We are progressing the approvals for our next major mine regions in Western Australia, Myara North and Holyoake, as well as our current mine plan, which had been referred by a third party. The 12-week [uplook] comment period for both approvals, which began in late May, was a statutory part of the Environmental Impact Assessment process. It enables individuals, communities, and stakeholders to share input, raise concerns and recommendations for consideration.

我們正在推進西澳大利亞州、Myara North 和 Holyoake 等下一個主要礦區的審批，以及由第三方提交的當前礦場計畫。兩項核准的 12 週（上調）評論期於 5 月底開始，是環境影響評估流程的法定部分。它使個人、社區和利害關係人能夠分享意見、提出關注點和建議以供考慮。

Concurrently, we are supporting the public comment period through a comprehensive communication and engagement campaign. The focus of the campaign is to ensure that the public has access to accurate information and facts about our environmental performance in Australia and understands our commitment to responsible mining in the Northern Jarrah Forest.

同時，我們正在透過全面的溝通和參與活動來支持公眾意見徵詢期。活動的重點是確保公眾能夠獲得有關我們在澳洲環境表現的準確資訊和事實，並了解我們對北部賈拉森林負責任採礦的承諾。

Key highlights include over 55 years of rehabilitation experience. Only 2% of the Northern Jarrah Forest has been cleared for mining. No mining in old growth forest, operations are limited to areas previously cleared for timber, and 75% of cleared forest has been rehabilitated.

主要亮點包括超過 55 年的康復經驗。北部賈拉森林僅有 2% 的面積被砍伐用於採礦。禁止在原始森林中採礦，作業僅限於以前為木材砍伐而清理的區域，並且 75% 的砍伐森林已經恢復。

The campaign also showcases the expertise and dedication of our Alcoa professionals to apply a science-based approach to biodiversity and rehabilitation. Given the complexity of advancing two mine approvals at the same time, the volume of documentation submitted by Alcoa and independent experts, and the anticipated effort to review and respond to public submissions, the original timeline for mine approvals is no longer feasible.

活動也展示了美鋁專業人員運用科學方法保護生物多樣性和進行修復的專業知識和奉獻精神。鑑於同時推進兩個礦山審批的複雜性、美鋁和獨立專家提交的文件數量以及審查和回應公眾意見的預期工作量，原定的礦山審批時間表已不再可行。

While ministerial approval was initially targeted in the first quarter of 2026, it is now expected that the process will extend beyond that timeframe. Following the public consultation period, we expect the Western Australia EPA will publish a revised timeline. We remain committed to working collaboratively with the Western Australia EPA and other stakeholders to secure ministerial decisions as early as possible in 2026.

雖然部長批准最初的目標是在 2026 年第一季度，但現在預計該過程將超出該時間段。公眾諮詢期結束後，我們預計西澳大利亞州環保局將發布修訂後的時間表。我們將繼續致力於與西澳大利亞州環境保護局和其他利益相關者合作，以確保部長們在 2026 年儘早做出決定。

In the meantime, we have developed multiple contingency plans and expect to continue accessing bauxite of similar grade until the new mine regions are operational. We will continue to engage with stakeholders to fulfill our responsibilities as a trusted miner and to sustain our right to mine for the decades to come.

同時，我們制定了多項應急計劃，預計在新礦區投入運作前，能夠繼續取得類似品位的鋁土礦。我們將繼續與利益相關者合作，履行我們作為值得信賴的礦工的責任，並在未來幾十年維持我們的採礦權。

To conclude, in the second quarter, Alcoa delivered strong safety results and operational performance in areas within our control. We also made meaningful progress on our strategic priorities.

總而言之，在第二季度，美鋁在我們控制的領域內取得了出色的安全結果和營運表現。我們的戰略重點也取得了有意義的進展。

Looking ahead, we remain focused on executing at pace across our 2025 priorities, enhancing operational competitiveness, navigating market dynamics to deliver long-term value for our stockholders, and advancing the approval process for our Western Australia mine plans.

展望未來，我們將繼續專注於快速執行我們的 2025 年優先事項，增強營運競爭力，引導市場動態為股東創造長期價值，並推進西澳大利亞礦山計劃的審批流程。

With that, let's open the floor for questions. Operator, please begin the Q&A session.

現在，讓我們開始提問。接線生，請開始問答環節。

(Operator Instructions)

（操作員指示）

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Maybe starting on the tariff side, Molly, I think you mentioned that the current outlook doesn't include anything for potential 50% tariffs on Brazil, if that does happen, is there any way you get impacted from that, potentially?

也許從關稅方面開始，莫莉，我想你提到目前的前景不包括對巴西徵收 50% 的關稅，如果真的發生這種情況，你們會受到什麼影響嗎？

Katja, it depends on if alumina is indeed excluded. Our read of it now is that it's covered under the annex. But until we see the Executive Order that would be related to Brazil, we can't assure that.

