Alcoa Corp., a leading aluminum producer in the US, posted its revenue of US$2.904 billion in the third quarter of 2024, basically keeping flat compared to the previous quarter and rising by 11.6% from the same period a year ago.

The company had a net income of US$90 million in the third quarter, compared to a net income of US$20 million in the second quarter and a net loss of US$168 million in the third quarter of 2023. The results reflected higher alumina prices and lower raw material costs.

In the third quarter of 2024, due to the full suspension at the Kwinana refinery this June, Alcoa’s alumina production fell by 4% quarter on quarter to 2.44 million tons. Aluminum production grew by 3% quarter on quarter to 559,000 tons due to continued progress in restarting the Alumar smelter.

In terms of shipments, the third-party shipments of alumina fell by 9.5% quarter on quarter to around 2.1 million tons, due to decreased trading. Aluminum shipments totaled 638,000 tons, a quarter-on-quarter drop of 5.8% due to reduced trading and the timing of shipments.