美国铝业 2026年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the Quarterly Period Ended March 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the transition period from ____ to _____Commission File Number: 1-37816 ALCOA CORPORATION (Exact name of registrant as specified in its charter) 81-1789115(I.R.S. EmployerIdentification No.) 201 Isabella Street, Suite 500,Pittsburgh, Pennsylvania(Address of principal executive offices)15212-5858(Zip Code)412-315-2900(Registrant’s telephone number, including area code)Not applicable(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of April 27, 2026, there were 263,889,875 shares of registrant’s Common Stock, par value $0.01 per share, of the registrantwere outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION1Item 1.Financial Statements1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk37Item 4.Controls and Procedures37PART II – OTHER INFORMATION38Item 1.Legal Proceedings38Item 1A.Risk Factors38Item 2.Unregistered Sales of Equity Securities and Use of Proceeds38Item 4.Mine Safety Disclosures39Item 5.Other Information39Item 6.Exhibits39SIGNATURES40 Cautionary Statement on Forward-Looking StatementsThis report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containingsuch words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,”“goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,”“working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptionsor projections about the future, other than statements of historical fact, are forward-looking statements, including, withoutlimitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, andsupply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance(including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies,outlook, and business and financial prospects (including related to production and shipments); and statements about capitalallocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perceptionof historical trends, current conditions, and expected future developments, as well as other factors that management believes areappropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties,and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected inany forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will beattained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to avariety