Katja，這取決於氧化鋁是否確實被排除在外。我們現在讀到的是它包含在附件中。但直到我們看到與巴西有關的行政命令，我們才能保證這一點。

If that were the case, we are sourcing our US smelters with Brazilian alumina. Now, we could redirect supply and provide them from Western Australia but obviously, that will take time and cost more in terms of shipping.

如果情況確實如此，我們將向美國冶煉廠採購巴西氧化鋁。現在，我們可以重新定向供應並從西澳大利亞提供，但顯然，這將花費時間並增加運輸成本。

But we have that option and depending on how that Executive Order is written, we can adapt.

但我們有這個選擇，根據行政命令的具體內容，我們可以進行調整。

Okay. Maybe just another question, Bill, on the Western Australia contingency plans. Can you discuss what some of those plants could be? And how could that impact your costs?

好的。比爾，也許這只是關於西澳大利亞應急計劃的另一個問題。你能討論一下這些植物是什麼嗎？這會對您的成本產生什麼影響？

So at this point, as far as an impact on cost, we don't anticipate any impact in 2025 or 2026. The expectation that we would be into the new mine areas in late 2027 has now slipped out into 2028.

因此，就目前而言，就對成本的影響而言，我們預計 2025 年或 2026 年不會產生任何影響。我們原本預計在 2027 年底進入新礦區，但現在這個時間已經延後到了 2028 年。

We have a series of contingency plans that cover different mining areas, potentially going deeper in the pits that we're in, that allow us to be comfortable that we are working through the process and we'll get the right approvals.

我們有一系列應急計劃，涵蓋不同的採礦區域，可能會深入我們所在的礦井，這讓我們放心地完成整個過程，並獲得正確的批准。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

Yeah. Just following up on Katja's question there on WA, if the delays to the new mine areas are extended, can you keep mining the lower-grade areas for a period of additional years? Or it would be more urgent than that?

是的。我只是想回答卡佳在西澳提出的問題，如果新礦區的開採延遲時間延長，那麼你還能繼續在低品位地區開採幾年嗎？或者情況比這更緊急？

So we'll continue to mine the areas that we're in today. As I said to Katja, no impact on '25, '26.

因此，我們將繼續開採我們今天所在的地區。正如我對卡佳所說的那樣，這對 25、26 年沒有影響。

As we said, we expect it to be in the new mines in late '27. That slips out till 2028 at this point. But we do have contingency plans in place that can go all the way up to a 15-month delay, if needed.

正如我們所說，我們預計它將在 27 年底進入新礦場。目前，這期限要到 2028 年。但我們確實有應急計劃，如果需要的話，可以延遲最多 15 個月。

Okay. What if it's longer than 15 months?

好的。如果超過 15 個月怎麼辦？

We'll work through that. We'll look at what implications it has on operating rates in Pinjarra. But we'll work through that when we get there.

我們會努力解決這個問題。我們將看看它對平賈拉的營運率有何影響。但當我們到達那裡時，我們會解決這個問題。

Okay. And then, just following up on the tariff maths, Molly, you mentioned that I think it was $250 million a quarter in Section 232 cost, is that being more than offset by what you're getting on the additional Midwest Premium, at the moment?

好的。然後，莫莉，繼續說說關稅計算，您提到我認為第 232 條成本每季為 2.5 億美元，目前，這筆費用是否超過了您從額外的中西部溢價中獲得的補償？

Yeah. Alex, let me give you the numbers of what we experienced for the second quarter.

是的。亞歷克斯，讓我給你提供我們第二季度經歷的數據。

So if you look at -- in our bridge discussion, we talked about the tariffs being $95 million more in the second quarter. That's on top of the $20 million that we paid in the first quarter. So the cost in the second quarter was about $115 million.

所以如果你看一下——在我們的橋樑討論中，我們談到第二季的關稅將增加 9500 萬美元。這是我們在第一季支付的 2000 萬美元的基礎上額外支付的。因此第二季的成本約為 1.15 億美元。

We only saw a Midwest Premium uptick of about $60 million. So we had margin compression of about $55 million. That's related to our Canadian tons.

我們只看到中西部優質產品上漲約 6,000 萬美元。因此我們的利潤率壓縮了約 5500 萬美元。這與我們的加拿大噸有關。

Now, obviously, we're getting a benefit on our US tons but I'm giving you the compression that we felt on the Canadian.

現在，顯然，我們在美國噸位上獲得了好處，但我要告訴你，我們在加拿大噸位上感受到了壓力。

Sorry, the $60 million additional, that's just on the Canadian tons or that includes the US comps?

抱歉，額外的 6000 萬美元只是針對加拿大噸位還是包括美國噸位？

Just on the Canadian tons. Alex, let me just give you a little bit more color.

僅在加拿大噸位。亞歷克斯，讓我多講一點故事給你聽。

If you look at the pricing today -- it's LME at $2,600 and Midwest Premium at $0.67 a pound -- we are near neutral or even slightly positive if you look at the volumes as a whole because the higher uptick in Midwest Premium on the US tons would be more than the net negative on our Canadian tons.

