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Read the 2020 Arconic Corporation Annual Report PRINTER---PLEASE ADJUST SPINE WIDTH ACCORDING TO NUMBER OF PAGES COMPARED TO LAST YEAR’S ANNUAL ARCONIC CORPORATION I 2020 ANNUAL REPORT Advancing industries with sustainable solutions Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, building and construction, industrial and packaging end markets. For more information: www.arconic.com. 2020 ANNUAL REPORT Arconic at a glance 13,400 employees globally 22 major manufacturing operations $5.7B 2020 revenue 32% revenue from ground transportation 20% revenue from industrial and other 20% revenue from building and construction 14% revenue from aerospace 14% revenue from packaging Our businesses ROLLED PRODUCTS: • Aluminum sheet for closures and structural reinforcements in ground transportation vehicles • Highly differentiated sheet and plate for airframes • Multilayer brazing sheet for heat exchanger products • Sheet and plate for industrial and consumer applications • Plates for mold and semiconductor equipment • Can sheet for food and beverage packaging BUILDING AND CONSTRUCTION SYSTEMS: We are committed to building upon Arconic’s legacy • Engineered façade systems and architectural products of being a good corporate citizen and living our values • Entrances, framing systems, curtain walls and windows for to achieve environmental, social and governance commercial construction excellence. Our culture is defined by integrity, cultivates • Composite material, pre-painted heavy-gauge sheet and bonded inclusion and diversity, and advocates for social equity. sheet for architectural application Wherever we operate, advancing the health and safety of our employees, the environment and communities we serve are essential priorities. And, as we partner EXTRUSIONS: with our customers to produce light weight, durable and • High-strength extruded tubes for automotive driveshafts recyclable products, we also proactively engage with all • Aluminum frame rails for commercial transportation vehicles of our stakeholders to assure that we conduct all aspects • Complete range of extruded products for commercial aerospace of our business ethically and transparently, so that we and defense applications can continue to grow and deliver sustainable value. • Rods and bars for architectural systems and industrial purposes Arconic | 2020 Annual Report | 1 Letter from the Chief Executive Officer Dear Stockholder, On April 1, we launched a new company during a very uncertain Our employees were pivotal in building our foundation as a new period in the global economy. The COVID-19 pandemic company. Together, we enhanced safety protocols, focused on presented new challenges for everyone around the world, delivering results safely and personally sacrificing as part of our and our priorities and swift actions to mitigate its impacts not cash conservation efforts. In the early stages of the pandemic, only reinforced the safety of our employees and preserved the they faced layoffs, furloughs and job reductions, as well as financial strength of our business throughout the pandemic, they reductions in salaries and benefits. Fortunately, we were able to continue to fuel our momentum for success in 2021. reduce many of these burdens as the economy became more stable. Throughout the year, we continued to focus on safety as We accomplished much over our first nine months as a company, a major priority. For the fifth consecutive year, our underlying not only managing through the pandemic, but building a operations had no employee or contractor fatality, and we set foundation for increasing profit and cash generation as we new standards for our Company with a Total Recordable Incident look to the future. Within the first week of our existence, our Rate of 0.95 and a Days Away or Restricted Rate of 0.55. management team, with the support and alignment of a newly seated Board of Directors, proactively assessed how to protect We also prioritized social responsibility into our culture by the Company and announced a cash conservation program to launching our Grow Together Inclusion and Diversity initiative, improve our financial profile. We then swiftly transformed our which launched in August with an awareness campaign that capital structure to improve our agility and liquidity and began drove employees to take more than 2,000 actions in support of our journey of addressing legacy obligations. inclusion, diversity and social equity. The level of commitment and energy demonstrated by our employees to advance this The pandemic significantly impacted all of our end markets, initiative reinforced what I already knew about our Values and and as a result, revenue for 2020 was $5.7 billion, down 22% . how strongly rooted they are in the culture of this Company. Adjusted EBITDA was $619 million and adjusted EBITDA margin I am proud of who we are together, and I look forward to leading for the year was 10.9%. During 2020, we benefitted from our cash our Company as we actively pursue excellence, particularly in the conservation program, which delivered $210 million in savings in areas of environmental sustainability, social responsibility and the calendar year, and will yield another $50 million this year, well corporate governance. above our initial $200 million target. We ended the year with a cash balance of $787 million and total liquidity of approximately $1.5 billion. Free cash flow generation from the second quarter to the end of the year was $161 million. We accomplished much over our first nine months as a company, not only managing through the pandemic, but building a foundation for increasing profit and cash generation as we look to the future. Timothy D. Myers, Chief Executive Officer 2 | Arconic | 2020 Annual Report We are committed to operating in a safe, responsible manner rely on the strength of our global network of rolling mills to which respects the environment and the health of our employees, support their steady demand. Innovations in our building and our customers and communities where we operate worldwide. construction systems business resulted in continued project wins We have a robust environmental compliance program that for customers throughout the world even during the pandemic. emphasizes proactive identification of opportunities to reduce Despite the significant impact of the pandemic on our aerospace our impact, prompt implementation of effective management customers, we are committed to partnering with them—and all controls and best-practice sharing. We are in the process of of our customers—to create future value through technology setting long-term, global targets for environmental sustainability and engineering innovations. that will be shared in our ESG report released later this year. The Aluminium Stewardship Initiative (ASI) has certified four of our Looking forward, we are positioned to capture value through locations after rigorous audits and testing, and we continue opportunities for growth beyond the pandemic recovery. We will to pursue ASI Performance Standard certifications in all our benefit from our recent investment in Tennessee as the economy plant locations, for the responsible production, sourcing and recovers and trade tariffs levied on 18 countries that are expected stewardship of aluminum. to level the playing field for U.S. common alloy producers. The automotive industry’s recognition of our commitment In addition to making significant progress on our largest to innovation is leading to aluminum sheet wins over the steel environmental remediation project in Massena, New York, industry and further adoption in new models. We also expect our 2020 focus on the reduction of our legacy liabilities to capture additional opportunities in the years to come as we included reducing our gross pension liability. Primarily through re-enter the U.S. and other packaging markets and build upon our the annuitization of portions of the Company's U.S. and U.K. leading position in Russia’s can sheet market following the late pension obligations, we reduced our gross pension liability 2020 expiration of our non-compete. Our management team is by approximately $500 million within the year by transferring laser focused on winning share in these markets and capturing company insured employee retirement obligations to a growth opportunities. third-party provider. Addressing our legacy obligations will continue to be a focus of our management team in 2021 as we As we begin 2021, our priority is the continued focus on the look to build upon the momentum created in 2020. safety of our employees and optimizing the efficiency of our operations as we overcome the remaining challenges imposed by The team also continued our journey on driving operational gains. the pandemic. We are also focused on continuing our progress Highlights include improving scrap utilization across our network in building upon our legacy as a responsible corporate citizen by of casthouses resulting in a reduction of scrap we sold globally advancing environmental sustainability, advocating for social by 66% year-on-year; increasing the composite Operational equity and implementing ethical and transparent corporate Equipment Effectiveness on our 25 most critical assets improved governance practices. We are positioning our Company to take by 300 basis points versus a 2019 baseline; and setting all-time advantage of positive trends in our automotive, industrial
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