美國鋁公司 (AA) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Alcoa Corporation third-quarter 2025 earnings presentation and conference call. (Operator Instructions)

下午好，歡迎參加美國鋁業公司 2025 年第三季財報和電話會議。（操作員指示）

Please note that this event is being recorded. I would now like to turn the conference over to Louis Langlois, Senior Vice President of Treasury and Capital Markets. Please go ahead, sir.

請注意，此事件正在被記錄。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, and good day, everyone. I'm joined today by William Oplinger, Alcoa Corporation 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，祝大家有美好的一天。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, reconciliation to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation.

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。

We have not presented quantitative reconciliation of certain forward-looking non-GAAP financial measures for reasons noted on this slide. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings press release and slide presentation are available on our website.

由於本投影片中所述的原因，我們尚未提供某些前瞻性非 GAAP 財務指標的定量對帳。我們今天討論中提到的 EBITDA 均指調整後的 EBITDA。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, and welcome to our third quarter 2025 earnings conference call. Let me begin with safety. In late July, we experienced a tragic loss with the passing of a colleague due to a fatal incident at the carbon plant of our Alumar smelter, our first workplace fatality since 2020.

謝謝路易斯，歡迎參加我們 2025 年第三季財報電話會議。首先我要說一下安全。7 月下旬，我們經歷了一場悲劇，一位同事在 Alumar 冶煉廠碳素廠發生的致命事故中喪生，這是自 2020 年以來我們公司發生的第一起工作場所死亡事件。

This event has deeply affected the entire Alcoa family and our thoughts remain with his loved ones, friends and colleagues. Following the incident, safety leaders from across Alcoa, supported by independent external experts, conducted a comprehensive investigation.

這事件深深影響了整個美鋁大家庭，我們的心與他的親人、朋友和同事同在。事件發生後，美鋁公司各部門的安全領導在獨立外部專家的支持下進行了全面調查。

We held a town hall with employees to share findings, address concerns and reinforce our safety protocols. Already, the implementation of the associated actions are well advanced at Alumar and a series of global measures have been introduced to prevent such incidents in the future.

我們與員工舉行了一次全體會議，分享調查結果、解決問題並加強我們的安全協議。目前，Alumar 的相關行動實施已取得良好進展，並已採取一系列全球措施來防止將來再次發生此類事件。

This loss is a solid reminder of the critical importance of safety in everything we do. We remain steadfast in our commitment to provide a safe working environment. In the third quarter, we delivered strong operational performance and stability, achieving year-to-date aluminum production records at five of our smelters.

這次損失深刻地提醒我們，安全在我們所做的每一件事中都至關重要。我們堅定不移地致力於提供安全的工作環境。第三季度，我們實現了強勁的營運表現和穩定性，五家冶煉廠創下了年初至今的鋁產量紀錄。

These additional tons are particularly valuable as they carry higher margins and contribute meaningfully to our bottom line. With increases in the Midwest premium this quarter, related revenue on our US produced tons more than offset the net unfavorable tariff impacts on imports of aluminum to the US from our Canadian smelters.

這些額外的噸位特別有價值，因為它們具有更高的利潤率，並對我們的底線做出了有意義的貢獻。隨著本季中西部地區溢價的增加，我們在美國生產的噸位的相關收入超過了從加拿大冶煉廠進口鋁到美國的淨不利關稅影響。

We had three onetime items impacting the quarter, which Molly will cover. The permanent closure of the Kwinana refinery, the closing of the sale of our 25.1% interest in the Ma'aden joint venture and a sizable increased asset retirement obligations, primarily related to our Brazil operations. Looking ahead to the fourth quarter, we anticipate higher shipments and a sequential release of working capital.

我們有三項一次性事項對本季產生影響，Molly 將負責通報。奎那那煉油廠的永久關閉、我們在 Ma'aden 合資企業中 25.1% 權益的出售結束以及資產退役義務的大幅增加，主要與我們的巴西業務有關。展望第四季度，我們預計出貨量將會增加，營運資金也將陸續釋放。

The recent rise in Midwest premium is now sufficient to cover the full cost of logistics for importing aluminum into the US including the 50% Section 232 tariff. While we continue to evaluate the most profitable placement of our spot volumes and direct those shipments accordingly, the Midwest premium now covers costs on the shipments to our US customers on contracts supplied by our Canadian smelters.

近期中西部地區保費上漲現已足以涵蓋進口鋁到美國的全部物流成本，包括 50% 的第 232 條關稅。雖然我們繼續評估現貨量的最有利可圖的定位並相應地指導這些裝運，但中西部溢價現在涵蓋了我們根據加拿大冶煉廠提供的合約向美國客戶發貨的成本。

Earlier this week, we announced that the United States and Australian governments will provide funding to develop a gallium plant, which will be co-located at our Wagerup alumina refinery in Australia. This follows the support by the Japanese government, which we announced in August.

本週早些時候，我們宣布美國和澳洲政府將提供資金建造一座鎵工廠，該工廠將與我們位於澳洲的 Wagerup 氧化鋁精煉廠共建。這是繼我們八月宣布獲得日本政府支持之後的另一個舉措。

The partners will receive a gallium offtake in proportion to their interest. This project has strategic benefits for Alcoa and the government supporting it. The support from all three governments underscores Alcoa's role in the development of the critical mineral supply chain, and enables us to provide maximum value from the bauxite resources we already extract in Australia.

合作夥伴將根據其權益比例獲得鎵的承購份額。該項目對於美鋁公司及其支持政府來說具有戰略利益。三國政府的支持凸顯了美鋁在關鍵礦產供應鏈發展中的作用，並使我們能夠從已在澳洲開採的鋁土礦資源中發揮最大價值。

The continuity and competitiveness of Alcoa's Australian mining and refining operations not only support the aluminum industry but also support manufacturing, technology and defense industries. Additionally, earlier today, we announced a new long-term energy contract for our Massena operations as well as a $60 million investment in the anode bake furnace. Securing long-term competitively priced energy is essential to supporting investments like the rebuild and modernization of the furnace, an initiative that will enhance operational efficiency.

美鋁澳洲採礦和精煉業務的連續性和競爭力不僅支持鋁業，還支持製造業、技術和國防工業。此外，今天早些時候，我們宣布了針對馬塞納業務的一項新的長期能源合約以及對陽極焙燒爐的 6000 萬美元投資。確保長期具有價格競爭力的能源對於支持諸如熔爐重建和現代化改造等投資至關重要，這些措施將提高營運效率。

This energy contract and major investment commitment are a big deal. Alcoa is taking steps to further strengthen the United States primary aluminum production capabilities. I made a commitment to the Massena employees to secure power and to invest in their operation. Now I will ask them to respond with their commitment to continuously improve the operations profitability.

這份能源合約和重大投資承諾意義重大。美國鋁業公司正在採取措施進一步加強美國原鋁生產能力。我向馬塞納員工承諾，確保電力供應並投資他們的營運。現在我要求他們做出承諾，不斷提高營運獲利能力。

We look forward to celebrating the step and certainly welcome President Trump, Governor Hoke, Senator Schumer and the entire New York congressional delegation as well as members of the New York Power Authority and Empire State Development to visit our Massena operation to see what great US manufacturing looks like and to thank them for their support.

我們期待慶祝這一舉措，並歡迎川普總統、霍克州長、舒默參議員和整個紐約國會代表團以及紐約電力局和帝國大廈開發公司的成員參觀我們的馬塞納工廠，了解偉大的美國製造業，並感謝他們的支持。

The Australia mine approvals process is moving forward with completion of the public comment period in August. We're preparing our responses and expect to submit to the Western Australia EPA by year-end. The Western Australia EPA has indicated that it will publish its assessment and recommendations by the end of the second quarter of 2026, and we anticipate ministerial approvals by year-end 2026.

澳洲礦場審批程序正在推進，公眾意見徵詢期將於 8 月結束。我們正在準備回复，預計年底前提交給西澳大利亞環保局。西澳大利亞州環保局表示將在 2026 年第二季末公佈其評估和建議，我們預計部長將在 2026 年底前批准。

In summary, this quarter brought both sorrow and progress. The tragic event at the Alumar smelter underscores the importance of our unwavering commitment to safety. Despite challenges, we achieved record aluminum production and took strategic steps to strengthen our future. Looking ahead, we're focused on increasing profitability through higher shipments, improved operations, and key investments such as the Massena Energy contract and anode bake furnace.

