Aluminum Price Volatility: Fluctuations in global aluminum prices, driven by supply and demand dynamics, economic conditions, and speculative trading, can significantly impact Alcoa's revenues, profit margins, and overall financial performance.

High Energy Costs: Aluminum smelting is an energy-intensive process, making Alcoa highly susceptible to volatility in electricity and natural gas prices, which can lead to increased operating expenses and reduced profitability, especially in regions with higher energy costs.

Raw Material Supply and Cost: Disruptions in the supply chain or increases in the cost of key raw materials like bauxite and alumina, due to mining challenges, transportation issues, or geopolitical events, can negatively affect production costs and operational efficiency.