Alcoa Sees Aluminum Deficit, Tariff Upside and NPV Synergies
Alcoa expects aluminum to remain in a global deficit outside China, with North America and Europe showing the largest gaps, while alumina stays in surplus even after a rebound to about $350. It sees potential upside if Canada gets a more favorable tariff. The firm’s largest acquisition is expected to close in H2 2027, with about $900 million in net present value synergies, plus higher annual capital spending and transformation-related proceeds through 2030.