總而言之，本季既帶來了悲傷，也帶來了進步。Alumar 冶煉廠發生的悲劇事件凸顯了我們堅定不移地致力於安全的重要性。儘管面臨挑戰，我們仍然實現了創紀錄的鋁產量，並採取了策略措施來增強我們的未來。展望未來，我們致力於透過提高出貨量、改善營運以及 Massena Energy 合約和陽極焙燒爐等關鍵投資來提高獲利能力。

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. Revenue decreased 1% sequentially to $3 billion. In the Alumina segment, third-party revenue decreased 9% on lower volumes and price of bauxite offtake and supply agreements. In the Aluminum segment, third-party revenue increased 4% on an increase in average realized third-party price, partially offset by lower shipments and unfavorable currency impacts.

謝謝你，比爾。營收季減 1% 至 30 億美元。在氧化鋁部門，由於鋁土礦承購和供應協議的數量和價格下降，第三方收入下降了 9%。在鋁業部門，第三方收入因平均實現第三方價格上漲而成長 4%，但因出貨量下降和不利的貨幣影響而部分抵銷。

However, this was lower than our revenue expectation for the segment primarily due to certain aluminum shipments from Canada to US customers, which were in transit at quarter end. This also explains why our tariff costs sequentially was lower than expected.

然而，這低於我們對該部門的收入預期，主要是因為從加拿大到美國客戶的部分鋁材在季度末仍在運輸中。這也解釋了為什麼我們的關稅成本較上季低於預期。

Third quarter net income attributable to Alcoa was $232 million, versus the prior quarter of $164 million, with earnings per common share increasing to $0.88 per share. The results reflect a $786 million gain on the sale of our interest in the Ma'aden joint venture and a subsequent favorable mark-to-market change of $267 million on the modern shares, partially offset by restructuring and related charges of $895 million for the permanent closure of the Kwinana refinery in Australia. On an adjusted basis, net loss attributable to Alcoa was $6 million or $0.02 per share. Adjusted EBITDA was $270 million.

第三季歸屬於美鋁公司的淨利為 2.32 億美元，而上一季為 1.64 億美元，每股收益增至 0.88 美元。該結果反映了出售我們在 Ma'aden 合資企業的權益所獲得的 7.86 億美元收益，以及隨後現代股票的 2.67 億美元有利的市價變動，但因永久關閉澳大利亞 Kwinana 煉油廠而產生的 8.95 億美元重組和相關費用被部分抵消。經調整後，美國鋁業公司的淨虧損為 600 萬美元，即每股 0.02 美元。調整後的 EBITDA 為 2.7 億美元。

Let's look at the key drivers of EBITDA. The sequential decrease in adjusted EBITDA of $43 million is primarily due to increased US Section 232 tariff costs on aluminum imported into the US from our Canadian smelters. Adjustments to asset retirement obligations, unfavorable currency impacts and lower alumina prices, partially offset by higher aluminum prices.

讓我們來看看 EBITDA 的主要驅動因素。調整後 EBITDA 環比減少 4,300 萬美元，主要原因是美國根據《第 232 條》對從我們的加拿大冶煉廠進口到美國的鋁徵收的關稅成本增加。資產退役義務的調整、不利的貨幣影響和氧化鋁價格的下降，部分被鋁價的上漲所抵銷。

The Alumina segment adjusted EBITDA decreased $72 million, primarily due to adjustments to asset retirement obligations, primarily in Brazil. Also, lower volumes and price of bauxite offtake and supply agreements and lower alumina prices were only partially offset by lower production costs related to the timing of maintenance activities.

氧化鋁部門調整後的 EBITDA 減少了 7,200 萬美元，主要原因是對資產退役義務的調整，主要在巴西。此外，鋁土礦承購和供應協議的產量和價格下降以及氧化鋁價格下降僅被與維護活動時間相關的生產成本降低部分抵消。

The Aluminum segment adjusted EBITDA increased $210 million. Higher metal prices and lower alumina costs were partially offset by tariff costs which reflect a full quarter at the 50% tariff rate after its increase from 25% on June 4. In addition, production costs improved due to the timing of maintenance activities.

鋁業部門調整後的 EBITDA 增加了 2.1 億美元。金屬價格上漲和氧化鋁成本下降部分被關稅成本所抵消，關稅成本反映出自 6 月 4 日從 25% 上調後整個季度的關稅稅率為 50%。此外，由於維護活動的時間安排，生產成本也得到了改善。

Outside the segments, other corporate costs increased, while intersegment eliminations changed unfavorably, primarily due to the absence of a benefit in the prior quarter, resulting from a lower average alumina price requiring less inventory profit elimination.

除各部門外，其他公司成本均有所增加，而部門間抵銷則出現不利變化，這主要是由於上一季度沒有帶來任何收益，原因是氧化鋁平均價格較低，需要的庫存利潤抵消較少。

Moving on to cash flow activities for the third quarter. We ended the third quarter with cash of $1.5 billion. Cash used for operation was $85 million, including a slight working capital use of $25 million. We also received a tax refund of $69 million from the Australian tax office for the deposit held during the five-year transfer price dispute that was resolved in our favor in April. Cash from investing included $150 million from the sale of the Ma'aden joint venture, shown here net of transaction costs.

繼續討論第三季的現金流活動。第三季結束時，我們的現金為 15 億美元。營運所用現金為 8,500 萬美元，其中包括 2,500 萬美元的小額營運資金使用。我們還從澳洲稅務局獲得了 6,900 萬美元的退稅，用於退還五年轉讓價格糾紛期間所扣留的押金，該糾紛於四月份得到解決，對我們有利。投資所得現金包括出售 Ma'aden 合資企業所得的 1.5 億美元，此處顯示的是扣除交易成本後的淨額。

Cash used for financing activities included a $74 million full repayment on a term loan, which was the last borrowing associated with the AWAC joint venture structure. Let's look at other key financial metrics. The year-to-date return on equity was 14.5%. Days working capital increased sequentially by three days due to an increase in accounts receivable days primarily due to higher aluminum pricing.

用於融資活動的現金包括 7,400 萬美元的定期貸款全額償還，這是與 AWAC 合資企業結構相關的最後一筆借款。讓我們看看其他關鍵的財務指標。今年迄今的股本回報率為 14.5%。由於鋁價上漲導致應收帳款天數增加，營運資金天數較上季增加了三天。

Our third quarter dividend added $26 million to stockholder capital returns. We closed the quarter with $1.635 billion in adjusted net debt, making progress towards the top end of our target of $1 billion to $1.5 billion. Cash flow for the quarter includes an increase in capital expenditures to $151 million.

我們的第三季股利為股東資本回報增加了 2,600 萬美元。本季結束時，我們的調整後淨債務為 16.35 億美元，朝著 10 億至 15 億美元的最高目標邁進。本季的現金流量包括資本支出增加至 1.51 億美元。

Turning to the outlook. We have a few adjustments to our full year outlook. First, we are decreasing our annual outlook for interest expense to $175 million. Second, we have adjusted our total CapEx for 2025 to $625 million, down from $675 million, primarily due to less spending on mine moves in Australia. Third, we have adjusted our payment of prior year income taxes for 2025 to zero, previously $50 million to reflect the tax refund from the ATO matter mentioned earlier.

轉向展望。我們對全年展望做了一些調整。首先，我們將年度利息支出預期下調至 1.75 億美元。其次，我們已將 2025 年的總資本支出從 6.75 億美元調整為 6.25 億美元，主要是由於澳洲礦場搬遷支出減少。第三，我們將 2025 年上一年度所得稅的繳納金額調整為零，之前為 5000 萬美元，以反映前面提到的 ATO 問題的退稅。

And last, the outlook for total ARO and environmental spend in 2025 is expected to increase by $20 million to approximately $260 million, consistent with the guidance update we provided in the Kwinana closure press release.

