Alcoa’s San Ciprián complex in Spain has been significantly affected by a widespread power outage across the country. Both the refinery and smelter at the complex experienced operational disruptions due to the outage. The company is currently conducting a comprehensive assessment to fully understand the extent of the operational and financial repercussions. The power outage, which impacted both Spain and Portugal, caused widespread disruptions, including traffic gridlock and halted train services. Spanish grid operator REE attributed the outage to a sudden and substantial drop in power supply, which triggered the disconnection of the grid interconnection between Spain and France.
Prior to this event, Alcoa reported strong financial results for Q1 2025, with net income increasing by 171% sequentially to $548 million. Adjusted net income also saw a significant increase, rising by 106% to $568 million. Adjusted EBITDA, excluding special items, reached $855 million, a 26% sequential increase. The company’s cash reserves at the end of Q1 stood at $1.2 billion. Looking ahead to Q2 2025, Alcoa anticipates unfavorable impacts of $90 million due to US Section 232 tariffs on aluminum imports from Canada, along with $15 million in restart costs for the San Ciprián smelter. However, alumina costs within the aluminum segment are expected to be favorable by $165 million sequentially.
