Alcoa Buys South32's Aluminum Assets for $4.1 Billion

Alcoa will pay $4.1 billion for South32's bauxite, alumina, and aluminum assets, per Alcoa's investor relations page. The deal covers all three upstream stages — mining, refining, and smelting — pointing toward consolidation across the aluminum value chain. Financing, structure, and closing timeline were unspecified. The announcement coincided with Alcoa's Q2 2026 results.