最後，預計 2025 年 ARO 和環境總支出將增加 2,000 萬美元，達到約 2.6 億美元，與我們在 Kwinana 關閉新聞稿中提供的指導更新一致。

For the fourth quarter of 2025, in the Alumina segment, we expect performance to improve by approximately $80 million due to the absence of charges recorded in the third quarter to increase asset retirement obligations as well as higher shipments and lower maintenance costs. In the Aluminum segment, we expect sequential unfavorable impacts of approximately $20 million due to restart inefficiencies at the San Ciprián smelter and lower third-party energy sales partially offset by higher shipments.

對於 2025 年第四季度，在氧化鋁部門，我們預計業績將提高約 8,000 萬美元，原因是第三季度沒有記錄增加資產退役義務的費用，以及出貨量增加和維護成本降低。在鋁業部門，我們預計，由於聖西普里安冶煉廠重啟效率低下以及第三方能源銷售額下降，將產生約 2000 萬美元的連續不利影響，但出貨量增加將部分抵消這一影響。

While current Midwest premium pricing and higher shipments of our Canadian metal into the US are expected to have a favorable impact on the fourth quarter, we expect tariff costs to increase by approximately $50 million due to increased shipments. Further tariff impacts from changes in LME pricing during the quarter can be calculated from our tariff sensitivity. Alumina cost in the Aluminum segment is expected to be favorable by $45 million.

雖然目前中西部地區的溢價以及我們加拿大金屬向美國的出貨量增加預計將對第四季度產生有利影響，但我們預計由於出貨量增加，關稅成本將增加約 5000 萬美元。我們可以根據關稅敏感度計算出本季倫敦金屬交易所定價變化對關稅的進一步影響。鋁業部門的氧化鋁成本預計將有利 4500 萬美元。

Below EBITDA, Other expenses in the third quarter included favorable foreign currency gains of approximately $10 million, which may not recur. Based on last week's pricing, we expect fourth quarter operational tax expense of $40 million to $50 million.

低於 EBITDA，第三季的其他費用包括約 1000 萬美元的有利外匯收益，但可能不會再次發生。根據上週的定價，我們預計第四季營運稅費為 4,000 萬至 5,000 萬美元。

Now I'll turn it back to Bill.

現在我將話題轉回給比爾。

Thanks, Molly. Let's discuss our markets, starting with alumina. Alumina prices have declined significantly over the past month with recent prices around $315 per metric ton as the market remains under pressure due to ample spot availability and refinery expansions in Indonesia and China. Outside China, the timing mismatch between new refining capacity coming online in Indonesia in 2025 in additional smelting capacity expected only in late 2025 or into 2026 is creating a short-term imbalance.

謝謝，莫莉。讓我們討論一下我們的市場，從氧化鋁開始。由於現貨供應充足以及印尼和中國的煉油廠擴建，市場仍面臨壓力，氧化鋁價格在過去一個月大幅下跌，近期價格約為每公噸 315 美元。在中國以外，印尼 2025 年上線的新煉油產能與預計 2025 年底或 2026 年開始的額外冶煉產能之間的時間不匹配造成了短期失衡。

In China, most previously curtailed capacity has been restarted since May, adding further supply pressure. Many Chinese refineries operate at the top of the cost curve. Continued downward pressure on domestic prices may prompt further supply side response, resulting in curtailments.

在中國，自 5 月以來，大部分先前削減的產能已經恢復，進一步增加了供應壓力。許多中國煉油廠的營運成本處於最高水準。國內價格持續下行的壓力可能促使供應方做出進一步反應，進而導致減產。

Looking ahead, alumina demand will be supported by new smelting capacity in Indonesia to anticipate it to come online in 2026. However, uncertainty around the Mosjøen smelter could weigh on demand and pricing. Meanwhile, bauxite prices remained firm, supported by seasonal supply disruptions in Guinea and the market working through stockpiles accumulated earlier in 2025.

展望未來，印尼新的冶煉產能預計將於 2026 年投產，這將支撐氧化鋁需求。然而，圍繞 Mosjøen 冶煉廠的不確定性可能會對需求和定價產生影響。同時，受幾內亞季節性供應中斷以及市場消耗 2025 年初累積的庫存的支撐，鋁土礦價格保持強勁。

Alcoa continues to deliver on strong fundamentals, consistent quality in our smelter-grade alumina products and preferred supplier status due to our reliability. We remain on track for a record year in third-party bauxite sales volumes.

美鋁公司繼續憑藉強勁的基本面、始終如一的冶煉級氧化鋁產品品質以及可靠性獲得首選供應商的地位。今年我們的第三方鋁土礦銷售量仍有望創下紀錄。

Let's now move on to aluminum. LME prices rose approximately 7% sequentially and have continued to increase, recently reaching $2,775 per metric ton, reflecting a combination of factors, a weaker US dollar, expectations of monetary easing and persistent supply tightness amid resilient global demand. In the US, the Midwest premium continued to increase during the third quarter and recently reached import parity. This reflects declining inventories and reduced aluminum imports following the Section 232 tariff increase earlier this year.

現在我們來討論一下鋁。LME 價格環比上漲約 7%，並持續上漲，最近達到每公噸 2,775 美元，這反映了美元走弱、貨幣寬鬆預期以及全球需求強勁的情況下供應持續緊張等多種因素的影響。在美國，中西部地區的溢價在第三季持續上漲，並於近期達到進口平價。這反映出今年稍早第 232 條關稅上調後庫存下降和鋁進口量減少。

European premiums also rebounded from earlier lows, signaling improving market fundamentals. Demand remained steady across Europe and North America. Packaging and electrical sectors continued to show healthy demand growth in both regions, while construction and transportation remain soft. The automobile moderate, while China is approaching its smelter capacity sealing. Additionally, potential disruptions at the Mosjøen smelter could further tighten the market.

歐洲保費也從早期的低點反彈，顯示市場基本面正在改善。歐洲和北美的需求保持穩定。包裝和電氣行業在兩個地區繼續呈現健康的需求成長，而建築和運輸業則保持疲軟。汽車產業表現溫和，而中國冶煉廠產能即將達到極限。此外，莫申冶煉廠的潛在中斷可能會進一步收緊市場。

Looking ahead to 2026, the impact of increasing supply from Indonesia is expected to be limited given constrained growth elsewhere, including in China and the expectation of continued demand resilience. Importantly, our core markets in Europe and North America are expected to remain in regional deficit.

展望2026年，鑑於包括中國在內的其他地區經濟成長受限以及需求持續彈性的預期，印尼供應量預計增加的影響將有限。重要的是，我們在歐洲和北美的核心市場預計將繼續保持區域赤字。

Specific to Alcoa, we had an overall stable order book of value-add products in the third quarter with the exception of foundry. In North America, demand for slab and wire rod remains strong, while billet demand is steady, but spot activity is subdued. In Europe, while raw demand is robust, slab performance is mixed, with strength in packaging but weakness in automotive and billet demand remains cautious with customers maintaining short order visibility.

具體到美鋁，除鑄造業務外，第三季我們的加值產品訂單整體穩定。在北美，對板坯和線材的需求依然強勁，而鋼坯需求穩定，但現貨活動低迷。在歐洲，雖然原料需求強勁，但板坯表現參差不齊，包裝需求強勁，但汽車和鋼坯需求疲軟，客戶仍保持謹慎，維持短期訂單可見性。

I'm very excited to host you on October 30 for our Investor Day 2025. It's been almost 4 years since Alcoa has had its last Investor Day. It's a great opportunity to discuss why Alcoa is the investment choice in aluminum.

我非常高興於 10 月 30 日接待您參加我們的 2025 年投資者日。距離美國鋁業公司上次舉辦投資者日已經過了近四年。這是討論為什麼美鋁是鋁業投資的最佳選擇的絕佳機會。

We'll discuss our strategic vision and market position, operational excellence and innovation, talent, the long-term market and our financial outlook. We also provide additional details on our Spanish operations and our Australia mine approval process. Please visit our website for additional details.

我們將討論我們的策略願景和市場地位、卓越營運和創新、人才、長期市場和財務前景。我們還提供有關我們在西班牙的業務和澳洲礦山審批流程的更多詳細資訊。請訪問我們的網站以了解更多詳細資訊。

To conclude, in the third quarter, Alcoa maintained strong operational stability, took strategic actions to strengthen the company and continued our engagement with trade policymakers. Looking ahead, we will focus on safety, stability and operational excellence, deliver fourth quarter financial improvement and progress our Australia mine approvals. I look forward to welcoming you to our Investor Day event on October 30.