如果你看一下今天的價格——倫敦金屬交易所的價格為每磅 2,600 美元，中西部溢價為每磅 0.67 美元——如果你從整體上看交易量，我們的看法接近中性，甚至略微樂觀，因為中西部溢價對美國噸位的上漲幅度將超過對加拿大噸位的淨負面影響。

So that's at this current pricing. If this were to hold from a whole-year perspective, we would be about neutral to slightly positive.

這就是目前的價格。如果從全年角度來看這種情況，我們的看法將是中性到略微正面。

The one point that we continue to make is -- and I think other analysts that follow the space (inaudible) -- the current Midwest doesn't support the overall tariff costs coming out of Canada. So current Midwest is sitting at $0.67, $0.68. We think it needs to be between $0.70 and $0.75, depending on how you look at it, to cover total tariff costs.

我們繼續強調的一點是——我認為其他關注該領域的分析師（聽不清楚）——目前的中西部地區不支持來自加拿大的整體關稅成本。因此，目前中西部地區的關稅稅率為0.67美元至0.68美元。我們認為，稅率需要在0.70美元到0.75美元之間，具體數字取決於你怎麼看待，才能涵蓋總關稅成本。

That's why we have moved, repositioned metal going (inaudible), expected to go into the US that is now going into destinations outside of the US, just because that math doesn't work currently. And anywhere we can take advantage of that, we will and we'll move tons for other destinations.

這就是為什麼我們轉移、重新定位了原本打算進入美國的金屬（聽不清楚），而現在這些金屬卻流向了美國以外的目的地，只是因為這種計算方法目前行不通。只要我們可以利用這一點，我們就會將大量貨物運送到其他目的地。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Just very quick first one, just to clarify the maths on the tariff costs, you had $115 million cost in the second quarter and you said it's going to be a negative $90 million delta. So it's $205 million, the run rate of cost in the second quarter? Is that correct?

首先，我快速澄清一下關稅成本的計算，第二季的成本為 1.15 億美元，而您說這將是負 9000 萬美元的增量。那麼第二季的成本運作率為 2.05 億美元嗎？對嗎？

That will be the third -quarter cost, yeah. And then, we're saying, again, at latest pricing. So if you dialed forward, that would be the $215 million that we guided to in tariff costs.

是的，這就是第三季的成本。然後，我們再次說一下最新定價。因此，如果你提前撥號，那將是我們指導的 2.15 億美元關稅成本。

Sorry, you said latest pricing, you mean spot pricing or like --?

抱歉，您說的是最新定價，您是指現貨定價或類似的東西--？

Yeah. Sorry. The $205 million is what we gave as the outlook for the third quarter. So that's the $90 sequential change. And then, we were also saying that our quarterly tariff cost at today's pricing is $215 million.

是的。對不起。我們對第三季的預期是 2.05 億美元。這就是 90 美元的連續變化。然後，我們還說，以今天的定價，我們的季度關稅成本為 2.15 億美元。

Got it. Clear, that's very good. Yeah.

知道了。清楚，非常好。是的。

Then, second question, just on San Ciprián. You updated the respective net income drag and cash burn this year, can you give us any sense of expectations for 2026 at this point? My guess would be the refinery will continue to burn cash but is there any guidance you can give on either the cash burn or not at the smelter in the refinery?

然後，第二個問題，關於聖西普里安。您更新了今年的淨收入拖累和現金消耗，您能否告訴我們對 2026 年的預期？我的猜測是煉油廠將繼續燒錢，但您能否就煉油廠冶煉廠是否燒錢給出一些指導？

Yeah, Daniel, we're not giving the guide there yet. But you're right. At recent market prices, the Spanish operations are challenged from the smelter, the delay to the restart after the power outage has driven the full ramp-up into '26.

是的，丹尼爾，我們還沒有在那裡提供指南。但你是對的。以最近的市場價格，西班牙的冶煉廠營運面臨挑戰，停電後重啟的延遲導致全面加產進入26年。

We do expect after full ramp-up that the smelter will be profitable. But the refineries, while having a first-quarter '25 income, will move into a loss position for the rest of the year and they will struggle, still, at this API level into '26.

我們確實預計，全面投產後冶煉廠將會獲利。但是，儘管煉油廠在 2025 年第一季獲得了收入，但在今年剩餘時間內將陷入虧損，並且在這一 API 水平下，煉油廠在 2026 年仍將苦苦掙扎。

Okay. But at spot, you can confirm that the smelter would be cash neutral?

好的。但在現貨方面，您能確認冶煉廠的現金中性嗎？

The smelter has fully ramped up a level to be profitable.

該冶煉廠已全面提升產能，獲利。

But remember, it won't be fully ramped up in 2026. Our anticipation is that it will hit the ramp-up schedule for 2026. But for the full year, it still will be going through the process of ramping up.

