Oct 16(LTIT) –Alcoa Corporation reported results for the third quarter 2020 results. The company sets new production records for Alcoa-operated bauxite mines and the Alumina segment.

In Alumina, Alcoa’s third-party shipments rose approximately 6 percent sequentially, primarily due to the timing of shipments and higher overall production. In Aluminium, third-party shipment reduced approximately 3 percent due to the curtailment of the Intalco smelter in Q3 2020.

Alcoa realized an 11 percent sequential increase in sales volume of value-add products on improved demand from the automotive sector.

“Across all of our segments, we are delivering solid results and continuing to improve overall performance,” said Alcoa President and CEO Roy Harvey. “In the third quarter, we captured the gains from better pricing in alumina and aluminum, increased sales of value-add aluminum products, and realized a 54 percent sequential improvement in adjusted EBITDA.”

“We are doing far more than simply maintaining stability – we are setting production records, driving productivity, reducing costs, and improving our balance sheet. All of this is aligned with our strategic priorities and is only possible because of the dedication of our people and the work to protect safety and health during these unprecedented times,” Harvey said.

Revenue has increased by 10 percent quarter-on-quarter to $2.4 billion on higher alumina and aluminium prices. Net loss stood at $49 million compared with net loss of $197 million, in the second quarter of 2020. “The sequential improvement is primarily attributed to higher aluminium and alumina prices in addition to lower restructuring-related charges in the quarter.”

Excluding the impact of special items of $169 million, adjusted net loss was $218 million, from adjusted net loss of $4 million in Q2.

Adjusted EBITDA excluding special items came in at $284 million, a 54 percent sequential increase primarily attributed to higher aluminium prices.

“As a result of our comprehensive measures to protect employees, contractors and communities from risks associated with the COVID-19 pandemic, all of our global operations have maintained production without interruption, and the Company’s segments have not experienced any significant disruption in its supply sources. All locations have maintained comprehensive plans to mitigate the risks caused by the pandemic and continue to refine and update those plans based on specific conditions,” Alcoa said.