UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-39162 ARCONIC ROLLED PRODUCTS CORPORATION* (Exact name of Registrant as specified in its charter) Delaware 84-2745636 (State of incorporation) (I.R.S. Employer Identification No.) 201 Isabella Street, Pittsburgh, Pennsylvania 15212-5872 (Address of principal executive offices) (Zip code) (412) 992-2500 (Registrant’s telephone number, including area code) Securities to be registered pursuant to Section 12(b) of the Act** Title of each class Trading Symbol Name of each exchange on which registered Common Stock ARNC New York Stock Exchange Securities to be registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No As of June 30, 2019, the registrant's common stock was not publicly traded. As of March 19, 2020, there were 109,021,376 shares of common stock, par value $0.01 per share, of the registrant outstanding.*** ______________________ * The registrant is currently named Arconic Rolled Products Corporation. The registrant plans to change its name to “Arconic Corporation” in connection with the consummation of the separation described in this Annual Report on Form 10-K. **“When-issued” trading of Arconic Rolled Products Corporation common stock began on March 18, 2020 under the ticker symbol “ARNC WI” and will continue until the distribution date. “Regular-way” trading of Arconic Rolled Products Corporation common stock is expected to begin with the opening of the New York Stock Exchange on April 1, 2020 under the ticker symbol “ARNC.” *** Following the separation from Arconic Inc. described in this Annual Report on Form 10-K, Arconic Rolled Products Corporation expects to have outstanding 109,021,376 shares of common stock based upon the 436,085,504 shares of Arconic Inc. common stock issued and outstanding on March 19, 2020 and applying the distribution ratio. TABLE OF CONTENTS TABLE OF CONTENTS Page Part I Item 1. Business 4 Item 1A. Risk Factors 13 Item 1B. Unresolved Staff Comments 34 Item 2. Properties 35 Item 3. Legal Proceedings 36 Item 4. Mine Safety Disclosures 37 Part II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 38 Securities Item 6. Selected Financial Data 39 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57 Item 8. Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 100 Item 9A. Controls and Procedures 100 Item 9B. Other Information 100 Part III Item 10. Directors, Executive Officers and Corporate Governance 101 Item 11. Executive Compensation 115 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 132 Item 14. Principal Accounting Fees and Services 138 Part IV Item 15. Exhibits, Financial Statement Schedules 139 Item 16. Form 10-K Summary 142 Signatures 3 TABLE OF CONTENTS Forward-Looking Statements Unless otherwise specified or the context otherwise requires, when used in this Annual Report on Form 10-K, the terms “we,” “our,” “us,” “Arconic,” “Arconic Corporation” or the “Company” refer to Arconic Rolled Products Corporation and its subsidiaries. This Annual Report on Form 10-K contains (and oral communications made by Arconic Corporation may contain) statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic Corporation’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts relating to the rolled aluminum products, aluminum extrusions, and architectural products markets; statements and guidance regarding future financial results or operating performance; statements about Arconic Corporation’s strategies, outlook, business and financial prospects; expectations relating to the growth of the aerospace, ground transportation, industrials, packaging and other end markets; projected sources of cash flow and our ability to optimize cash accessibility and minimize tax expense; existing or potential capital expenditures and investments; statements regarding the industry and our competition, statements regarding potential share gains, potential legal liability, proposed legislation and regulatory action, the possible impacts and our preparedness to respond to implications of coronavirus (COVID-19). These statements reflect beliefs and assumptions that are based on Arconic Corporation’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic Corporation believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Arconic Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward- looking statements due to a variety of risks and uncertainties. For a discussion of some of the specific factors that may cause Arconic Corporation’s actual results to differ materially from those projected in any forward-looking statements, see the following sections of this report: Part I, Item 1A. Risk Factors, Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, including the disclosures under Segment Information and Critical Accounting Policies and Estimates, and Note T to the Consolidated Financial Statements in Part II, Item 8. Financial Statements and Supplementary Data. Market projections are subject to the risks discussed in this report and other risks in the market. Arconic Corporation disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. PART I Item 1. Business. General Arconic Rolled Products Corporation is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania. In conjunction with the separation described in this Annual Report on Form 10-K, the registrant plans to change its name to “Arconic Corporation”. The Company’s Internet address is http://www.arconic.com. The information on the Company’s Internet site is not a part of, or incorporated by reference in, this annual report on Form 10-K. The Separation In February 2019, Arconic Inc. (to be renamed Howmet Aerospace Inc.) (“ParentCo” or "Howmet Aerospace") announced its plan to separate into two independent, publicly traded companies. The separation will occur through a pro rata distribution to the ParentCo stockholders of 100% of the outstanding shares of common stock of Arconic Corporation (the “distribution”), which was formed to hold the