但請記住，它不會在 2026 年全面實現成長。我們預計它將在 2026 年實現產能提升。但就全年而言，它仍將處於上升的過程。

We won't be fully ramped up until midyear '26.

直到 2026 年中我們才能全面啟動。

Nick Giles, B. Riley.

尼克吉爾斯、B.萊利。

This is Henry Hearle, on for Nick Giles today.

我是亨利·赫爾 (Henry Hearle)，今天代替尼克·吉爾斯 (Nick Giles) 上場。

So on our estimates, you have about 50,000 metric tons of spare annual capacity at Warrick and the Midwest Premium has increased sharply to reflect that tariffs may be stickier than originally thought. So my math, the spare capacity at Warrick could generate over $100 million of EBITDA annually. And so what prevents you guys from restarting this capacity today?

因此，根據我們的估計，沃里克每年約有 5 萬公噸的閒置產能，而中西部溢價已大幅上漲，反映出關稅可能比最初想像的更為嚴格。因此，根據我的計算，沃里克的閒置產能每年可產生超過 1 億美元的 EBITDA。那麼，是什麼阻止你們今天重新啟動這項產能呢？

Thanks for the question. It's a great question.

謝謝你的提問。這是一個很好的問題。

We're currently running three lines at Warrick. We have a fourth line at Warrick that would produce approximately 50,000 tons. The issue in Warrick is that that fourth line means a lot of work and will take some time to get restarted.

我們目前在沃里克經營三條生產線。我們在沃里克有第四條生產線，產量約為 50,000 噸。沃里克的問題在於，第四行意味著大量工作，並且需要一些時間才能重新啟動。

So our estimate is that it would be about $100 million investment to restart that fourth line and it would take us about a year to get it up and running.

因此，我們估計重啟第四條生產線大約需要 1 億美元的投資，並且需要大約一年的時間才能使其啟動並運行。

So we will certainly continue to run the numbers on Warrick. We would need to ensure that the tariffs will stick around for quite a while, given that ramp-up curve in Warrick, before we made the decision of investing another $100 million in a restarting Warrick.

因此我們肯定會繼續關注沃里克的數據。在我們決定再投資 1 億美元重啟沃里克工廠之前，我們需要確保關稅能夠維持相當長一段時間，因為沃里克的關稅曲線正在上升。

That definitely makes sense. Continued best of luck.

這絕對有道理。繼續祝你好運。

Bill Peterson, J.P. Morgan.

摩根大通的比爾彼得森。

On the mid-2026 restart of San Ciprián, it still implies 75% utilization. Can you remind us of when the terminal agreement with the workforce comes to an end and whether the delay will start having any impact on that?

當 2026 年中期重啟聖西普里安核電廠時，利用率仍將達到 75%。您能否提醒我們與勞動力的終止協議何時結束，以及延遲是否會對此產生任何影響？

Bill, thanks for the question.

比爾，謝謝你的提問。

After the power outage occurred in Spain, we declared force majeure on that contract because it limited our ability to be able to meet the deadlines that are included in the contract.

西班牙發生停電後，我們宣布合約遭遇不可抗力，因為它限制了我們滿足合約規定期限的能力。

Recall that we had anticipated a full restart by October 1 of 2025. And then, from there, we had some flexibility on how we run the plant after that full restart. Because of the power outage, we have said that we were not going to meet that October 1 deadline and we've moved it back to the middle part of 2026.

回想一下，我們曾預計在 2025 年 10 月 1 日全面重啟。然後，從那時起，我們在全面重啟後如何運作工廠方面有了一定的靈活性。由於停電，我們表示無法在 10 月 1 日的最後期限前完成，因此我們將其推遲到 2026 年中期。

Okay. And then, a different angle on the tariffs. Last quarter, I asked you about conversations with the US. government. But in light of the tariffs remaining where they are now, how should we think about the commercial strategy, things like tariff cost-sharing and maybe, perhaps, you can share additional color on your shift in flows to non-US customers? How should we think about that in the coming months?

好的。然後，從不同的角度討論關稅。上個季度，我向您詢問了與美國政府的對話。但鑑於關稅保持不變，我們應該如何考慮商業策略，例如關稅成本分攤等問題，或許，您可以分享一些關於向非美國客戶轉移流量的額外資訊？在接下來的幾個月我們該如何思考這個問題？

And then, finally, is there any opportunities from relief from the Canadian government, in the meantime?

最後，與此同時，加拿大政府是否提供了任何救濟機會？

We have had extensive conversations on both sides of the border. I've been talking to the Carney administration often, been talking US administration often.

我們在邊境兩邊進行了廣泛的對話。我經常與卡尼政府交談，也經常與美國政府交談。

At a 50% tariff, you saw us take action to redirect 100,000 tons to non-US customers. As Molly said in her prepared remarks, we have the ability of about 30% of the Canadian volume to be able to redirect that to non-US destination. We will do so as long as the netbacks make more sense to ship it to other places than the US.