總而言之，在第三季度，美鋁保持了強勁的營運穩定性，採取了策略行動來加強公司實力，並繼續與貿易政策制定者保持接觸。展望未來，我們將專注於安全、穩定和卓越運營，實現第四季度財務改善並推進澳洲礦山批准。我期待您參加我們 10 月 30 日的投資者日活動。

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）

Chris LaFemina, Jefferies.

克里斯‧拉費米納 (Chris LaFemina)，傑富瑞 (Jefferies)。

Hey guys, thanks for taking my question. Hi Bill. Just wanted to ask about, I guess, capital allocation. I mean you're approaching your net debt target range, you could be in a position where you're able to start returning capital a bit more aggressively in 2026.

嘿夥計們，謝謝你們回答我的問題。你好，比爾。我只是想問一下有關資本配置的問題。我的意思是，您正在接近您的淨債務目標範圍，您可能能夠在 2026 年開始更積極地返還資本。

You're obviously focused on further operational upside. I know you're going to give us a lot more detail around this at the upcoming Investor Day. But just wondering about how you think about potential M&A opportunities in the market?

您顯然專注於進一步提升營運效益。我知道您將在即將到來的投資者日上向我們提供更多有關此問題的細節。但我只是想知道您如何看待市場上潛在的併購機會？

And to the extent that you think about that at all, is it any particular spot in the supply chain that you be focused? Would you be interested in bauxite, alumina? Is it more in the downstream? Or is that really not even a funny amount right now because of all the stuff you have going on internally?

就您對此的思考而言，您是否會關注供應鏈中的某個特定點？您對鋁土礦、氧化鋁有興趣嗎？下游更多嗎？或者，由於你們內部正在發生的所有事情，這個數字現在實際上根本不算什麼？

So Chris, let me let Molly address the capital allocation, and then we'll come back to the M&A question.

所以克里斯，讓我讓莫莉解決一下資本配置問題，然後我們再回到併購問題。

Hi, Chris. Chris, we are $135 million away from the top of our adjusted net debt target at $1.6 billion and the top target is $1.5 billion. We do have a priority to continue to pay down debt. We have notes -- the 2027 notes, $141 million remaining. And on the 2028 notes, $219 million remaining. So that will be our first priority.

你好，克里斯。克里斯，我們距離調整後的淨債務目標上限 16 億美元還有 1.35 億美元，最高目標是 15 億美元。我們的首要任務確實是繼續償還債務。我們有票據——2027 年的票據，剩餘 1.41 億美元。2028 年票據還剩 2.19 億美元。所以這將是我們的首要任務。

But as we stay within the net debt target, we will certainly be evaluating additional returns to stockholders in parallel with pursuing some growth options.

但當我們保持在淨債務目標範圍內時，我們肯定會在尋求一些成長選擇的同時評估股東的額外回報。

And Chris, to address the M&A question, we did the Alumina Limited transaction last year, and that showed that we have the ability to successfully do M&A work. That transaction, if you look back upon it allowed us to do the Ma'aden transaction where we're swapping out the equity interest for shares. As I look forward, we will look at opportunities for M&A across the spectrum of the product line.

克里斯，關於併購問題，我們去年進行了氧化鋁有限公司交易，這表明我們有能力成功完成併購工作。如果你回顧一下，那筆交易使我們能夠進行 Ma'aden 交易，我們將股權換成股份。展望未來，我們將在整個產品線範圍內尋找併購機會。

I would not say at this point that we have any particular part of the product line that we need to add to, but we will look at opportunities as they come up, and we'll do the evaluation. And what we'll do is where we have opportunities to create significant synergies that aren't available to our shareholders, otherwise, we would look at those opportunities from the acquisition perspective.

我現在不會說我們需要添加產品線的某個特定部分，但我們會留意出現的機會，並進行評估。我們所做的就是，當我們有機會創造股東無法獲得的顯著綜效時，我們會從收購的角度來看待這些機會。

That's very helpful. Thanks, Bill. See you next week in New York. Thank you.

這非常有幫助。謝謝，比爾。下週紐約見。謝謝。

Yes, thanks.

是的，謝謝。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德。

Great. Bill, Molly, nice to hear from you both. Could I ask about the US Australia Alcoa partnership? Would you be able to provide some background on how this came together.

偉大的。比爾、莫莉，很高興收到你們的消息。可以問一下美國澳洲美鋁公司的合作關係嗎？您能否提供一些有關此事的背景資訊？

Was that an initiative driven by Alcoa?

這是由美國鋁業公司推動的一項措施嗎？

It was an initiative that really began between Alcoa and the Japanese. The Japanese were looking for potential offtake of gallium. We got that joint development agreement put together a little while back. And we've been talking to both the US and the Australian government for a number of months now.

這項舉措其實是由美國鋁業公司和日本人共同發起的。日本人正在尋找鎵的潛在需求。不久前我們達成了聯合開發協議。我們已經與美國和澳洲政府進行了數月的對話。

The real strategic advantage of this deal is that it provides a supply chain outside of China for gallium that is around 10% of the world's gallium market. It will be at our Wagerup facility in Western Australia. That solidifies the importance of that facility in Australia.

這筆交易的真正戰略優勢在於，它為中國以外的鎵提供了一條供應鏈，約佔全球鎵市場的 10%。它將位於我們位於西澳大利亞的 Wagerup 工廠。這鞏固了該設施在澳洲的重要性。

And it really strengthens the relationship between -- and you saw this in the press conference yesterday, and in the joint signing ceremony between President Trump and Prime Minister Albanesi, strengthens the relationship between the US, Australia, Japan, and really shows the importance of Alcoa in Australia.

這確實加強了美國、澳洲和日本之間的關係——正如您在昨天的新聞發布會上以及川普總統和阿爾巴內西總理的聯合簽字儀式上所看到的，這加強了美國、澳洲和日本之間的關係，並真正顯示了美國鋁業公司在澳洲的重要性。

Thank you for that. And then as a follow-up, could you give us an idea of what sort of approvals or permits might be needed and the time line to first production on that facility?

謝謝你。然後作為後續問題，您能否告訴我們可能需要什麼樣的批准或許可，以及該工廠首次生產的時間表？

So the -- that's one of the reasons why Wagerup was chosen. The approvals -- we have line of sight to get the approvals done fairly quickly. We are pushing to have first metal by the end of 2026. We think we will be first to market outside of China, and it's an aggressive schedule. We -- the next step is that we need to get final documents signed, but we're pushing to be able to create -- to extract gallium by the end of 2026.

所以——這就是選擇 Wagerup 的原因之一。批准——我們有能力相當快地完成批准。我們力爭在 2026 年底前生產第一批金屬。我們認為我們將率先在中國以外市場推出產品，而且這是一個積極的計劃。我們——下一步是需要簽署最終文件，但我們正在努力在 2026 年底之前提取鎵。

Thank you, Bill.

謝謝你，比爾。

Timna Tanners, Wells Fargo.

富國銀行的 Timna Tanners。

Yeah, hey, good evening. I'm looking forward to hearing more about Australia and Spain as you pleased for next week's Investor Day. But didn't hear mention of Canada or US, I thought I would probe those topics. mention in particular on the negotiations with Canada regarding any carve-out of aluminum.

是的，嘿，晚上好。我期待在下週的投資者日上聽到更多有關澳洲和西班牙的消息。但沒有聽到提到加拿大或美國，我想我會探討這些主題。特別提到與加拿大就鋁的任何剝離進行的談判。

So I would like to hear that export opportunity the latest there. And then given that the US now has arguably the lowest aluminum smelter production costs in the world, just if there's any rethinking of expanding capacity domestically, like at Warrick with that idle potline. Thanks.

所以我想了解那裡最新的出口機會。鑑於美國目前可以說是世界上鋁冶煉廠生產成本最低的國家，如果美國重新考慮擴大國內產能，就像沃里克的閒置電解鋁生產線一樣。謝謝。

Well, there was a lot of questions there, Timna. So as far as the Canadian US negotiations that are going on, we are providing information to both sets of governments so that they have the right information, the right data to make the right decisions.

