Alcoa reported adjusted second-quarter earnings of $2.12 per share on $4 billion in sales, falling short of Wall Street’s expectations for $2.55 per share. EBITDA came in at $901 million, missing the consensus forecast of $943 million. Company leadership attributed the performance gap largely to specific operational hurdles at its Pinjarra refinery in Australia.

Despite the lackluster bottom line, the company noted that alumina prices have held steady. The primary concern remains the predictability of global shipments, as the ongoing conflict involving Iran creates a climate of uncertainty for international logistics. Investors responded to the combination of missed earnings and lowered outlooks by joining a wider sell-off across the materials landscape.