Alcoa Corporation announced on 11 May 2026 a $65 million capital investment to expand and upgrade the casthouse at its Mosjøen smelter in northern Norway, the company’s largest single-tranche commitment to the site and part of a sustained investment programme that has now totalled approximately $180 million at Mosjøen since 2020.
The investment will introduce post-consumer recycled aluminium processing capabilities into the casting operation for the first time at the facility, alongside a new open-mold foundry casting line, advanced melting furnaces, and a range of additional casthouse improvements designed to increase production flexibility, broaden the foundry alloy portfolio, and allow for greater variation in ingot size, format, and recycled-content configurations.
Total production capacity at Mosjøen will increase by up to 75,000 metric tons as a result of the project, building on the facility’s existing primary aluminium output of approximately 214,000 metric tons per year, with commissioning and ramp-up structured in phases through 2028.
The strategic rationale centres on growing European and global demand for low-carbon, recycled-content aluminium from automotive and packaging manufacturers, who face increasingly stringent Scope 3 emissions accounting requirements and regulatory recycled-content mandates that require post-consumer source traceability, not merely production scrap, to qualify for compliance credit.
Mosjøen’s hydropower-backed electricity supply gives it a structural advantage in combining a low-carbon primary production footprint with certified recycled-content capability, a combination that CEO William Oplinger said positions the site at the forefront of delivering low-carbon aluminium products in a key European market.
The facility is one of Northern Norway’s largest employers, with more than 700 direct workers, and the investment is expected to support long-term industrial employment and broader supply chain activity in the Helgeland region.
The announcement followed Alcoa’s Q1 2026 earnings report, which showed revenue of $3.2 billion, down 7% sequentially due to a 33% drop in Alumina segment third-party revenue on lower shipments and prices, partially offset by a 3% increase in Aluminum segment revenue as higher LME and Midwest aluminium prices supported margins.
Net income attributable to Alcoa rose sharply to $425 million, or $1.60 per diluted share, up from $213 million in Q4 2025, with adjusted net income of $373 million or $1.40 per share and adjusted EBITDA of $595 million, up $68 million sequentially driven by stronger aluminium pricing.
The company ended the quarter with a cash balance of $1.4 billion and free cash flow of negative $298 million, primarily reflecting seasonal working capital build and capital expenditure of $119 million, and issued notice in May 2026 to redeem the remaining $219 million of its outstanding 6.125% Senior Notes due 2028 as part of its continued debt reduction strategy.
