UPDATE: Alcoa JV Partner San Ciprián Smelter Operations Delayed To Mid-2026 Following National Power Outage; Lowers Outlook, Now Expects Net Loss Of ~$90M-$110M For The Smelter And ~$110M-$130M Cash Burn In 2025 Due To Restart, Delay Pushing Revenue From 2025 Into 2026

The joint venture receives assurances on grid resilience

Today, Alcoa Corporation (NYSE:AA, ASX: AAI))) and its joint venture partner, IGNIS Equity Holdings, SL (IGNIS EQT), announced that the restart process of the San Ciprián smelter in Spain will resume.

On April 28, Alcoa's San Ciprián complex was impacted by a widespread power outage across Spain. As a result of the outage, both the San Ciprián refinery and smelter were affected, significantly impacting the ability to reach a timely and full restart of the smelter. Upon assessing the damage from the outage, the joint venture paused the restart until the Spanish Government could provide sufficient details on the cause of the power outage and the measures being taken to prevent a reoccurrence.

"We have reviewed the Spanish Government's report on the circumstances that caused the power outage, and the planned measures and investments aimed at providing improved grid resilience. We have also met with national and regional government representatives and received assurances they will continue to promote measures to provide reliable and competitive energy," said Rob Bear, Vice President, Spain for Alcoa. "Based on these factors and the government's recent public statements, the joint venture has decided to resume the restart of the smelter."

The joint venture estimates that the restart will be completed by mid-2026.