Alcoa Corporation achieved its highest quarter results since 2018 as it reported its first quarter 2021 results.

It reported a 20% sequential increase in revenue and generated a net income of $175million.

Revenue and income was at its highest since 2018, which was a record-setting year for the company.

Alcoa also completed the sale of the Warrick rolling mill for $670million while also signing agreements to repower Portland Aluminium Smelter in Victoria, Australia.

“We had an excellent first quarter with our best quarterly result since a record-setting year in 2018,” said Alcoa President and CEO Roy Harvey. 

“We excelled from the top line to the bottom line, controlling production costs and capturing the benefits of improved demand and stronger prices for alumina and aluminium.

“In addition to exceptional operating performance, we made the Company even stronger this quarter by improving the balance sheet.

“Using cash on hand and the proceeds from our debt issuance with our lowest-ever coupon rate, we paid off higher-interest rate notes in April and funded more of our pension obligations. This provides even greater flexibility to execute on our long-term strategy in the years ahead.

“Our teams have demonstrated relentless discipline to ensure we are ready for whatever the markets may bring. We’ve proven we can operate during uncertain times, and we’re well positioned for the future with excellent environmental, social and governance practices and a low-carbon product portfolio that is the industry’s most comprehensive.”

Read the full details of Alcoa’s first quarter 2021 results.

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