嗯，那裡有很多問題，蒂姆娜。因此，就正在進行的加拿大與美國談判而言，我們正在向雙方政府提供信息，以便他們獲得正確的資訊和正確的數據，從而做出正確的決策。

And we're working with both administrations to ensure that they understand the trade flows because we're the -- probably the world's expert on the trade flows between Canada and the US when it comes to aluminum.

我們正在與兩國政府合作，確保他們了解貿易流動情況，因為就鋁貿易流動而言，我們可能是全球專家。

I'm a little bit surprised by your comment around the lowest cost in the world for aluminum production. We have not yet seen with the exception, and I'll cover the Massena project. We have not yet seen significantly competitive energy prices for -- available for the long term in the United States. You know that globally, we would be shooting for energy prices between $30 and $40 a megawatt hour. We've not seen those available yet for long-term packages in the US.

我對您關於全球鋁生產成本最低的評論感到有點驚訝。我們還沒有看到例外，我將介紹馬塞納計畫。我們尚未看到美國長期具有顯著競爭力的能源價格。你知道，在全球範圍內，我們將努力將能源價格控制在每兆瓦時 30 至 40 美元之間。我們尚未看到美國有提供此類長期套餐。

In fact, the opposite of that is occurring because some of the data centers and the AI centers are able to pay $100 a megawatt hour, whereas we're looking for 30 to 40. And then lastly, around your question around Warrick.

事實上，情況恰恰相反，因為一些資料中心和人工智慧中心能夠支付每兆瓦時 100 美元，而我們期望的是 30 到 40 美元。最後，關於你關於沃里克的問題。

The Warrick restart is a complex restart for that fourth line. It will cost us probably about $100 million, and it will take anywhere between one to two years to get that fourth line up. We will continue to evaluate it, but we won't make an investment decision simply on a tariff.

對於第四條線路來說，沃里克的重啟是一個複雜的重啟。這可能要花費我們大約 1 億美元，並且需要一到兩年的時間才能完成第四條生產線的建設。我們將繼續對其進行評估，但不會僅根據關稅做出投資決定。

Tariffs can and do change over time. So we won't be plowing $100 million into the ground at this point to based on a tariff cost. Did I answer all.

關稅可以而且確實會隨著時間而改變。因此，我們目前不會根據關稅成本投入 1 億美元。我回答了所有問題嗎？

I think you did, and I should clarify that, that comment on the lowest production cost is adjusted for tariff and actually came from CRU, but that's helpful detail. I appreciate it.

我認為您確實這樣做了，我應該澄清一下，關於最低生產成本的評論是根據關稅進行調整的，實際上來自 CRU，但這是有用的細節。我很感激。

And I should have highlighted Massena, and let me just take a second to highlight Massena, really big deal. And I said this in our -- in my prepared remarks, but maybe it didn't come out as exciting as I wanted it to. Really big deal in Massena.

我應該強調馬塞納，請允許我花一點時間來強調馬塞納，這真的很重要。我在準備好的發言中說過這一點，但可能並沒有像我希望的那樣令人興奮。在馬塞納這確實是一件大事。

We have a 10-year contract that has two potential extensions of five years each, that allows us now to make long-term decisions associated with Massena, and we've decided to invest in the bake furnace and Massena. So really excited for the people of Massena.

我們有一份為期 10 年的合同，其中可能有兩個續約，每個續約五年，這使我們現在可以做出與馬塞納相關的長期決策，並且我們決定投資烘烤爐和馬塞納。我為馬塞納的人民感到非常高興。

And as I said in my prepared remarks, I committed to them. We're going to get them globally competitive long-term power contract. They've committed to me that they're going to work on the profitability of that plant, the safety of that plan and the production of that plant. And I'm looking forward to get up to upstate New York and celebrate here soon.

正如我在準備好的演講中所說的那樣，我對此做出了承諾。我們將為他們爭取具有全球競爭力的長期電力合約。他們向我承諾，他們將致力於該工廠的盈利能力、該計劃的安全性以及該工廠的生產。我期待著很快到達紐約州北部並在這裡慶祝。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Bill, Molly, a question on gallium. Do you have any color that you can share on the economics of that project? And if it is too early, maybe when do you expect technical report feasibility study that you can share, given that it seems that it could come up rather quickly? And maybe related to that, does this project changes in any way, the ongoing mining process that you have going on in Western Australia?

比爾，莫莉，關於鎵的一個問題。能分享一下該專案的經濟狀況嗎？如果還為時過早，那麼考慮到它似乎很快就會出現，您預計何時可以分享技術報告可行性研究？也許與此相關的是，這個計畫是否會以某種方式改變你們在西澳大利亞正在進行的採礦過程？

I missed the second half of that.

我錯過了後半部。

That's an impact on approvals

這對審批有影響

Approvals -- approvals process.

批准——批准流程。

If you change the ongoing mining permit process that -- permitting process that you have in Western Australia.

如果您改變正在進行的採礦許可證流程—西澳大利亞的許可流程。

Right. So let me go there fairly quickly. The approvals process that we're going through currently is related to Huntley and Pinjara. Huntley the mine. Pinjara, the refinery. So this would have no impact on that approvals process. In Wagerup, we will be going through an approval process there at a later date and this should have no impact on that approval process either.

正確的。所以讓我很快去那裡。我們目前正在進行的審批流程與亨特利和平賈拉有關。亨特利礦。平賈拉煉油廠。因此這不會對審批流程產生影響。在 Wagerup，我們稍後會在那裡進行審批流程，這也不應該對該審批流程產生影響。

When it comes to the economics, Carlos, this is not a large plant. It is not a large investment. It is going to be financed via a couple of Japanese entities, the US government and the Australian government. Alcoa will have a small part of the financing.

卡洛斯，從經濟角度來說，這裡不是大型工廠。這並不是一項大投資。該項目將由幾家日本實體、美國政府和澳洲政府提供資金。美國鋁業公司將提供一小部分融資。

The really critically important thing here is to have a supply chain of gallium outside of China. And this is what the governments want and they will be taking an offtake of that gallium. So Japan, Australia and the US will all have an offtake of the gallium.

這裡真正至關重要的事情是在中國以外建立鎵供應鏈。這正是政府想要的，他們將會收購鎵。因此日本、澳洲和美國都將對鎵產生需求。

I'll just add that the structure for that offtake is a cost-plus margin, which is still in the process of negotiation.

我只想補充一點，承購的結構是成本加成利潤，目前仍在談判過程中。

All right. Great. And then one more, if I may. Maybe related to the last question of Timna asked. Any intention to maybe look at getting back into the rolling business, unfortunate situations from some of the current producers there, maybe highlighted the need of having more robust supply chain?

好的。偉大的。如果可以的話，我再說一個。可能與 Timna 提出的最後一個問題有關。是否有意考慮重新進入軋製業務，目前一些生產商的不幸情況，可能凸顯了擁有更強大的供應鏈的必要性？

Carlos, my attorneys always tell me not to make unequivocal statements. But I will make an unequivocal statement. No, there's no interest in getting back in the rolling business.

卡洛斯，我的律師總是告訴我不要明確的聲明。但我要明確地聲明。不，我們對重返滾動業務不感興趣。

Fair enough. Thank you very much. See you next week.

很公平。非常感謝。下週見。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑。

Hi, Bill, Molly, I think most have been answered because I discussed most of the strategic elements next week. But just one follow-up just on the comment you made on gallium. Would you -- you said that the pricing would be an offtake agreement at a cost plus or a fixed margin. Is that all -- would that be for all of the volumes associated with the project? Is that the right way to think about it?

嗨，比爾、莫莉，我想大多數問題都已經得到解答了，因為我下週討論了大部分戰略要素。但我只想針對您對鎵的評論進行一次跟進。您是否說過定價將是成本加成或固定利潤的承購協議。這就是全部嗎——這就是與該項目相關的所有捲嗎？這是正確的思考方式嗎？

All of the volume, Alcoa, and we still have to get through a definitive agreements. So we're making these comments based on the MOU that was signed. Alcoa will have a very small offtake, very small offtake, but the rest will be cost plus.

