Watch CNBC's exclusive interview with Alcoa CEO William Oplinger ahead of investors call

Summary

Alcoa CEO William Oplinger told CNBC's Morgan Brennan that Alcoa delivered a strong fourth quarter and is entering 2026 with high aluminum prices, a slight global deficit, and strong North American demand. He highlighted AI data centers as a major new source of aluminum demand, noted copper-to-aluminum substitution, and said US tariffs are being covered by higher US metal prices. Oplinger also said global inventories are the tightest in 15 years and that new smelting capacity is hard to build because data centers outbid smelters for low-cost energy.

• Alcoa reported better-than-expected Q4 revenue and strong EBITDA and cash generation.
• CEO says aluminum is in a slight global deficit with high prices.
• North American demand is strong; Europe is less strong.
• AI data centers are highly aluminum-intensive, using about 1,500 tons per gigawatt.
• Copper substitution adds about 800,000 tons of global aluminum demand.
• US aluminum prices cover tariffs, allowing Canadian shipments to continue.
• Global aluminum inventories are the lowest in 15 years; Indonesia supply may be offset by disruptions.
• New primary aluminum capacity requires cheap energy that data centers may outbid.