Bill. Thanks
estimates XXXX markets smaller like the start recap market view surplus primary XXXX. we and year, half prior In the year second for new to the largely for lower bauxite, with the I'd we a Guinea, from the the our surplus. As new reason the of of supply the rainy provide due ended than supply disruptions chain in year Decreased season the quarter. is in estimated final to
supply demand For to and to million to the with stockpiles a Guinea China project bauxite we to XX increased mitigate strategic year-on-year. Chinese XXXX surplus similarly supply serving imports risks. will chain where their increase in be in tons we sized from continue close build expect by market Australia refiners
to expected This revision In we surplus is year alumina, market previously. expansion. due smaller primarily we supply with globally. demand some Increased restarts roughly In finished balanced outpace refinery is smelters and also delays than a in Chinese increases. market a alumina to the expect from estimated XXXX Chinese
to in XXXX As deficit. the such, tons alumina China of to we net a surplus from importer world the of bringing expect in its rest meet remain
In XXXX. modest aluminum the Finally, growth. estimate and smelter we than in the XXXX for surplus a turn our offsetting will maintain demand driven additional of market by to deficit supply global expect we from global restarts full-year market more expansions
in and slightly continue a surplus will a China a market. that to expect market, to world ex-China the balanced market expect We be we surplus
for declining in growth, notably aluminum lower America. world ex-China North due year Europe global manufacturing volumes, in expectations trade demand XXXX trade Last tensions, most to primarily our and we lowered activity, growth,
demand anticipating For world in however, are both we XXXX China. and a ex-China growth rebound in in
to expect key real European are the see construction We as XXXX markets In aluminum the use posed market, growth. to demand in and in XXXX challenges end return sectors aluminum about the important we while and transportation a a recovery from to sectors cautiously conditions transport such including China. economic optimistic sector summary,
Now China XXXX state let's concerns bauxite unabated trends strategically in to transition located supply. continue risks. and ownership appetite to China's Alcoa in top-tier refining the of with chain our developments third-party globally market. from to these mines system also domestic October. supply due is the to supply to position. XXXX Meanwhile, strategically In own These to markets the cost assets is due between its with market programs of and bauxite, the likely strategic about to bauxite depletion own first imports quartile serve seven its to double are the stockpiling and has we continued for current global our projected connect long-term medium announced imports alumina
as As fund bauxite which own provide both, provides are bauxite cost year Bill system continued to long-lived increasing refining and global high reserves. quality we can our to to mentioned, our We advantage. we mine and competitive which CapEx this customers, internal position additional for access sustained our a see moves
supply system, importing fully higher relative and served world bauxite and to Chinese costs the with illustrates due bauxite. higher to advantage low-cost refineries low to our for cost position by continue the ex-China refining refineries associated own dependable face This our which have alumina, a the seaborne will of too highly costs bauxite is In of chain. mines
global in forward, bauxite the steepness supply in the curve. China's cost complexity Looking will support
market and pricing deployed closely Alcoa gives complex management is in demand transparent best linked our Alumina inventory, company. practices to cost-efficient another residue is notoriously efficient for difficult and has costly which developed attractive tends the mechanism. that Alcoa this competitive And supply and and bauxite a to market and to keep and and advantage of market-leading
exported challenge from XXXX in Finally, are million the supply in produced in semi growing in Chinese markets. aluminum, tons over to Chinese world to under of million Chinese semis. exports primary form X semis The exports X of of will products new. projected capacity effectively the global fabricated displacing to net aluminum market exports with increased be continues or XXXX. increase in ex-China just of extra semis over China is aluminum the tons Chinese those nothing outside of This competing trend to
nonmarket total Chinese by five unfair than finished past of semis were which been has year's and products the to over fact, OECD. report The in the or years with and Development in by the increases the value In and subsidies of growth subsidies captured contributed report exports ex-China Organization growth and did. the Chinese China's forces, smelting rebates the detailed value-added of clearly ex-China financial incentivize exports more have capacities semis consumption impacts tax This smelters Economic negative have across aluminum Cooperation last including chain. for fueled aluminum demonstrates aluminum that
