Alcoa to Acquire South32's Upstream Aluminum Assets for $4.1 Billion

Alcoa announced a $4.1 billion acquisition of South32's bauxite, alumina, and aluminum assets, per Alcoa's investor relations page. The deal spans all three upstream stages — mining, refining, and smelting — and signals consolidation across the aluminum value chain. Deal structure, financing, and closing timeline were not specified. The announcement coincided with Alcoa's Q2 2026 results.