Alcoa first quarter earnings results

Alumina Limited notes Alcoa Inc’s (“Alcoa”) quarterly earnings release and attaches it for reference.

Relevant market data to assist readers in understanding the market, operational and commercial matters of Alcoa World Alumina & Chemicals (“AWAC”) are attached.

Alumina Limited’s CEO Peter Wasow, commented, “Margins for the alumina segment improved over the last quarter due to ongoing productivity improvements, cost control and a decline in the Australian dollar. Industry conditions remained challenging due to long refining positions in the Atlantic region. In China, there have been further curtailments in refining capacity in the Shandong region due to uncertainty over bauxite supply and cost, while inland refiners continue to satisfy domestic Chinese demand. Worldwide, alumina demand growth remains robust as the demand for aluminium outpaces GDP growth.”

AWAC’s production of alumina was 4.0 million tonnes for the first quarter.

Alumina Limited received capital repayments from AWAC of $43 million so far this year. Alumina Limited’s only capital contribution to AWAC during the first quarter was an equity contribution to Ma’aden of $18.4 million.

Alumina Limited’s net debt was approximately $129 million at the end of March 2014.

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