overcapacity for ministers a a the playing on unfairly and yesterday's to fair. we existing our in would World ensure support sign address but strengthen aluminum. which why by a Trade industrial governments free This to the level European agreement to Organization by field. call continued needs for China That rules Japan States, include encouraged the trade subsidies, positive in is subsidized it As is and trade, are Union be company to we United
exports industry, resulting issue of the Chinese most become important rise the for subsidies are from our single aluminum to not waiting the transform changes we policy has government facing or business. While action
our portfolio are locations evaluating and that are We sustainable environmentally. our ensure to financially
the quartile portfolio a our I more the but high enter currently curve end earlier expect to of cost in in In to have today, even the to improved operations. At we position, we As lead focused produced our and once expect we the capacity with will aluminum, second an products. becoming world said also hold priorities quartile. review, position improved strategic not only us a complete sustainably we low-cost on first cost guide review, to competitiveness
lowest dioxide an of ton per From the improve make among smelting carbon metal of we carbon of we strengthened dioxide a will once in our to energy. XX% this And of the energy. actions perspective, is progressed renewable by one the environmental our review. carbon produced approximately environmental of portfolios We a review, portfolio emitters to through XX% expect our advantage continued due XX% with metal we already portfolio we've that Today, intensity that expect will we're that almost on true emitter renewable focused with our be as produced producers and part global sustainability. lowest world provide with believe our portfolio footprint, changes the
spend discussing a recent time actions most our to improve. more let's bit Now,
left in top is quarter. the in model in of result our effect It annual fourth operating new to November. chart, expected the $XX the in savings beginning of beginning at took First, second million operating costs in quarter the
our business sales, We commercial eliminated and our prior procurement and structure have unit capabilities. consolidated other
plan bringing team, to assets management non-core sale months. in enabling to between $X closer we cash to million XX we quick are and generate our making Also, the of Importantly, the decisions. XX in faster operations are over $XXX through our billion our next progress
waste agreement A few to processing announced sell Springs weeks an Gum our we ago, facility.
the While provide, is services facility the at Alcoa. there it not this function core a can of expanded team scope
valued transaction a agreed have global firm $XXX the a location we to at sell in environmental So, to million.
another the satisfaction post-closing of the this $XXX receive million when quarter, $XX will upon and conditions. closes transaction million We
of reshape to non-core work assist the will us existing our additional cash in our sale we The assets generate from portfolio.
review that process, Comfort we or X.X which portfolio since This our capacity, of or part XX% focused five-year last decision and on made of refining million XXXX. tons is million Point to XX% a global metric of As has which fully been metric of close is that alumina current portfolio, the capacity. action refinery of X month multi-year curtailed segment's the review, smelting approximately tons in first Texas, in permanently the
XXXX. Suriname, the This government, Finally, earlier we Suriname's parliament. with in accordance transfer we milestone the in the important XX, effective an the in of successfully dam happened completed by December year marked agreements closure Afobaka hydroelectric approved where to
the transfer in to of work we important country, dam for in remediation ends come. the chapter While the history will to an remain sites years of our the on
to In closing, eliminating resolved There as We've Alcoa strategic do, and balance as an sheet strengthened capacity progress unprofitable company from has work since our high launched our values. numerous and our portfolio. still much will is XXXX. managing continue independent made legacy our items well guide cost significant in liabilities us we priorities our and by to
reduce in commodity which are that industry. global we being on cyclical a cost, low can so We consistently will better means we focused complexity compete work to
our both value operating streamlining will improvements operations to across to and further deliver capturing value improve so we'll we our our be stockholders. model, financial can With the and We chain. focused. Alcoa's sustainability sustainably, are we returns to work for we finally, advance margin across new And aim productivity drive Alcoa,
commodity We find ourselves roadmap no determined and we the a where progress for have cycle. we clear to in matter success, are
ready Bill take and are that, to questions. with your And I
