Bill. Thanks,
bauxite First, at with I'll the begin a market. look and alumina aluminum
stockpiles we see While estimated a now larger we’re bauxite bauxite, expect XXXX and quarter, surplus. bauxite both deficits the and Chinese into Beginning markets last alumina XXXX than moving likely will with and grow. to deficit projecting in aluminum noted quarter in first as the see aluminum continue
Guinea keep ex-China. outlook have Chinese economics for world that and has expect for supply the supply in bauxite as operational lower growth refineries our from increased continue serve at we the mid-quarter. made Chinese been be we disruptions relatively to stockpile. purchased continues in market, Chinese also operating customers believe exports increased by alumina at deficit some slightly, alumina Atlantic year. large lower demand and In surplus run in In supply China, demand While This alumina to the to rates that the profitable higher levels by incentivized
XXX,XXX million amount and our XXXX and from quarter's to are China, seen We projects available the to time aluminum tons, between smallest as X from we million relative tons metric lags. few also well deficit range demand government between needed be forecast import in is by these two year of aluminum, as recent this between estimate tons. are last XXXX. history. are import in due markets. of surplus up to alumina pricing the we've smaller expect in This metric growth announced million Global to approval to for XXX,XXX between forecasting China, China alumina as of same XXXX, tons for increasing remains In for projected In we outside X.X the obtain last a aluminum X.XX% delayed for smelter quarter to operating X.XX% X.X
plant, in add to which power coal-fired smelting and addition, power costs captive cost In China. to Chinese implemented has if the its desire government regulate indicated further the could
the next trade considerable in Brazil. into this is estimates In markets its that draft have and in rest and that out power could China and of of United uncertainty actions signaling come later exact set by these restarts Again as the and locations mix are mentioned States, driven originally quarter, disruptions industries. both temporary for serious smelter reduced curtailments exertions impact the reform is year. the in last impact U.S., And XXXX Europe of smelter supply supply it about remains balance multiple While announced we the supply to in aluminum policy, online await the than anticipated. domestic
the how it industry. affects policy I'll trade turn aluminum and to and global our view Now, U.S. on U.S.
by to aluminum the Let we saying that me begin administration address is challenges efforts that U.S. appreciate industry facing.
aluminum However and market long-term two addressed. U.S. global be consumers to issues structural producers support must in the
field remedy And underlying tariffs an persistent aluminum is structural despite industries. capacity operation and the Unfortunately unleveled do of money first, reform U.S. in subsidized China's imports The on aluminum worldwide. has these secondly, U.S. playing China progress uncompetitive its and not production. the issues in is aluminum resulted industry that the global losing capacity surplus to of unfairly smelter
U.S. how aluminum the U.S. capacity U.S. The The amount of estimated change chart tariffs at restart. are size chart market capacity and curtailed smelting demand. restart, the below capacity look imports. for affecting imports the the market. also available Directly operating broken amount out in Let's the announced by of shows of and XXXX the for market the is
key takeaways. the Here are
First only remain metric because of X.X have that driving ton XXX,XXX tariffs to competitors. tons metric a increase U.S. U.S. imports are restarts essential. a totaled from in market, million limited tariffs attributed In all supply, will
our efficiencies. financial State, to smelter of the that in exists restart our Indiana By Washington Alcoa, specific work rolling improves onsite our our Wenatchee operational performance. very benefit online, bringing back imperative we its it U.S. curtailed. cost for on and remains does currently a sole not is As mill for based and provide In financial part
two other that chain. still for Canada consumers. curtailed to We Canada, The U.S. U.S. required and its is majority three from We important smelters primary also U.S. excluded American metal. capacity operate the from of was tariffs. of metal have an producing importantly, aluminum U.S. XX% aluminum approximately North to if at online need locations. it supply Most all Canada key source was and is curtailed were which even not back the disappointed in would with import capacity vast
results. tariffs have Second, yielded far so mixed
and aged place. solve also tariffs able the uncompetitive Still, faced local on of To can healthy in The aluminum need smelting to aluminum the development closures make benefit, resulted be capital and in the U.S. Shielding decade. downstream support United abroad. hold in is producers competitiveness, in on the has main a have an aluminum from certainty tariffs Midwest that impact compete pushed market scale incentivizing U.S. energy investment Favorable have and inefficient States. about the in old. to capacity, real supply that first global unfair cooperating those on advantages eliminate Tariffs aluminum a demand competitive to underlying U.S. of the short, newest incentivize the incentivize a the tariffs. environment. regulatory allies no U.S. are distort providing market cost realities our the concerted Globally also and the and dynamics, subsidies aluminum the to a not tariffs can for the for an smelter curtailments manufacturers global long-term attractive, will will industry. the four market while U.S. a contributed costs long-term of global increasing higher premium demand years by for eventually While and the restart is last to U.S. In of which in producers industry. there frequent requiring things. challenges global duration consumers smelters intractable oversupply and particularly XXX global attractively returns, priced their XX costs competitive the U.S., capital effort by to competitive with issue, conditions government a with are
Elysis greenhouse development byproduct. with scale eliminates technology million, by will joint for process commercialization with investments the to oxygen of option, industry its producing advantage. and of provide Rio beginning technology package Canada. the known the larger new announced has commercialize In May the product, XXX support support as JV patent-protected of would carbon-free successful, makes direct and technology capital If XXXX. Greenfield needs as operating unique joint innovative from or produce Federal products both with Alcoa, in new would smelting The process With the CAD sale development Alcoa Government would year, a in a future combined together a Quebec that aluminum. Elysis, this venture reduce the The costs the also Apple venture and gases all to a Tinto of provide planned retrofit Lastly, a and for pure product consumers. and Government invented research drive to
do R&D execution very risks While to project we new stress with that technology, is associated want are and milestones. this I still the and JV an the the excited about project
priorities future. you the will the foundation development. a strengthen We use we as our brighter in update continue company’s progress our to future with closing, In to strategic we for
the assets grew $XXX We’re simplifying driving second markets returns bottom-line In addressing over sheet adjusted EBITDA the our by favorable and we internal our of benefits our to from our million liabilities. and sequentially. processes, quarter, drove balance
to As pension capital we reflect proceeds we’re costs plan, $XXX tariffs look prices, the market to line we reducing lastly, increased and energy imports, million. and outlook allocation debt our rest the year of by with operational in used however, on And aluminum impacts. to our liability our XXXX available cash reduce recent
trade reliability That we on the what predict includes markets how and improving can will global change, can’t While policy of we control. stability our may we focus operations. and
employees this are metals Bill and the and the business best in I with determination share know mining and Our they me.
cycles. As find we enter be your new half I continue year, of market through value you that, the strengthen could remind take started? us glad With the protocol get to please ways and and all of to let’s we would for the will Bill Operator, questions. to the and second stockholders drive company
