Alcoa Corp will reach 100% ownership of the San Ciprián joint venture in Spain on August 1, 2026. The company acquired the remaining 25% interest from Trento EQT for $28 million. This transaction followed the conversion of a $153 million mandatory convertible note.
The deal grants Alcoa full control over the San Ciprián alumina refinery and aluminum smelter complex. Management intends to streamline European operations and consolidate its upstream portfolio through this move.
Earnings attributable to the minority holder will cease after July 31, 2026. Alcoa will reflect the financial impact of full ownership in future earnings reports.