所有的數量，美國鋁業公司，我們仍然必須達成最終協議。因此，我們根據簽署的諒解備忘錄發表這些評論。美國鋁業公司的承銷量非常小，非常小，但其餘部分將是成本加成。

Okay. And just one follow-up on the gallium dynamic. Can you give any insight on the ownership structure of the JV and your equity participation in the 100 tonnes?

好的。關於鎵的動態，我只想跟進一下。您能否介紹一下合資企業的所有權結構以及您在這 100 噸中的股權參與情況？

So the ownership structure is two entities will own the plant. The Japanese will own 50%. The combination of the US, Australia and Alcoa will own the other 50%. We have not publicly said the ownership of that second 50% and the offtake will be similar in line with the ownership percentages.

因此，所有權結構是兩個實體將擁有該工廠。日本人將擁有50%的股份。美國、澳洲和美國鋁業公司將共同持有剩餘的 50%。我們尚未公開表示第二部分 50% 的所有權，且承購量將與所有權百分比相似。

Right. So -- yes, comfortably less than 50% of the economics of the joint venture.

正確的。所以——是的，合資企業的經濟效益遠低於 50%。

Yes. To put it in perspective, we would anticipate taking -- and again, this is all in negotiation, something like 5 tonnes of the 100 tonne capacity.

是的。客觀地說，我們預計將吸收——再說一次，這一切都在談判中，大約是 100 噸產能中的 5 噸。

Okay, thank you. And then second question, and again, not trying to front run next week. But can you still confirm that the target for San Ciprián smelter running at steady state is mid-'26, is that still correct?

好的，謝謝。然後是第二個問題，再次強調，不要試圖搶在下週之前。但是您能否確認聖西普里安冶煉廠穩定運作的目標是 26 年中期，這仍然正確嗎？

Yes, that is our target, that we will have full run rate mid-'26 and trying to get to the level of profitability at the smelter in the back half of '26.

是的，這是我們的目標，我們將在 26 年中期實現滿載運轉，並努力在 26 年下半年達到冶煉廠的盈利水平。

Okay. And then, yes, last we've seen a bit of an uptick recently in both Midwest and European premiums. Can you give any color trying drive that? Are you seeing any green shoots end demand? Or is this some tightening in the supply chain? What would you attribute that uptick to?

好的。是的，最近我們看到中西部和歐洲的保費都有漲。你能給出任何顏色來嘗試驅動它嗎？您是否看到終端需求出現任何復甦跡象？還是這是供應鏈的某種收緊？您認為這種上漲的原因是什麼？

So in the Midwest, the Midwest has finally risen to a level where it covers the full tariff cost. In Europe, we're seeing some uncertainty around Mozal, the potential Mozal shutdown. And then the Century shutdown that's occurred within the last day or two that could put further pressure on the European premium.

因此，在中西部地區，中西部地區最終已經上升到可以涵蓋全部關稅成本的水平。在歐洲，我們看到圍繞 Mozal 的一些不確定性，例如 Mozal 可能關閉。而最近一兩天內世紀石油公司的停產可能會對歐洲石油溢價帶來進一步的壓力。

Both markets are still in deficit and the supply is very tight. So I think you're seeing the price react to that.

兩個市場仍處於短缺狀態，供應非常緊張。所以我認為你會看到價格對此做出反應。

Yeah. In the US, I think our days of consumption have gone down to something like 35 days, which typically triggers -- it's below a level where it typically triggers higher pricing.

是的。在美國，我認為我們的消費天數已經下降到 35 天左右，這通常會引發——低於通常引發更高定價的水平。

Claire, thank you.

克萊爾，謝謝你。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

Yeah, evening, Bill and Molly, I look forward to seeing you next week. Congratulations on the agreement of Massena. Just one question for me. Your geographic mix of shipments from your Canadian smelters. I know at one point, you're rerouting some of that material away from the US with the MWP back where it is, are those kind of flows back to normal again?

是的，晚上好，比爾和莫莉，我期待下週見到你們。恭喜馬塞納達成協議。我只有一個問題。來自加拿大冶煉廠的貨物的地理分佈。我知道，在某個時候，你們正在將部分材料從美國重新運送出去，隨著 MWP 回到原來的位置，這些流動是否又恢復正常了？

So we had redirected about 135,000 tonnes during the course of the year so far. But at this point, with the Midwest premium as high as it is, it would be back to normal shipments in the United States.

因此，今年到目前為止，我們已經轉移了約 135,000 噸貨物。但目前，由於中西部地區的溢價已經很高，美國的出貨量將恢復正常。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thank you, operator. Bill, coincidentally, net income attributable to Alcoa was $232 million this quarter. So my question is, what do you think the administration needs to see from here to ultimately come to this agreement with Canada and reach a resolution on the tariffs?

謝謝您，接線生。比爾，巧合的是，本季歸屬於美國鋁業公司的淨收入為 2.32 億美元。所以我的問題是，您認為政府需要看到什麼才能最終與加拿大達成協議並就關稅問題達成決議？

Nick, I'm not going to speculate what the US needs to see the position that we're in, and I was in Washington over the last two days. And I was meeting with key decision-makers on both sides of the table. The position that we're in is we're explaining them the market flows, and just so everybody knows. And I'm sure you've heard these numbers, the US is short, roughly 4 million metric tons on an annual basis.

尼克，我不想猜測美國需要看到什麼才能看到我們所處的境地，過去兩天我一直在華盛頓。我正在與談判雙方的關鍵決策者會面。我們所處的立場是向他們解釋市場流動情況，以便每個人都了解。我相信你已經聽說過這些數字，美國每年的缺口大約是 400 萬公噸。

Canada provides around 3 million metric tonnes out of that 4 million metric tonnes. I know there's been some discussions and you've probably heard some of the rumors around lower tariffs or potentially a tariff wall around North America, potentially tariff rate quotas, we are a resource to both administrations to help them understand the impacts of those, and that's the function that we've been fulfilling.

在這 400 萬公噸中，加拿大提供了約 300 萬公噸。我知道已經進行了一些討論，您可能已經聽到了一些關於降低關稅或可能在北美建立關稅壁壘、可能實施關稅配額的傳言，我們是兩國政府的資源，幫助他們了解這些影響，這就是我們一直在履行的職能。

Appreciate that, Bill. My second question was you've noted some production records at several of your assets year-to-date. And I assume that's the result of all the productivity and competitiveness work over the past 12 months. But what assets would you still consider to be underperforming today? And any other commentary about how much more you could improve at some of those other assets?

非常感謝，比爾。我的第二個問題是，您注意到今年迄今為止您的幾項資產的一些生產記錄。我認為這是過去 12 個月所有生產力和競爭力工作的成果。但您仍認為哪些資產目前表現不佳？您還有什麼評論說您可以在其他一些資​​產方面做出多大的改進嗎？

So I am very pleased with the operations globally. It starts with stability, and that gets reflected in generally the higher production levels, lower costs. When I look around the world, and if I just take you on a tour around the world, our Western Australian refineries have dealt with really, really poor bauxite quality.

因此，我對全球的營運感到非常滿意。它始於穩定性，這通常體現在更高的生產水平和更低的成本上。當我環顧世界時，如果我帶你環遊世界，我們西澳大利亞的煉油廠處理的鋁土礦品質非常非常差。

This is bauxite that we would have typically have thrown away in the past, and they've been able to offset a massive amount of that deterioration in better operating procedures and technology. If I then go to -- and I should have stopped in Spain just for a second, the start-up in Spain is going really, really well.

這是我們過去通常會丟掉的鋁土礦，他們已經能夠透過更好的操作程序和技術來抵消大量的損失。如果我隨後去——我應該在西班牙停留一秒鐘，西班牙的創業進展非常非常順利。

The -- we've never questioned the ability of our workers in Spain to run that facility extremely well and the start-ups going well. We've hit production records in Quebec. We've hit some production records in Norway. And the US is running well from a smelting perspective.

我們從未質疑過西班牙工人出色地運作該工廠和順利開展新創企業的能力。我們在魁北克創下了生產記錄。我們在挪威創下了一些生產記錄。從冶煉角度來看，美國運作良好。

It all starts with stability, a focus on the relaunched Alcoa business system. Really focus around maintenance and getting maintenance done right. And I should highlight it down in Brazil, we hit a production record in our refinery our Alumar refinery in September, fantastic performance there. And the smelter is up to around 93%, 94% in started capacity. And every day, they just add a pot or two.

