Alcoa to Buy South32's Aluminum Business for $4.1 Billion

Alcoa will pay $4.1 billion for South32's aluminum operations, per Alcoa's investor relations page. The sale covers every step — mining the raw ore, refining it, and smelting it into metal — meaning fewer competitors in the aluminum industry. How Alcoa will fund it and when it closes remain unclear. The news came alongside Alcoa's Q2 2026 results.