美国铝业 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the transition period from ____ to _____Commission File Number: 1-37816 ALCOA CORPORATION (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of April 27, 2026, there were 263,889,875 shares of registrant’s Common Stock, par value $0.01 per share, of the registrant TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1.Financial Statements1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23 Item 3. Cautionary Statement on Forward-Looking StatementsThis report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containingsuch words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,”“goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,”“working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptionsor projections about the future, other than statements of historical fact, are forward-looking statements, including, withoutlimitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties,and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected inany forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will beattained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to avariety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economicconditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demandand pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked tothe London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supplyand demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, orrenew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energysupplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in thesupply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industrypublicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, orpolicies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation orregulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in theglobal economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates,inflation and other economic factors in the countries in which we operate; (n) global competition within and beyond the aluminum We caution readers not to place undue reliance upo