Analyst Presentations: Cautionary Statement
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Please Read this statement before viewing the presentations.
Certain statements contained in the presentations to shareholders or analysts on this web site constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by their use of predictive, future-tense or forward-looking words, such as "anticipates," "estimates," "expects," "forecasts," "intends," "outlook," "plans," "projects," "should," "targets," "will" or similar terms. Forward-looking statements are based on Alcoa's estimates, assumptions and expectations of future events and are subject to a number of risks, contingencies and uncertainties. Alcoa cannot guarantee that these estimates, assumptions and expectations will prove to be accurate or will be realized. Alcoa disclaims any intention or obligation, other than as required by law, to update or revise any forward-looking statements. The following are some of the important factors that could cause Alcoa's actual results to differ materially from those projected in any forward-looking statements:
- Material adverse changes in economic or aluminum industry conditions generally, including global supply and demand conditions and fluctuations including cyclical or sustained declines in London Metal Exchange (LME)-based prices for primary aluminum;
- Uncertainties regarding the strength, pace or sustainability of the economic recovery and the effects of government intervention into the markets to address economic conditions;
- Unfavorable changes in the markets served by Alcoa, including the automotive and commercial transportation, aerospace, building and construction, distribution, packaging, industrial gas turbine, oil and gas, defense, and other markets;
- The impact of changes in foreign currency exchange rates on Alcoas costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar and euro;
- Alcoa's inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of operations (including moving its alumina refining and primary aluminum smelting business down on the industry cost curve) anticipated from its productivity improvement, cash sustainability and other initiatives;
- Significant increases in power or energy costs (e.g., electricity, natural gas, and fuel oil), or interruption or unavailability of energy supplies necessary for Alcoas operations;
- Significant increases in the costs of other raw materials, including carbon products, caustic soda, and other key inputs, or significant lag effects for decreases in commodity- or LME-linked costs of production;
- Further downgrades in Alcoa's credit ratings, material increases in Alcoa's cost of borrowing, an inability to access the credit or capital markets, or the failure of financial institutions to fulfill their commitments to Alcoa under committed credit facilities;
- Alcoa's inability to successfully implement or to realize expected benefits from its growth projects in Brazil, China, Russia, Saudi Arabia and other countries or from its portfolio streamlining strategy, including divestitures of non-core businesses;
- Alcoa's inability to realize expected benefits from the change to index pricing of alumina;
- Risks associated with the international joint ventures and other strategic alliances in which Alcoa participates, including the joint venture with Ma'aden, the Saudi Arabian Mining Company;
- Political, economic and regulatory risks associated with foreign activities, including unfavorable changes in local laws or governmental policies, political instability, civil unrest, expropriation, nationalization, commercial instability caused by corruption, and other events beyond Alcoas control;
- Outcomes of significant legal proceedings or investigations, changes in law, or other contingencies that cannot be predicted with certainty;
- Uncertainties regarding the impact of climate change, climate change regulations or greenhouse effects;
- Significant costs and liabilities associated with numerous complex and increasingly stringent environmental laws and regulations;
- Adverse changes in Alcoa's relationships with, or a significant downturn in the business or financial condition of, key customers or suppliers;
- Union disputes and other employee relations issues, or the potential inadequacy of Alcoas human resource talent pool to support Alcoas growth;
- Potential negative effects on Alcoa's business and growth prospects as a result of reductions in its capital expenditures;
- Unexpected events that may increase Alcoas cost of doing business or disrupt Alcoas operations, such as fires or explosions at facilities, unplanned equipment or other outages, supply disruptions, failure of equipment or processes to meet specifications, natural disasters, war or terrorist activities, or other factors; and
- The other risk factors summarized in Alcoa's Annual Report on Form 10-K for the year ended December 31, 2010 and other SEC reports.
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