Morningstar | AWC Updated Star Rating from 04 Oct 2018
Alumina's sole asset is a 40% stake in Alcoa World Alumina and Chemicals, or AWAC, the world's largest alumina producer with 11% market share. Alumina Limited is effectively a forwarding office for AWAC profits. Its profit is an equity share of AWAC profit, less local head office and interest expenses. While AWAC enjoys a low operating cost position relative to its competitors, the cost curve is relatively flat, and competitive pressures from supply in China mean sustainable excess returns are unlikely. Alumina Limited was the result of a demerger of WMC's aluminum assets in 2003. AWAC has substantial global bauxite reserves and alumina refining operations, many of which are in the lowest quartile of the cost curve.Alumina is engaged the business of the global bauxite, alumina and aluminium industry, which it conducts primarily through bauxite mining and alumina refining. All of those business activities are conducted through its 40% investments in Alcoa World Alumina and Chemicals ("AWAC"). Co.'s equity interests in AWAC forms a reportable segment.
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