Alcoa Corporation Announces Closing of Debt Offering to Finance Cash Consideration for Acquisition of South32’s Bauxite, Alumina and Aluminum Assets

September 23, 2026 - 18:18

Alcoa Corporation has finalized a major debt offering to support its acquisition of South32's bauxite, alumina, and aluminum assets. The Pittsburgh-based aluminum producer confirmed the closing of $2.6 billion in senior notes, split between two issuers.

The offering includes $1.5 billion in 6.625% senior notes due 2034, issued by Alumina Pty Ltd. A second tranche of $1.1 billion in 6.875% senior notes due 2036 was issued by Alcoa Nederland Holding B.V. Both entities operate under the Alcoa corporate umbrella.

The proceeds will finance the cash portion of the company's purchase of South32's portfolio, a deal that expands Alcoa's reach across the aluminum supply chain from raw material extraction through finished production. The acquisition covers bauxite mining operations, alumina refining capacity, and aluminum smelting assets.

The notes carry investment-grade style coupons that reflect current market conditions for corporate debt. Alcoa's shares trade on the New York Stock Exchange under the ticker AA and on the Australian Securities Exchange under AAI.

The transaction marks another step in Alcoa's strategy to consolidate key assets and strengthen its position in the global aluminum market. The company has not disclosed a specific timeline for integrating the newly acquired operations.