Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMarketBeatSat, September 12, 2026 at 7:02 AM GMT+2 6 min readKey PointsInterested in Alcoa? Here are five stocks we like better.Aluminum demand remains strong while supply is tight: Alcoa sees a global aluminum deficit outside China, with North America and Europe facing the largest shortfalls. Its value-added order book is nearly sold out through 2026, while packaging, electrical rod and automotive foundry demand remain robust.Trade policy could provide upside: Alcoa is paying more than $1 billion in tariffs on Canadian aluminum shipments, but elevated Midwest premiums are offsetting those costs and supporting margins. Lower Canadian tariffs or a quota system could further benefit the company.The South32 acquisition will add scale but increase leverage: Alcoa expects the $900 million in projected synergies from the transaction to support cash generation, while taking on $2.6 billion of acquisition-related debt. Deleveraging will be a priority, aided by asset-sale proceeds and potential monetization of its Ma'aden investment.Alcoa (NYSE:AA) CFO Molly Beerman said the aluminum producer is carrying momentum from the second quarter into the third quarter, supported by strong production, pricing realization and demand from customers in North America and Europe.Speaking at the Jefferies Global Industrials Conference 2026, Beerman said Alcoa set production records at five operations during the second quarter and continued that performance into the third quarter. She said the company's customers have sought regionally located supply amid uncertainty surrounding Middle Eastern production.→ 3 Under-$20 Stocks Tied to the Future of U.S. Energy and MaterialsBeerman said the alumina market remains in surplus despite a recent price rebound to approximately $350. She cited disruption at Alunorte, the approaching October 2026 curtailment at Yarwun, and expectations that Middle Eastern smelters will consume more alumina as factors influencing market sentiment.However, she said alumina is expected to remain oversupplied through the remainder of 2026 and likely into 2027, until Indonesian smelters begin operating and increase their consumption of alumina.→