Alcoa and Eurasia Group Release White Paper on Economic Competitiveness and the Green Transition

New analysis from Alcoa and Eurasia Group explores synergies and trade-offs for the global aluminum industry amid accelerating decarbonization and policy shifts 

Alcoa Corporation (NYSE:AA, ASX: AAI)), together with Eurasia Group, today announced the publication of a new white paper, "Competitiveness & Green Transition in the Aluminum Industry: Finding Synergies or Facing Trade-Offs," which examines the intersection of economic competitiveness and the global green transition in the aluminum industry.

The white paper highlights how aluminum demand is rising across technologies such as solar panels, wind turbines, electric vehicles and the transmission projects that support them. At the same time, the industry is working to reduce its own carbon footprint, as a critical player in the global energy transition.

"Aluminum is essential to the world's low-carbon energy transition, and at the same time has opportunities to improve our own carbon footprint," said Nicol Gagstetter, Alcoa's Executive Vice President and Chief External Affairs Officer. "This white paper offers a perspective on how the aluminum industry can improve its competitiveness relative to other industries while also addressing the requirements of decarbonization. Alcoa is pleased to play a part in furthering the industry's conversation regarding competitiveness and the green transition while also providing the products and technologies necessary to achieve these aspirations."

Key Insights

• Balancing competitiveness and decarbonization: Global industry leaders, including Alcoa, are pursuing ambitious climate ambitions while facing challenges such as high energy costs, supply chain disruptions and shifting policy landscapes.
• Trade and policy dynamics: Implementation of major green policies—including the European Union's Carbon Border Adjustment Mechanism (CBAM)—are expected to reshape trade flows and supply chain decisions, creating both risks and opportunities for aluminum producers.
• Strategic recommendations: The white paper emphasizes circular economy initiatives, deeper supply chain traceability, digital innovation and region-specific strategies as pathways to capture value in the energy transition.

Industry Context Provided by the White Paper

Global investment in the energy transition reached a record $2.1 trillion in 2024, with aluminum demand projected to increase 40% by 2030 and 80% by 2050 compared to 2020. Currently, the aluminum sector accounts for approximately 3% of global industrial carbon emissions, underscoring the scale of the challenge and the opportunity for the industry to play a part in the green transition.

The report outlines how investments in circularity, low-carbon technologies and supply chain traceability can help aluminum producers remain competitive in a rapidly changing global marketplace.

Alcoa's Role in Providing Low-Carbon Solutions

Alcoa's Sustana^® line offers a comprehensive portfolio of sustainable products, including EcoSource^® alumina, EcoLum^® primary aluminum and EcoDura® aluminum, featuring properties such as low-carbon emissions and recycled content. Complementing this portfolio is the breakthrough ELYSIS^® technology under development, which aims to eliminate direct greenhouse gas emissions from the traditional aluminum smelting process. Together, these innovations showcase how Alcoa is harnessing renewable energy, advancing circular solutions and driving technological progress to accelerate decarbonization across the aluminum value chain.

"Our vision is to build a legacy of excellence for future generations," said Ms. Gagstetter. "By sharing this analysis, Alcoa aims to spark dialogue and collaboration across stakeholders including industry, government, and civil society to enable aluminum to continue to be part of the solution to one of the world's biggest challenges."

The white paper is available for download at https://www.eurasiagroup.net/live-post/competitiveness-and-the-green-transition-in-the-aluminum-industry-finding-synergies-or-balancing-trade-offs.

About Alcoa Corporation

Alcoa is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. 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 greater efficiency, safety, sustainability and stronger communities wherever we operate.

About Eurasia Group

Eurasia Group is the world's leading global political risk company. Its expertise includes developed and developing countries in every region of the world, specific economic sectors, and the business and investment playing fields of the future. With best-in-class advisory and consulting offerings, in addition to GZERO Media, the Eurasia Group umbrella provides the marketplace with a complete political risk solution. "Politics first" grounds the firm's work: it is the lens through which Eurasia Group views the world, shaping analysis that is free of political bias and the influence of private interests.

Dissemination of Company Information

Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts.

Cautionary Statement on Forward-Looking Statements

This press release contains statements that relate to future events and expectations about the Company's view of economic competitiveness in the aluminum industry relating to decarbonization efforts, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aim," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "potential," "projects," "reach," "seeks," "sees," "should," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. 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 believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa's filings with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

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Investor Contact:

Yolande Doctor

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Media Contact:

Sarah Ayer

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