Alcoa Spends $4.1 Billion to Lock In Its Own Metal Supply

Alcoa agreed 30 June 2026 to buy South32's bauxite and aluminum operations for $4.1 billion. Instead of buying raw materials from outside suppliers at fluctuating prices, Alcoa now owns the whole chain: ore, processing, and finished metal. This shields the company when prices swing, and lets it pocket profits when intermediate materials get expensive relative to the final product.