在徵收 50% 的關稅時，您會看到我們採取行動將 100,000 噸產品轉售給非美國客戶。正如莫莉在準備好的演講中所說，我們有能力將大約 30% 的加拿大貨運量轉運至美國以外的目的地。只要將其運往美國以外的其他地方更有意義，我們就會這樣做。

So we've been very dynamic and handled this situation very quickly. And we'll continue to do so in the future.

因此我們採取了非常積極的措施並迅速處理了這一情況。我們將來還會繼續這樣做。

I felt like that was a multi-part question. Did I miss any of it?

我覺得這是一個由多部分組成的問題。我是否遺漏了什麼？

Yeah. Just anything on tariff cost-sharing that you might add?

是的。關於關稅成本分攤，還有什麼要補充的嗎？

Well, when you say tariff cost-sharing, we -- through the Midwest Premium, the Midwest Premium is largely passing on the higher tariffs to our customers. So just to be clear, we are saying the Midwest Premium needs to be at, let's say, $0.75 to fully cover the tariffs, we're able to pass through 90% of that through a higher Midwest Premium to our customers.

好吧，當你說關稅成本分攤時，我們 - 透過中西部溢價，中西部溢價主要將更高的關稅轉嫁給我們的客戶。所以需要明確的是，我們的意思是，中西部溢價需要達到，比如說 0.75 美元才能完全覆蓋關稅，我們可以透過更高的中西部溢價將其中的 90% 轉嫁給我們的客戶。

So while we're not particularly thrilled with the tariffs, our customers are paying significantly higher prices for aluminum in the United States than they would pay anywhere else in the world.

因此，雖然我們對關稅並不特別高興，但我們的客戶在美國支付的鋁價比在世界其他任何地方支付的價格都要高得多。

Chris LaFemina, Jefferies.

傑富瑞的克里斯拉菲米納 (Chris LaFemina)。

It might be a dumb question but isn't it the case that the tariffs are really just a net neutral for you? Because if you're diverting tons away from the US because you can get better prices elsewhere, the Midwest Premium goes up. And unless the Midwest Premium is high enough for you to sell to the US, well, then you want to sell there. And at the end of the day, it really, in equilibrium, should be a net neutral.

這可能是個愚蠢的問題，但關稅對你來說真的只是淨中性嗎？因為如果你因為在其他地方可以獲得更優惠的價格而將大量貨物從美國轉移出去，那麼中西部地區的溢價就會上升。除非中西部溢價夠高，足以讓你向美國銷售，否則你想在那裡銷售。最終，它實際上處於平衡狀態，應該是淨中性的。

It's the customers in the US that will pay the premium. But I'm not really sure why the guidance should be for any net impact, other than if you only consider where Midwest Premium is today and where the LME price is today; but over time, shouldn't it be a wash? That's my first question.

美國的客戶將支付保費。但我真的不確定為什麼指導應該針對任何淨影響，除非你只考慮今天的中西部溢價和今天的倫敦金屬交易所價格；但隨著時間的推移，它不應該是一種洗牌嗎？這是我的第一個問題。

Let me address this. Molly can certainly feel free to jump in.

讓我來解決這個問題。莫莉當然可以自由地加入。

With all the numbers that Molly gave us earlier in the call, in the end, if the Midwest Premium reacts accordingly, it's a net neutral to Alcoa.

根據 Molly 在早些時候的電話會議中提供的所有數據，如果中西部優質產品做出相應的反應，那麼對美國鋁業公司來說，這將是一個淨中性因素。

However, there's a big however there. Our customers in the US are seeing significantly higher prices than anywhere else in the world. And if you assume that they can pass that on to their customers, then I guess it's net neutral to them but somebody ends up eating to that tariff cost.

然而，這裡面有一個很大的「但是」。我們在美國的客戶看到的價格比世界其他任何地方都高得多。如果你假設他們可以將其轉嫁給他們的客戶，那麼我想這對他們來說是網路中立的，但最終會有人承擔這筆關稅成本。

There are dedicated supply chains from Canada to our customers, literally trains that go from door to door from our plants to our customers, that our belief is that it makes the most sense for the industry to have metal being able to flow from Canada to the US, with either a lower tariff or no tariff at all.

我們有專門的供應鏈從加拿大運送到我們的客戶，實際上是透過火車從我們的工廠門到門運送到我們的客戶，我們相信，對於這個行業來說，最合理的是讓金屬能夠從加拿大流向美國，而且關稅較低或完全沒有關稅。

And that's the best thing we think for our customers and for our industry: to be able to do that.

我們認為，對於我們的客戶和我們的行業來說，能夠做到這一點是最好的事情。

Right. So in that case, the impact of the tariffs is really on total demand, in which case, LME prices would go down. But the net impact, other than the overall global LME price impact, the impact on Alcoa should still be neutral, right? Because either way, the Midwest Premium has got to equal the tariffs over time?