一切始於穩定，重點在於重新啟動的美鋁業務系統。真正專注於維護並正確完成維護。我要特別強調一下巴西的情況，我們的煉油廠 Alumar 煉油廠 9 月創下了生產記錄，表現非常出色。目前冶煉廠開工率已達93%至94%左右。每天他們只會增加一兩盆。

So are there areas? Yes, there are definitely areas across the patch. As I look at opportunities for improvement, Brazil now has to get the stability and take the cost out. We still have opportunities to serve our customers better out of cast house in Massena New York for one and in Motion in Norway. So as I look across the system, there's still a lot of opportunity for improvement.

那麼有區域嗎？是的，補丁中確實存在區域。當我看到改進的機會時，巴西現在必須實現穩定並降低成本。我們仍然有機會在紐約馬塞納的演員辦公室和挪威的 Motion 為我們的客戶提供更好的服務。因此，當我審視整個系統時，我發現仍有許多改進的機會。

So, that was a great tour. I appreciate all the color and best of luck.

所以，這是一次很棒的旅行。我欣賞所有的色彩並祝你好運。

Thanks.

謝謝。

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。

To give us some color on the continued 10-year agreement in Massena. Is it a region where the demand for electricity has risen? Are there data centers or other new uses, new buyers? And is there new electricity capacity such as wind or natural gas or solar? And then secondly, does any of the infrastructure from the old prior Massena West plant still exist? Is this a candidate? Or are there any candidates among your properties where old capacity could be brought back?

向我們介紹一下馬塞納持續十年的協議。這是電力需求上升的地區嗎？是否有資料中心或其他新用途、新買家？是否有新的發電能力，例如風能、天然氣或太陽能？其次，舊的 Massena West 工廠的基礎設施是否還存在？這是候選人嗎？或者您的物業中是否有可以恢復舊產能的候選物業？

Wow, you ended that in a different way than I thought you were going. So let me address each one of those and Molly, feel free to jump in on any of this. The agreement that we have with the New York Power Authority extends the power contract for Massena out 10 years plus two opportunities to extended another five and five. So Massena can have very competitive low-cost green energy for the next 20 years that allows us line of sight to be able to make the bake furnace investment. So we're going to invest $60 million in the bake furnace.

哇，你結束的方式和我想像的不一樣。因此，讓我來逐一討論這些問題，而 Molly，請隨意加入其中。我們與紐約電力局達成的協議將馬塞納的電力合約延長 10 年，另外還有兩次延長 5 年和 5 年的機會。因此，馬塞納在未來 20 年內可以擁有非常有競爭力的低成本綠色能源，這使我們能夠進行烘烤爐投資。因此，我們將在烘烤爐上投資 6000 萬美元。

So as I talk to people, for instance, in the US administration, this is what aluminum needs in the United States. It's competitive, globally competitive electricity preferably green because at some point, we will get a green premium that's significant in the US, but this is exactly what's needed for investment in the United States, and that's why we've announced it and why we've done it.

因此，當我與美國政府人士交談時，我了解到這就是美國鋁業所需要的。這是具有競爭力的、全球競爭力的電力，最好是綠色電力，因為在某個時候，我們將獲得在美國相當可觀的綠色溢價，但這正是美國投資所需要的，這就是我們宣布這一計劃並這樣做的原因。

Your second part of that question is, is there a competition for the electricity in Upstate New York? There absolutely is, but I think New York Power Authority and the state of New York, and you remember, New York Power Authority is part of the state of New York, understands the commitment to jobs in the north country.

問題的第二部分是，紐約州北部的電力是否有競爭？絕對有，但我認為紐約電力局和紐約州，你記得，紐約電力局是紐約州的一部分，了解對北方地區就業的承諾。

Unlike a data center, we actually employ people. And we have approximately 550, 600 direct employees up in Massena, and this solidifies the future for them. They have to now deliver on a lot of things that I'm going to ask them to deliver upon.

與資料中心不同的是，我們實際上僱用了人員。我們在馬塞納擁有大約 550 到 600 名直接僱員，這為他們的未來奠定了堅實的基礎。他們現在必須履行我要求他們履行的許多事情。

You then went to Massena, you said West. It's actually Massena East that's the curtailed capacity there. Massena East, there is no potline left. So it is -- we're not going to be restarting aluminum production. What we do have opportunities in Massena East is around data centers and AI.

然後你去了馬塞納，你說是西部。實際上，馬塞納東部的運力是受到限制的。馬塞納東部，已沒有剩餘的電解槽生產線。所以，我們不會重啟鋁生產。我們在馬塞納東部確實有機會圍繞資料中心和人工智慧。

And there is electrical infrastructure still in place. And we're looking at opportunities there, along with everywhere else in North America, but we're really looking at opportunities at Massena East because the electrical infrastructure is there.

且電力基礎設施仍然存在。我們正在尋找那裡以及北美其他地方的機會，但我們真正關注的是馬塞納東部的機會，因為那裡有電力基礎設施。

Thanks, Bill. Congratulations.

謝謝，比爾。恭喜。

Thanks, John. Good to hear from you.

謝謝，約翰。很高興收到你的來信。

Glyn Lawcock, Barrenjoey.

格林·勞科克，巴倫喬伊。

Good morning from Australia, Bill. Bill, on the call, you said the public review period has closed. Have you been privy to what was in the public review period? And has there anything that you've seen been outside what your expectations, et cetera, in the review period that you have to respond to?

比爾，澳大利亞，早安。比爾，在電話中，你說公眾審查期已經結束。您是否了解公開審查期間的情況？在審查期間，您是否發現任何超出您預期的事情，需要您回應？

Thanks for the question, Glyn. Yes, the public review period is closed. We have received the comments from the rough numbers, 60,000 comments, which is a very large number of comments to come in through a public review period. We had originally thought out of those 60,000 about 5,500 were individual comments. We subsequently had the time to go through each of the comments and use a set of tools that can help us go through those comments.

謝謝你的提問，格林。是的，公眾評審期已經結束。我們收到的評論大約有 60,000 條，對於公開審核期間收到的評論來說，這是一個非常大的數字。我們原本以為這 6 萬則評論中大約有 5,500 則是個人評論。隨後，我們有時間仔細閱讀每一條評論，並使用一套可以幫助我們仔細閱讀這些評論的工具。

And there's probably around 2,000 individual comments that have been submitted. We have a very large team in Western Australia that is completely focused on replying to those comments and addressing those comments. As you can imagine, there's probably two or three areas that those comments are focused on. One is proximity to water. And just so that everybody knows we've been mining in Western Australia for 60 years.

目前大約有 2,000 則個人評論已經提交。我們在西澳大利亞有一個非常龐大的團隊，完全專注於回覆和處理這些評論。你可以想像，這些評論可能集中在兩三個領域。一是靠近水。為了讓大家知道我們已經在西澳大利亞採礦 60 年了。

We've never impacted the water supply in Perth, but I understand the concern around proximity to water. That's why we've agreed to step back some of the mining farther away from the water sources.

我們從未影響過珀斯的供水，但我理解人們對水源的擔憂。這就是為什麼我們同意將部分採礦活動撤離水源。

The second is really around mining in. And that's rehabilitation, any potential impact on Black I think, Glyn, you were probably out on our tour that we took you through. You've seen it for yourself. I would invite anybody else that wants to take a tour of Western Australia, we have public tours to show you the rehabilitation in Western Australia. It is world class, and that's the -- one of the two areas that people are focused on.

第二個其實是圍繞在採礦。這就是康復，我認為對布萊克有任何潛在的影響，格林，你可能參加了我們帶你參觀的旅行。您已經親眼見過了。我會邀請任何想要遊覽西澳大利亞的人，我們有公共旅遊團可以向你們展示西澳大利亞的康復情況。它是世界級的，這是人們關注的兩個領域之一。

All right, Bill. And if I could squeeze in a second and staying WA. You announced the Kwinana permanent closure the other day, you talked about potential for significant offset from the land sale. Just two questions. One, $600 million seemed a lot of money for the closure.

