For the quarter ending March 31, the company's alumina production declined 5% sequentially to 2.4 million tons, while aluminum production remained flat at 607,000 tons. Third-party alumina shipments fell 31% due to reduced external purchases for customer commitments, seasonal shipping declines, and delays from Australia. Total aluminum shipments dropped 8%.

Alcoa maintained its 2026 guidance, projecting alumina production and shipments between 9.7–9.9 million tons and 11.8–12.0 million tons respectively. Aluminum production and shipments are expected to range from 2.4–2.6 million tons and 2.6–2.8 million tons. The company anticipates Q2 alumina EBITDA headwinds of approximately $15 million due to Middle East tensions affecting bauxite contracts and higher energy costs, offset partially by aluminum EBITDA growth of roughly $55 million from inventory optimization, higher shipments, and lower production costs from the restarted Warrick smelter. Import tariff costs are projected to rise $35 million sequentially, while alumina costs for the aluminum business are expected to decline $20 million.