正確的。因此，在這種情況下，關稅的影響實際上是對總需求的影響，在這種情況下，倫敦金屬交易所的價格將會下降。但除了對全球 LME 價格的整體影響之外，對美鋁的影響應該仍然是中性的，對嗎？因為無論哪種方式，中西部溢價最終都會等於關稅？

Chris, you have to remember that we do have customer contracts. We don't have full flexibility to move the metal dynamically. 70% of our Canadian metal is on contract. So that needs to flow into the US for customer commitments.

克里斯，你必須記住我們確實有客戶合約。我們沒有完全的靈活性來動態移動金屬。我們 70% 的加拿大金屬都是合約性質的。因此，這些資金需要流入美國以滿足客戶的承諾。

Okay. And then, sorry, just a second question on the ATO, which I think you had $225 million in taxes now by the middle of next year, is any of that provisioned on the balance sheet yet? How do we think about the cash flow impact of that and the balance sheet impact of that?

好的。然後，抱歉，我還有一個關於澳洲稅務局的問題，我認為到明年年中，你們的稅收已經達到 2.25 億美元，這些稅收是否已經在資產負債表上提列了？我們如何看待這對現金流和資產負債表的影響？

Yeah. That is fully reserved on the balance sheet now as a tax payable.

是的。這筆款項現在已作為應付稅款全額保留在資產負債表上。

And Chris, I'm just going to add to that, I can't help myself. That is a major win for Alcoa. That was a large overhang on the company and on the stock. We have been battling that for five years now. And to get that behind us is a really big deal.

克里斯，我只是想補充一點，我忍不住。這對美鋁公司來說是一次重大勝利。這對公司和股票來說是一個巨大的威脅。我們已經與此鬥爭了五年。解決這個問題對我們來說真的是一件大事。

I'll give some credit to our tax and legal team here that stuck with it and really presented a great case. So I'm pleased that we're able to put that behind us.

我要對我們這裡的稅務和法律團隊表示感謝，他們堅持不懈，確實提出了很好的案例。所以我很高興我們能夠擺脫這個問題。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yeah. Just on the last point you made, Molly, that 70% of your Canadian is melting up but is on the contract to be sold to US customers, when can you start renegotiating potentially those contracts so that that 70% decreases?

是的。莫莉，就您提出的最後一點而言，70% 的加拿大黃金正在融化，但根據合同將出售給美國客戶，您什麼時候可以開始重新談判這些合同，以便減少那 70% 的黃金？

Those are annual contracts. But also understand we have firm customer relationships that we're not going to jeopardize. So Carlos, you could see some flexibility but it's going to be a careful balance of respecting our strong customer relations, as well as moving the metal to get the best margin.

那些是年度合約。但也要明白，我們與客戶之間有著牢固的關係，我們不會破壞這段關係。因此，卡洛斯，你可以看到一些靈活性，但這需要在尊重我們強大的客戶關係以及移動金屬以獲得最佳利潤之間取得謹慎的平衡。

All right. Okay. And if I may, just on the progress on the Alumar smelter in Brazil, what is the capacity utilization at which you are running? And when do you expect to get a steady state?

好的。好的。如果可以的話，關於巴西 Alumar 冶煉廠的進展情況，你們的產能利用率是多少？您預計什麼時候能達到穩定狀態？

We continue to struggle with the Alumar restart. We're sitting at about 92% capacity today. So net-net, we moved a little bit forward over the last quarter.

我們繼續努力重啟 Alumar。今天我們的上座率約為 92%。因此，總體而言，我們在上個季度取得了一些進展。

The issue there, Carlos, is some of the patch pots that we had not anticipated having to realign are failing faster than what we had anticipated. So it's a battle.

卡洛斯，問題在於一些我們沒有預料到需要重新調整的補丁罐的失效速度比我們預期的要快。所以這是一場戰鬥。

We take, I would say, a step-and-a-half forward and a step backward just about every day in Alumar. And we're anticipating that we'll have that restarted completely this year.

我想說，在 Alumar，我們幾乎每天都會前進一步半，然後退後一步。我們預計今年就能完全重啟這項進程。

However, I've told you that before. That's my target. But I've missed my target before so take that with a grain of salt.

不過，我之前已經告訴過你了。這就是我的目標。但我以前也未能達到我的目標，因此對此持保留態度。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Bill and Molly, thank you for today's update. Just wanted to follow up on the Ma'aden closing and whether there's any new thinking on the potential to monetize that amount or even just simply lower your overall borrowing cost, using that as collateral.

比爾和莫莉，感謝你們今天的更新。只是想跟進 Ma'aden 的收盤情況，以及是否有任何新的想法可以將這筆錢貨幣化，或者只是簡單地降低你的整體借貸成本，並將其作為抵押品。

Lawson, while we have the option to monetize those shares during the lock-up period -- recall the lock-up period -- we cannot sell shares until the third, fourth, and fifth anniversary; [on the third] each year.

