Risk Sleuth
AA · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Alcoa

39 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Suppliers

AGL Hydro Partnership

depends on · 587 MW
In August 2023 and September 2024, the smelter entered into nine-year fixed-for-floating swap contracts with AGL Hydro Partnership for a combined 587 MW effective July 1, 2026.Business (Item 1)

Manicouagan Power Limited Partnership

depends on · approximately 25 percent of its electricity needs
Alcoa’s smelter located in Baie-Comeau, Québec, purchases approximately 25 percent of its electricity needs from Manicouagan Power Limited Partnership under an agreement that expires in February 2036.Business (Item 1)

New York Power Authority (NYPA)

depends on
In October 2025, the smelter entered into a ten-year contract for renewable energy with NYPA, effective April 1, 2026.Business (Item 1)

Also named by ED

Hydro-Québec

depends on
Otherwise, all electricity consumed by the three smelters in Québec is purchased under contracts with Hydro-Québec that expire on December 31, 2029.Business (Item 1)

Landsvirkjun

depends on
Landsvirkjun, the Icelandic national power company, supplies competitively priced electricity from a hydroelectric facility to the smelter under a 40-year power contract, which expires in 2048 with a price renegotiation effective from 2028.Business (Item 1)

Compagnie des Bauxites de Guinée (CBG)

depends on
The amount of bauxite Alcoa purchases from its minority-owned joint venture, Compagnie des Bauxites de Guinée (CBG), differs from its proportional equity in the mine.Business (Item 1)

Partners and platforms

Trento Equity Holdings (Trento EQT)

25%
On March 31, 2025, Alcoa and Trento Equity Holdings, S.L.U. (Trento EQT), formerly known as IGNIS Equity Holdings, SL, entered into a joint venture agreement to support the continued operation of the San Ciprián complex in Spain whereby Alcoa owns 75% and continues as the managing operator and Trento EQT owns 25% of the San Ciprián operations.Business (Item 1)

Other companies

Saudi Arabian Mining Company (Ma'aden)

$1,397named as a risk
The Company recorded mark-to-market gains of $197 related to marketable securities in 2025, and at December 31, 2025, the shares of Ma’aden were valued at SAR 60.95 per share, or $1,397.Risk factors (Item 1A)

Also named by MOS

Le Syndicat des Métallos (FTQ)

about 1,000 employeesnamed as a risk
The Company is actively negotiating three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing about 1,000 employees at the Bécancour (ABI) smelter in Québec, Canada that expired on July 19, 2025.Business (Item 1)

Competitors

Rio Tinto

competes with
We compete with commodity traders, a growing number of refineries in Asia (especially in China and Indonesia), and other alumina producers, such as South32, Rio Tinto, and Glencore.Business (Item 1)

Places

Kwinana alumina refinery

operates in · $895named as a risk
The Company recorded charges of $895 associated with the closure, and cash outlays (which includes existing reserves) related to the full curtailment and closure of the Kwinana refinery were $212 in 2025.Risk factors (Item 1A)

China

named as a risk
Chinese production rates of aluminum, both from new construction and installed smelting capacity, can fluctuate based on Chinese government policy, such as the level of enforcement of production capacity limits and/or licenses and environmental policies.Risk factors (Item 1A)

Also named by A, AAOI, AAP, AAPL, AB, ADI, AEHR, ALAB and 261 more

Western Australia

operates innamed as a risk
For example, the Company continues to mine and process lower grade bauxite in Western Australia, which has caused increased production costs.Risk factors (Item 1A)

Also named by ALB

San Ciprián, Spain

operates innamed as a risk
For example, the San Ciprián refinery and smelter incurred substantial losses in 2025 and in prior years as a result of a challenging economic environment, primarily due to the high cost of energy.Risk factors (Item 1A)

Juruti, Brazil

operates innamed as a risk
For example, community and stakeholder concerns in Juruti, Brazil have affected our ability to access certain mining areas at times.Risk factors (Item 1A)

Jarrah Forest

operates innamed as a risk
The global focus on climate is raising awareness in many countries, which could adversely affect our ability to mine and operate in sensitive areas like the Jarrah Forest and the Amazon.Risk factors (Item 1A)

Alumar smelter (São Luís, Brazil)

operates in
The Alumar smelter purchases power under several long-term power purchase agreements that expire in 2038.Business (Item 1)

Hazards

Spain power outage

operates innamed as a risk
The restart was paused in April 2025 following a widespread power outage across Spain and resumed in July 2025.Business (Item 1)

Commodities and inputs

Natural gas

exposed to its price · approximately 90 percent of the Pinjarra and Wagerup refineries’ gas requirementsnamed as a risk
On a combined basis, these gas supply arrangements are expected to cover approximately 90 percent of the Pinjarra and Wagerup refineries’ gas requirements (after the closure of the Kwinana refinery in September 2025) through 2027, with decreasing percentages thereafter through 2032.Business (Item 1)

Also named by ADM, AEE, AEP, AES, AESI, AGX, ALB, AMRC and 132 more

Electricity

exposed to its price · approximately 24 percent of the Company’s primary aluminum production costsnamed as a risk
In 2025, energy comprised approximately 24 percent of the Company’s total alumina refining production costs and electric power comprised approximately 24 percent of the Company’s primary aluminum production costs.Business (Item 1)

