Alcoa's revenue decreased and profits declined in the first half of 2023. Revenue decreased 22.82% year-on-year from $6.937 billion in the same period of 2022 to $5.354 billion. According to Alcoa, the decline was mainly due to the increase in product costs and the decrease in market prices. In addition, in order to improve its internal management, Alcoa permanently closed its Intalco aluminum smelter in Washington in the first quarter, and the cost of employee layoffs was $149 million. Alcoa said that due to the expected reduction in raw materials and production costs in the aluminum oxide and aluminum plate segments, the company's financial situation is expected to improve in the third quarter of 2023.
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