好的，比爾。如果我能擠出一點時間留在華盛頓州的話。前幾天您宣布了奎那那礦永久關閉的消息，並談到了透過出售土地獲得巨大補償的可能性。僅兩個問題。首先，6 億美元對於關閉工廠來說似乎是一大筆錢。

Was there anything that's specific to the closure versus other refineries? And then secondly, when you say significant for the land sale, is it commercially zoned? And could it be rezoned to make it more valuable? Or will it -- you don't think there's a zoning opportunity change as well?

與其他煉油廠相比，此次關閉有什麼特殊之處嗎？其次，當您說土地出售具有重要意義時，它是否屬於商業區？是否可以重新劃分區域以使其更有價值？或者說—您不認為分區機會也會改變嗎？

So Glyn, I'll take this one. So the significance of the closure cost for Kwinana, we have a large water management with the RSAs there. And this is the largest that we've seen in any of our prior refinery closures. So that's the accelerated -- the higher costs that you're seeing and our accelerated attempts to remediate as quickly as possible.

那麼格林，我選擇這個。因此，關閉奎那那水庫的成本意義重大，我們與那裡的 RSA 進行了大量的水資源管理。這是我們之前關閉的煉油廠中規模最大的一次。這就是加速的——您所看到的成本更高，而我們正加速嘗試盡快進行補救。

As far as the zoning, it's in an industrial park. So it is already a part of a large complex. We do believe the land will be quite valuable. It has board access, rail access. And because in Kwinana, we have the residue areas physically separated from the refinery site.

就區域劃分而言，它位於一個工業園區。所以它已經是一個大型建築群的一部分。我們確實相信這塊土地將會非常有價值。有木板通道和鐵路通道。而且因為在奎那那，我們將殘渣區與煉油廠區域物理隔離。

We will focus on remediating the refinery site and preparing that for redevelopment and resale there to try to get a full recovery of those closure costs and possibly exceed it.

我們將重點修復煉油廠場地，並為在那裡重新開發和轉售做好準備，以嘗試完全收回這些關閉成本，甚至可能超過它。

All right, thanks very much for the response.

好的，非常感謝您的回覆。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Yeah, hi, good afternoon, Bill, I look forward to the update next week on the longer-term areas. Maybe as a snapshot and pick it up on an earlier response on hyperscalers and maybe interest in idle assets or some of your connections. Have you seen hyperscale interest pick up in recent months? You mentioned specifically mice. I'm just wondering how the dialogue is proceeding and is a snapshot relative to earlier this year when you first brought it up?

是的，嗨，下午好，比爾，我期待下週有關長期領域的更新。也許作為快照，並從對超大規模的早期回應中獲取它，也許對閒置資產或某些連接感興趣。您是否發現近幾個月來對超大規模的興趣增加？您特別提到了老鼠。我只是想知道對話進展如何，與今年早些時候您第一次提出這個問題相比，情況如何？

So the interest in data centers and AI users hasn't really mitigated at all, hasn't come off at all over the last six months. we have spent a significant amount of time within the company trying to completely dimension what the opportunities are for our sites and how we aggressively market those sites to the right customers, the right developers for that land.

因此，對資料中心和人工智慧用戶的興趣實際上並沒有減弱，在過去六個月中根本沒有減少。我們在公司內部花了大量時間試圖全面評估我們網站的機會是什麼，以及我們如何積極地向合適的客戶、合適的開發商推銷這些網站。

So more to come on that in the future, but a lot of work going into what are the opportunities that we have, what electrical infrastructure we have, what interconnections that we can provide and who the best developer or a buyer of the site would be. And these are the closed and commissioned sites, not so much the active sites.

因此，未來我們會對此做更多研究，但還有很多工作要做，以了解我們有哪些機會、我們有哪些電力基礎設施、我們可以提供哪些互連以及誰是該網站的最佳開發商或買家。這些是已關閉和已投入使用的站點，而不是活躍的站點。

Yeah, understood. Earlier in your prepared remarks, you talked about the demand profile. And I guess, specifically the US you spoke of strength in packaging and electrical weakness in construction and transportation. Is this a sign of demand destruction or potentially substitution given tariffs in high Midwest premium?

是的，明白了。在您之前準備好的發言中，您談到了需求概況。我想，您特別提到了美國在包裝方面的優勢以及在建築和運輸方面的弱點。鑑於中西部地區高關稅，這是否是需求遭到破壞或潛在替代的跡象？

Or is this kind of more of a cyclical statement? Trying to get a sense of how the higher Midwest premium could be contributing to some of this demand weakness, if at all?

或者這更像是一種週期性的說法？您是否想了解中西部地區較高的溢價是否在一定程度上導致了需求疲軟？

We don't think it's demand destruction at this point. When -- and I think you ran through the end markets pretty well. When I look at the end markets, packaging and electrical conductor are very strong. Building construction hasn't gotten worse.

我們認為目前這還不是需求破壞。當——我認為你已經很好地掌握了終端市場。當我觀察終端市場時，包裝和電導體非常強勁。建築施工並沒有變得更糟。

We were expecting, as probably most people were expecting lower interest rates in the second half of this year. Those have not materialized. That will spur residential construction. The real weakness that we're seeing, both in Europe and in North America is the automotive.

我們和大多數人一樣，都預期今年下半年利率會下降。但這些尚未實現。這將刺激住宅建設。我們看到，無論是在歐洲還是北美，真正的弱點是汽車產業。

And is that demand destruction or is that in the case of Europe, really substitution by electric vehicles coming out of China? It's really hard to say. But at this point, we're not seeing significant demand disruption.

這是否會導致需求破壞？或者，就歐洲的情況而言，這是否真的被來自中國的電動車所取代？這真的很難說。但目前，我們還沒有看到重大的需求中斷。

Okay, thanks for that and again look forward to next week.

好的，謝謝，再次期待下週。

Nick Giles, B. Riley.

尼克吉爾斯、B萊利。

Thanks for taking my follow-up. Obviously, we've gotten some updated measures in the EU on safeguards for steel. So just curious if there are any updates you could share on what we could see on the aluminum side or how those discussions have progressed?

感謝您關注我的後續問題。顯然，歐盟已經採取了一些針對鋼鐵保障措施的最新措施。所以我很好奇您是否可以分享一些有關鋁方面的最新情況或這些討論的進展？

No. I can't give you any update on that in Europe. The next big set of regulations that will be coming into Europe is CBAM and our company's position is that we think CBAM will go into effect as of 2026. There are still some pretty big blue holes in CBAM, and anybody that wants to discuss that next week with me, we can, but the two big are scrap and end user and product production.

不。我無法向您提供有關歐洲方面的最新情況。歐洲即將推出的下一套重要法規是 CBAM，我們公司認為 CBAM 將於 2026 年生效。CBAM 中仍然存在一些相當大的藍洞，任何想在下週與我討論這個問題的人都可以，但最大的兩個是廢料和最終用戶和產品生產。

We think that CBAM will raise the Midwest -- not the Midwest, the European premium, probably $40 or $50 a ton in 2026, that will be a slight positive for us. Ultimately, costs will go up to as carbon costs creep into the overall cost structure. So CBAM, we think, will be coming in, in 2026 and at least in the near term have a positive impact for Alcoa.

我們認為 CBAM 將提高中西部地區——不是中西部，而是歐洲的溢價，到 2026 年可能達到每噸 40 美元或 50 美元，這對我們來說略有好處。最終，隨著碳成本逐漸滲入整體成本結構，成本將會上升。因此，我們認為 CBAM 將於 2026 年上市，並且至少在短期內將對美鋁產生正面影響。

Thanks a lot, Bill, appreciate it.

非常感謝，比爾，非常感謝。

This will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Oplinger for any closing remarks.

我們的問答環節到此結束。我想將會議交還給奧普林格先生，請他作最後發言。

Thanks, operator, and thanks to everybody for joining our call. We hope that you will join us for Investor Day next Thursday, I really look forward to seeing many of you there in New York, and that concludes the call. So thank you.

謝謝接線員，也謝謝大家參加我們的電話會議。我們希望您能參加下週四的投資者日活動，我非常期待在紐約見到你們，電話會議到此結束。所以謝謝你。

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。