Also named by AESI, APD, APLD, ATI, ATO, BA, BMNR, CLF and 22 more

Alumina Price Index (API)

exposed to its price · approximately 95 percent of the Company’s smelter grade alumina shipments to third partiesnamed as a risk
In 2025, approximately 95 percent of the Company’s smelter grade alumina shipments to third parties were sold on an adjusted API price or fixed price spot basis.Business (Item 1)

National Electricity Market (NEM)

exposed to its price · 587 MW
This smelter purchases power from the National Electricity Market (NEM) variable spot market in the state of Victoria and has fixed-for-floating swap contracts with AGL Hydro Partnership, Origin Energy Electricity Limited, and Alinta Energy CEA Trading Pty Ltd, for a combined 587 MW that expire on June 30, 2026.Business (Item 1)

Caustic soda

exposed to its pricenamed as a risk
Certain raw materials, such as caustic soda and calcined petroleum coke, may be subject to significant price volatility which could impact our financial results.Business (Item 1)

Also named by IP

London Metal Exchange (LME) aluminum price

exposed to its pricenamed as a risk
A sustained weak LME aluminum pricing environment, deterioration in LME aluminum prices, or a decrease in regional premiums or product premiums could have a material adverse effect on our business, financial condition, or results of operations.Risk factors (Item 1A)

Calcined petroleum coke

exposed to its pricenamed as a risk
Certain raw materials, such as caustic soda and calcined petroleum coke, may be subject to significant price volatility which could impact our financial results.Business (Item 1)

Coal

depends on
Each facility listed above generates hydroelectric power except Warrick, a co-located power plant which generates substantially all of the power used by the Warrick smelter using coal purchased from third parties at nearby coal reserves.Business (Item 1)

Also named by AEE, AEP, AES, ARLP, BKH, BRK/B, CNP, CSX and 19 more

Title Transfer Facility (TTF) natural gas

exposed to its price
The natural gas supply contract for the San Ciprián refinery was renewed in 2025, transitioning pricing from Spanish Virtual Balance Point spot gas rates to Title Transfer Facility (TTF)‑linked European benchmarks.Business (Item 1)

Regulators

Western Australian Environmental Protection Authority

subject tonamed as a risk
For example, during 2025, the Company continued to advance mine approvals for its next major mine regions (Myara North and Holyoake) and the rolling five-year mine plan (2023-2027) referred to the Western Australian Environmental Protection Authority in 2023 by a third party.Risk factors (Item 1A)

Federal Energy Regulatory Commission (FERC)

subject to
Alcoa Power Generating Inc., a subsidiary of the Company, also owns certain Federal Energy Regulatory Commission (FERC)-regulated transmission assets in Indiana, Tennessee, New York, and Washington.Business (Item 1)

Also named by AEE, AEP, AM, AMRC, AR, ARES, ATO, BKH and 62 more

Brazil's national electric system operator (ONS)

subject to
The generation is managed by Brazil’s national electric system operator (ONS) and factors such as water levels and maintenance across the entire electrical system can allow for a facility’s generation to vary in comparison to its assured energy.Business (Item 1)

Laws and programs

CERCLA (Superfund)

subject to · approximately 60 locationsnamed as a risk
We maintain remediation and reclamation plans for various sites, and we manage environmental assessments and cleanups at approximately 60 locations, which include currently owned or operated facilities and adjoining properties, previously owned or operated facilities and adjoining properties, and waste sites, such as U.S. Superfund (Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)) sites.Business (Item 1)

Also named by AAOI, ALB, AN, APD, APLD, ATI, AWK, BMY and 27 more

Section 45X Advanced Manufacturing Production Credit

subject to · $63named as a risk
In 2025, the Company recorded benefits of $63 in Cost of goods sold, related to its Massena West smelter in New York and its Warrick smelter in Indiana.Risk factors (Item 1A)

Also named by FSLR, NXT

U.S. Section 232 aluminum tariffs

subject to · $571named as a risk
Total Section 232 tariff costs in 2025 were $571.Risk factors (Item 1A)

Also named by IBP

Norwegian carbon dioxide compensation scheme

subject to · 40 percent of the carbon dioxide compensation paid
Beginning in 2024, the carbon dioxide compensation scheme in Norway includes a requirement for recipients to implement emission reduction and energy efficiency measures corresponding to 40 percent of the carbon dioxide compensation paid.Business (Item 1)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, set a progressive phase-out of Section 45X credits beginning in 2031 and fully eliminates these credits beginning in 2034.Risk factors (Item 1A)

Also named by ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR, AMRC and 121 more

EU Carbon Border Adjustment Mechanism (CBAM)

subject tonamed as a risk
In October 2023, the CBAM entered into application of its transitional phase, which applies to aluminum, with the first reporting period for importers ending January 31, 2024, and full implementation of CBAM began on January 1, 2026.Risk factors (Item 1A)

Also named by CF, F

Spanish indirect carbon emissions compensation regime

subject tonamed as a risk
Compensation is paid one year in arrears relative to the production period and is subject to the availability of funds in the Spanish national fiscal budget.Business (Item 1)

Global Industry Standard on Tailings Management (GISTM)

subject to
For non-operating impoundments not in conformance, the Company expects to achieve conformance with GISTM by the end of 2026.Business (Item 1)

Technology

ELYSIS

48.235%
ELYSIS® Limited Partnership (ELYSIS) is between wholly-owned subsidiaries of Alcoa (48.235%) and Rio Tinto Alcan Inc. (Rio Tinto) (48.235%), respectively, and Investissement Québec (3.53%), a company wholly-owned by the Government of Québec, Canada.Business (Item 1)