Alcoa reports Q4 adjusted EBITDA $29M vs. $210M in Q3

The company states: "Adjusted EBITDA excluding special items was $29 million, a decrease from the prior quarter due primarily to lower sequential prices for aluminum and alumina, higher raw material costs, and higher production costs. Also in the fourth quarter, the Company recorded a $25 million charge to cost of goods sold to establish an asset retirement obligation (ARO) for estimates of expected work on impoundments at the Alumar refinery in Brazil. Additionally, the Norwegian government recently approved an updated budget proposal that limits carbon dioxide compensation to be paid in 2023 based on 2022 power purchased and used in production. The unfavorable sequential impact is $35 million, which includes amounts previously accrued through September 30, 2022 and the absence of any accruals for the fourth quarter 2022."