勞森，雖然我們可以選擇在鎖定期內將這些股票貨幣化——回想一下鎖定期——但我們不能在每年的第三、第四和第五週年之前出售股票。

But to monetize those would be complex transactions. That would be classified as debt on our balance sheet and that might not really be a cost-effective source of liquidity either.

但要將這些貨幣化將會是一項複雜的交易。這將在我們的資產負債表上被歸類為債務，而且可能也不是真正具有成本效益的流動資金來源。

While we don't expect to hold the shares for an extended period of time after each lock-up period expires, we don't have plans to monetize and advance. Right now, we don't have a specific use for the cash that would help us add that debt to our balance sheet.

雖然我們不期望在每個鎖定期結束後長期持有股票，但我們也沒有貨幣化和增值的計劃。目前，我們還沒有具體的現金用途來幫助我們將債務添加到資產負債表中。

And then, as you report those gains and losses going forward, I assume you'll be adjusting those up?

然後，當您報告未來的收益和損失時，我假設您會對其進行調整？

Yes. So it will be mark-to-market and you'll see special items to remove that from our regular operations.

是的。因此它將按市價計價，你會看到特殊項目將其從我們的常規運營中移除。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，約翰‧圖馬佐斯非常獨立的研究。

I'm curious as to the confidence you have in Spain restarting this week that the utility will deliver electricity. Presumably, the population grows something, like, 10% July, August, with tourism. And then, there's air conditioning electricity demand in the heat of the summer.

我很好奇您對西班牙本週重啟電力供應的信心如何。據推測，隨著旅遊業的發展，7 月和 8 月人口將增加 10% 左右。此外，在炎熱的夏季，還有空調電力需求。

So are there any guarantees of power delivery or something that's different than August 28, when the wind didn't blow?

那麼，是否有任何電力傳輸的保證，或與 8 月 28 日無風時的情況有何不同？

John, it's a question that we've been wrestling with since the wind didn't blow on the date earlier in the year. We've been working with the national and regional representatives of the country and they have developed -- this is obviously not just to our prompting but to the prompting from other industry in Spain.

約翰，自從今年早些時候那個日期沒有風以來，我們一直在努力解決這個問題。我們一直在與該國的國家和地區代表合作，他們已經取得了發展——這顯然不僅是我們的推動，也是西班牙其他行業的推動。

They've approved a list of 65 actions in the energy sector that are designed to make the electricity grid more resilient. They are incorporating additional tools in the networks like voltage control, working on stability in the face of oscillations. So they are working to strengthen the electrical systems.

他們批准了能源領域 65 項行動的清單，旨在提高電網的彈性。他們在網路中加入電壓控制等附加工具，以提高網路在振盪情況下的穩定性。因此他們正在努力加強電力系統。

There's no guarantees in life. But they are taking, we believe, the right measures to ensure that the power stays on.

生活中沒有什麼是可以保證的。但我們相信，他們正在採取正確的措施來確保電力供應。

As you start up Monday, the 14th, how many pots per week do you energize? Is the circumstance in late July and August where you're really not drawing very much electricity because of the gradual nature of the process?

從 14 號星期一開始，您每週會啟動多少個鍋子？在七月底和八月期間，由於發電過程的漸進性，您消耗的電量是不是真的不多？

Yeah. So it's a gradual ramp-up process and we should hit the target by the middle part of next year.

是的。所以這是一個逐步提升的過程，我們應該在明年年中達到目標。

My recollection is there's 500 pots in Spain. So we'll be starting -- you can do the math on how many pots we have to start to hit total production by the middle part of next year. But yeah, we'll be starting up a few pots a week to get to that restart done.

我記得西班牙有 500 個罐子。因此我們將開始——你可以計算一下我們需要多少罐才能在明年年中達到總產量。但是是的，我們將每週啟動幾個罐子來完成重新啟動。

Glyn Lawcock, Barrenjoey.

格林·勞科克，巴倫喬伊。

Firstly, Bill, just wondering if you could share any thoughts on how discussions with the government are going regarding the tariff. I had heard that maybe Canada could be in line for a reduction, relative to the rest of the world.

首先，比爾，我只是想知道您是否可以分享一下關於與政府就關稅問題進行的討論的進展。我聽說相對於世界其他國家，加拿大可能有望實現減排。

And then, secondly, I don't want to put the cart before the horse, but net debt came down, you're almost within side of that $1 billion to $1.5 billion range. Just your thoughts on timing for when we may hear some words on capital management and what you're potentially thinking, if it's not too early?

