Alcoa Welcomes Clarification of Advanced Manufacturing Tax Credit and Updates Fourth Quarter 2023 Outlook
18 Diciembre 2023 - 4:15PM
Business Wire
Alcoa Corporation (NYSE: AA) welcomes the U.S. Treasury
Department’s (Treasury) announced guidance on Section 45X of the
Advanced Manufacturing Tax Credit, enacted as part of the Inflation
Reduction Act (IRA).
The Notice of Proposed Rulemaking (the Notice) clarifies that
commercial grade aluminum can qualify for the credit, which was
designed to incentivize domestic production of critical materials
important for the transition to clean energy. In the fourth quarter
of 2023, the Company expects to record a benefit in Cost of goods
sold between $35 million and $40 million (after-tax), or $0.20 to
$0.22 per share, related to its Massena smelter in New York and its
Warrick smelter in Indiana.
Alcoa intends to submit written comments to Treasury regarding
the definition of production costs as requested in the Notice.
Alcoa appreciates the leadership of the Biden administration in
implementing the IRA and this guidance on Section 45X.
Unrelated, the Company expects to record a valuation allowance
on certain deferred tax assets in Brazil which will result in a
charge to tax expense of $140 million to $150 million, or $0.78 to
$0.84 per share. Approximately $100 million of this charge, or
$0.56 per share, is discrete, resulting in a net loss of $40 to $50
million, or an impact to Adjusted loss per share in the fourth
quarter of 2023 of $0.22 to $0.28.
About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina
and aluminum products with a vision to reinvent the aluminum
industry for a sustainable future. Our purpose is to turn raw
potential into real progress, underpinned by Alcoa Values that
encompass integrity, operating excellence, care for people and
courageous leadership. Since developing the process that made
aluminum an affordable and vital part of modern life, our talented
Alcoans have developed breakthrough innovations and best practices
that have led to improved safety, sustainability, efficiency, and
stronger communities wherever we operate.
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it is possible that actual results may differ materially from those
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of Alcoa Corporation and insight on the ability of Alcoa
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directly comparable GAAP financial measure for the impact of, among
others, “special items” as defined by the Company, non-cash items
in nature, and/or nonoperating expense or income items. The
presentation of non-GAAP financial measures is not intended to be a
substitute for, and should not be considered in isolation from, the
financial measures reported in accordance with GAAP.
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Investor Contact: James Dwyer 412-992-5450
James.Dwyer@alcoa.com
Media Contact: Jim Beck 412-315-2909
James.Beck@alcoa.com
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