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been and shortages to million occurring ever strong which experienced, see aluminum Europe industrial supports growth. as continued Strong power continue sectors. expect a cuts one particularly its levels curtailments the represent relative in These being the only year the In seen tons surpass occurring to to energy high-power across aluminum demand which has global production costs by demand This policies XXXX, industry China's annual economies, as in and the GDP XXXX and they annualized leading there given and China XX% that related energy regarding curtailed dynamics are positive for have due to and capacity We China, of recent a there the enforcement to that X aluminum. largest increase of the end-use world's net importer is primary of may primary has of shortages supplies across lead aluminum are supported supply have approximately year, XXXX. well. major These of we demand we not cuts smelting in more pre-pandemic to environment. also during to than reports all demand status
for relative only a were volumes. value-add For second the Alcoa's volume our are quarter. sold growth commercial impacts, annual significant earn up value-add from premiums products. we value-add open for quarter, In the for high products premiums Much we third for also aluminum to products year-over-year demand spot the in of so benefits Strong pricing. high are our contracts, supported portion spot seeing
contract current provide However, environment market positive for dynamics a XXXX negotiations.
on also we're seeing comment I'd which rise. the market, Next, aluminum on in what to the like is
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Some and production refineries driven spot China global of dynamics policies At China to energy. outside to alumina dynamics and in due some amount purchases. have the unplanned disruptions environment available time, the to the costs, smelting same for related reduced in in restricted I discussed supply have earlier current of power shortages, regards alumina. the the same production tightness These
of at China net in available short is alumina smelters remains a alumina. competing importer, it China for outside now While with
China been highest outside XXXX. the are a of at since prices As for they've result, levels alumina
move been Alcoa our doing let's future. of support slide to the that items a business has recaps some Now, to for that the
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the highlight quickly to news wanted I today. announced we earlier Next,
current dividend talked core to across not buyback Alcoans work nearly succeed, clear We we the new market announcement operations. framework program. the of now seeing capital market our the decision our capital with Alcoa evidence our allocation been about prioritizes the can to we're completed The company. regarding improve authorize and This be and current stronger ago, capital our expected since To review, liquidity but in it Today, this programs corporations investing are that globe and initiate framework. the Since only these position proud is we've the has sustain a to strengthening five than commodity company the launched maintaining aligns flows, returns of environment is through quarterly cash view our to believe have sustained. our cycle. And with favorable inception. years and
across we categories maximize to in order. opportunities listed value-creation four Next, no specific aim
is of returning course, demonstrated those, cash of One which stockholders, to we've today.
the Now, creation let me three briefly other value opportunities. highlight
our great we've in reducing First, progress made debt.
our is Today, of their maturities proportional $X.X are and has X.X expected debt funding Company our substantial debt no at our target below XXXX pension until adjusted lowest our mentioned, levels. to billion. now As requirements net cash range
net our to previously, said we've sheet we As may balance the cycle. through a intend strong but maintain debt fluctuate,
focus transformation building this X-year already our the have is progress another portfolio, Second, the made of in on we program.
we Finally, and pursue growth generate will projects continue evaluate that to value-creating adequate opportunities rate of an return.
prepare Now, we important I for your few a items. summarize questions, want to as
First, very aluminum the to be time it's good upstream a in business.
We have more that made we're cycle. work well-positioned competitive, including of has accomplished segments, we've while of position we're the to continuing markets, capture from seeing. improved three work, enabling benefits our aluminum currently all in us through long to that very a the healthy us succeed and commodity this Because the prices
that I'm other core time. today stronger at corporation than proud to say is our Next, any
are the in you Alcoa. capital your framework, sheet of authorization and our support best improved financial including further allocation investors. is in trust strength to shape more ever. returns This execute Our working flexibility to strategies our our balance and allowed Thank on has the for
ready a for Finally, sustainable future. we're
Will that we are first now As deliver as and Operator, our for I a people, five-year to our value as our about month, our forward company approach move ahead anniversary we to can answer do ready processes, products. question? I'm our questions. and your have what's who stronger we next excited