其次，我不想本末倒置，但淨債務確實下降了，幾乎在 10 億美元到 15 億美元的範圍內。您認為我們何時可以聽到一些有關資本管理的言論，以及如果現在還不算太早的話，您可能會想到什麼？

Glyn, on the tariff discussion, I want to emphasize exactly how much advocacy and engagement we've been doing over the last three or four months. I've spent time in Ottawa. I've spent a lot of time in DC. I have met with Mr. Hassett, Mr. Lutnick, Mr. Greer. I even had a very, very brief discussion with President Trump, while I was in Saudi Arabia -- we're talking like a 15-second discussion with President Trump while I was in Saudi Arabia.

格林，關於關稅討論，我想強調我們在過去三、四個月裡做了多少宣傳和參與。我曾在渥太華待過一段時間。我在華盛頓待了很長時間，見過哈塞特先生、盧特尼克先生和格里爾先生。我在沙烏地阿拉伯時甚至與川普總統進行了非常非常簡短的討論——我們在沙烏地阿拉伯時與川普總統進行了大約 15 秒的討論。

We're doing, really, two things. One is an underlying education of how short the US market is for aluminum and how long it would take to replenish that the building plants in the US. Recall -- and I know you know this -- building a smelter in the US would probably take us at least five years in order to replace the 4 million metric tons of aluminum that comes from outside of the US.

我們實際上正在做兩件事。一是要了解美國鋁市場缺口有多大，以及需要多長時間才能補充美國鋁廠的產能。回想一下——我知道你知道這一點——在美國建造一座冶煉廠可能需要至少五年才能取代來自美國以外地區的 400 萬公噸鋁。

We need 6 gigawatts of energy, that's not gigawatt hours, that's 6 gigawatts of energy. And it would probably cost $30 billion to put 4 million metric tons here.

我們需要 6 千兆瓦的能源，這不是千兆瓦時，而是 6 千兆瓦的能源。在這裡投放 400 萬噸煤炭可能要花費 300 億美元。

So we're educating the government on those facts.

因此，我們正在向政府宣傳這些事實。

And then, secondly, we're educating them on how tight the supply chains are between the US and Canada and the fact that we think it makes a lot of sense to have metal coming out of Canada to support our downstream customers.

其次，我們要讓他們了解美國和加拿大之間的供應鏈有多緊密，以及我們認為從加拿大進口金屬來支持我們的下游客戶是非常有意義的。

And then, there's one last data point. There's something, like, 12 or 13 jobs in the downstream that are supported by every Canadian primary upstream jobs. So the relationship between how much jobs can be created in the upstream is really outweighed by how many jobs there already are in the downstream processing business in the US.

然後，還有最後一個數據點。每個加拿大主要的上游工作都支持著下游的 12 或 13 個工作。因此，美國上游能創造多少就業機會與下游加工產業現有的多少就業機會之間的關係實際上更為重要。

Do you want to address the capital flows?

您想解決資本流動問題嗎？

So Glyn, thanks for the question on the cap allocation. We made good progress this quarter on our adjusted net debt target. At the end of the second quarter, we were at $1.7 billion. That's an improvement from the $2.1 billion from the first quarter. We are about $200 million away from the high end of our target at $1.5 billion.

所以格林，感謝你提出關於上限分配的問題。本季我們在調整後的淨債務目標方面取得了良好進展。截至第二季末，我們的利潤為 17 億美元。這比第一季的 21 億美元有所改善。我們距離 15 億美元的最高目標還有約 2 億美元。

While we reach the top end of the range, we will look across our capital allocation priorities -- so returns to shareholders, portfolio actions, as well as any growth opportunities.

當我們達到該範圍的上限時，我們將審視我們的資本配置優先事項——即股東回報、投資組合行動以及任何成長機會。

We do recognize that we have a bit more work to do inside the target. The adjusted debt, which we define as including the gross debt plus the pension, is at $3.2 billion. That's above the high end of that range that we've targeted at $2.1 billion. So we will work on some delevering.

我們確實認識到我們在目標方面還有很多工作要做。調整後的債務（我們將其定義為包括總債務加上退休金）為 32 億美元。這高於我們設定的 21 億美元最高目標。因此我們將致力於去槓桿。

We do have our 2027 notes. A portion of those remain about $141 million, those are now callable at par. We also have a portion of our 2028 notes that are now callable with a small premium, that's about $219 million.

我們確實有 2027 年的筆記。其中剩餘約 1.41 億美元，現在可以以面額贖回。我們還有一部分 2028 年票據現在可以以小額溢價贖回，約 2.19 億美元。

So we'll look at keeping in mind that our cash target is $1 billion to $1.5 billion. We'll work on some delevering.

因此，我們會記住我們的現金目標是 10 億至 15 億美元。我們將致力於去槓桿。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Oplinger for any closing remarks.

我想將會議交還給奧普林格先生，請他作最後發言。

Thank you for joining our call.

感謝您參加我們的電話會議。

Molly and I look forward to sharing further progress, when we speak again in October.

莫莉和我期待在十月再次交談時分享進一步的進展。

That concludes the call. Thank you.

通話到此結束。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。您現在可以斷開連線。