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Acts as the filter every slide, anecdote, and chart must ladder up to." }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aa792d75-a5ac-43ac-a12b-16b1acb2358a", "evidence": "list/bullet: Transportation & Construction Solutions: Missed revenue/EBITDA targets; $210M invested at 4.3% ROIIC; poor performance vs peers.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:53.219286+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Flywheel", "slug": "flywheel", "status": "active", "bestFor": null, "canonId": "019de52d-1ad8-75ab-9027-a40365590152", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2f27af3a-427b-4257-852d-084c44243a17", "evidence": "framework/instance: Arconic's Value Creating Flywheel", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:53.53818+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. 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(1) The buried claim: action titles place the conclusion on the page before any analysis is read, so a busy reader doesn't reverse-engineer it from the chart. (2) The spineless deck: because each title is a claim, slides have to ladder up to the governing thought; logical gaps become visible as topic-shaped titles in a sequence that no longer reads as a story.", "antipattern": "Topic labels disguised as titles — Volume by quarter, Key findings, Pricing strategy, Margins have been impacted. No verb, or a passive verb with no agent, or a fact (Revenue grew 12%) without the so-what. Also: titles that overreach the chart's evidence, multi-claim X-grew-but-Y-fell welded titles, and mechanical repetition of the same X-drove-Y template across the deck.", "cardinality": null, "narrativePurpose": "Forces the deck to carry its argument in the title bar so a senior reader can extract the recommendation without opening a single slide; converts a binder of topics into a navigable pyramid where every slide is a node defending the apex." }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3cc4727d-c6c9-46e1-b411-1c965a7169e1", "evidence": "The slide contains a comparison table between 'Largest Shareholder and Nominees for Change' and 'Incumbent Directors for the Status Quo'.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:17:07.726437+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? 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The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "fe522627-c2f1-416c-ad86-a27692fa1d33", "evidence": "The slide presents a clear call to action, 'How Should You Vote?' and provides options for voting.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:07.915559+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a5b16616-c7b7-40ad-8a22-e3eb2f7e9710", "evidence": "The slide title is 'ABYSMAL SHAREHOLDER RETURNS' and has a clear divider effect.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:08.028663+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6558c750-14da-43fa-a2af-0c1d3e31bc3f", "evidence": "The slide presents a comparison of Alcoa's performance to different peer groups.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:08.291414+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49b36d78-2342-4263-9e0d-da8581352963", "evidence": "The slide compares TSR performance before and after Elliott's announcement.", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:17:01.314336+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "d6ce0ad4-c3ec-4cf8-86ee-6edf1770ea1d", "evidence": "The slide compares a 'before' state (implied) and an 'after' state with Elliott's launch creating a large 1-day increase in share price.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 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"antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "98a55b90-4785-4931-b853-134a3127b24a", "evidence": "The slide presents information in a list format with bullets.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:54.890289+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", 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defines peer groups for benchmarking performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:57:24.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 333, "frameworkName": "peer-group-analysis" }, { "matchId": "7ad20947-4ecd-43e0-9c5e-2458c0b4d731", "evidence": "The slide presents a list of self-selected peers to contrast with the actual business model.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:57:23.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 334, "frameworkName": "comparison-frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Proxy fight deck for Arconic's 2017 annual meeting, paired with the campaign site www.NewArconic.com. 336 pages, but the main argument runs ~25 slides before extensive appendices on TSR math, per-segment operational teardowns, governance history, objection rebuttals and director nominee bios. Rubric explicitly anchors visual_quality=4 on this deck. Strongest rhetorical devices: 'Arconic Today' vs. 'NEW ARCONIC' before/after framing on slide 6; Kleinfeld self-aggrandizing quote ('Alcoa would not exist if it hadn't been for me') on slide 15; comic-strip timeline of the Secret August Voting Lock-Up scandal on slide 16; asset-utilization peer-gap bars vs. PCC+Novelis proxy on slide 13; blue-vs-white proxy-card closing ask on slide 24. No dollar SOTP — this is a performance-and-governance case, not a breakup. Kleinfeld resigned April 17, 2017 (six days after this deck) over a separate letter controversy; campaign_outcome left 'unknown' per schema guidance but this was widely viewed as an Elliott win.", "kpisCited": [ { "detail": "(155.9%) underperformance over his tenure", "metric": "TSR vs. Proxy Peers since Kleinfeld became CEO" }, { "detail": "(186.8%) underperformance", "metric": "TSR vs. Industrials Proxy Peers since CEO" }, { "detail": "$6.2B invested produced only $154M of incremental NOPAT", "metric": "Capital invested vs. NOPAT generated since 2013" }, { "detail": "$5B invested at only 1.5% ROIIC; margins lag PCC", "metric": "EPS segment ROIIC" }, { "detail": "Missed revenue by >40% and EBITDA by >60%; $1.9–$2.5B value destruction on 2014 $3B deal", "metric": "Firth Rixson acquisition performance" }, { "detail": "$750M invested at only 3.7% ROIIC", "metric": "GRP ROIIC" }, { "detail": "$210M invested at only 4.3% ROIIC", "metric": "TCS ROIIC" }, { "detail": "Similar PP&E ($5,499M vs. $5,964M) but 34% less revenue, 48% less EBITDA, 66% less FCF", "metric": "Asset utilization vs. PCC+Novelis ProxyCo" }, { "detail": "$128M paid to Kleinfeld despite lagging peers", "metric": "CEO compensation over 9-year tenure" }, { "detail": "13.2% stake valued at over $1.6B", "metric": "Elliott economic ownership" }, { "detail": "Arconic +34.9% (ex-Alcoa stake +39.6%) vs. 2017 Proxy Peers +5.2%", "metric": "TSR after Elliott launched proxy fight" }, { "detail": "~8.7M Arconic shares locked up for 2 years via former Firth Rixson owner", "metric": "Secret August Voting Lock-Up" } ], "closingAsk": "Vote the BLUE proxy card to remove Dr. Klaus Kleinfeld, elect Elliott's four aerospace-operator nominees, and endorse the New Arconic plan.", "extraction": { "at": "2026-04-23 01:20:37+00", "model": "unknown-legacy", "runId": null, "seconds": 171.60614, "promptVersion": null }, "scqaReward": "Closing the PCC margin gap, fixing Firth Rixson and filling the GRP mill drives sell-side price targets of $36–$40 per share (Morgan Stanley, Spin-Off Report); the stock has already re-rated ~35% since Elliott launched the proxy contest.", "thesisTypes": [ "management_change", "governance_board", "operational_turnaround", "undervaluation" ], "top3Reasons": [ "Kleinfeld is the worst-performing continuously tenured S&P 500 CEO — Arconic lags proxy peers by (155.9%) since he took over", "$6.2B invested since 2013 generated only $154M of incremental NOPAT — capital destroyed, not compounded", "On similar PP&E, PCC+Novelis proxy produces 48% more EBITDA and 66% more free cash flow than Arconic" ], "scqaSituation": "Arconic is the post-spin aerospace and industrial-components arm of legacy Alcoa — a $12.4B revenue supplier across three segments (Engineered Products, Global Rolled Products, TCS) serving aerospace, automotive, building and industrial end-markets under CEO Dr. Klaus Kleinfeld.", "thesisSummary": "Elliott Management, Arconic's largest shareholder with 13.2% economic ownership (~$1.6 billion), argues CEO Dr. Klaus Kleinfeld has presided over an era of shareholder-value destruction unmatched among continuously tenured S&P 500 CEOs — underperforming proxy peers by (155.9%) since he took over. Since 2013, $6.2 billion of invested capital produced only $154 million of incremental NOPAT; the 2014 Firth Rixson acquisition destroyed an estimated $1.9–$2.5 billion of value. Benchmarked against a PCC + Novelis proxy, Arconic generates 34% less revenue, 48% less EBITDA and 66% less free cash flow from similar PP&E. Elliott blames a CEO-centric, image-obsessed culture, incoherent strategy, and governance failures including a secret vote-buying lock-up. It demands Kleinfeld's removal, election of four aerospace-operator nominees, and a plant-empowering operating model to close the PCC margin gap.", "primaryDemands": [ "Replace CEO Dr. Klaus Kleinfeld with a leader who has successful industry operating experience", "Elect Elliott's four director nominees (Christopher Ayers, Elmer Doty, Bernd Kessler, Patrice Merrin)", "Separate the Chairman and CEO roles; limit CEO to zero outside boards for first two years", "Reincorporate in Delaware and institute an annually elected board", "Decentralize decision-making and empower plants with pay-for-performance incentives", "Close the EPS margin gap with Precision Castparts and 'fill the mill' at Global Rolled Products", "End the Secret August Voting Lock-Up vote-buying agreement with the Firth Rixson seller" ], "scqaResolution": "Shareholders should vote the BLUE proxy card to remove Kleinfeld, elect Elliott's four aerospace-operator nominees (Ayers, Doty, Kessler, Merrin), separate Chairman/CEO roles, reincorporate in Delaware, and install a plant-empowering operating model under a new CEO.", "thesisOneLiner": "Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.", "precedentsCited": [ "Precision Castparts Corp. 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We intend to support Elliott's proposed proxy slate because it serves the long-term interests of the Company and its owners.\" — First Pacific Advisors, February 6, 2017; \"Independent members of this board, who own less than 0.1% of outstanding shares, continue to disregard the overwhelming publicly expressed desire for leadership change from the company's largest long-term owners, including Orbis.\" — Adam Karr, Orbis Investment Management, March 3, 2017; \"Lion Point believes that Elliott's plan for value creation can reverse the past and set new Arconic on a better path to creating shareholder value.\" — Lion Point Capital, February 16, 2017; \"It's a CEO problem—there has been no value created.\" — Sarat Sethi, Douglas Lane & Associates, February 30, 2017; \"We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37.\" — Morgan Stanley, February 1, 2017; \"In our view, a new CEO is an important positive catalyst to more expeditiously improve the company's operations and increase its margins while rationalizing capital expenditures / M&A opportunities.\" — Wolfe Research, February 6, 2017; \"Elliott has a good case. 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That’s the right point in time. And they [Elliott] know it, by the way.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "646df7b4-bc34-473c-bf79-d3edf2ec6c17", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“If you look at that point in time when after the crisis – look at the TSR, the TSR has gone up almost 90%. That’s the right point in time. 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On 99% of those days, shareholders would have been better off buying the S&P 500 index as opposed to Alcoa stock.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f7-70f0d44623ae", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.75 }, "kind": "chart", "text": "108 Trading Days Where Investors Would Have Been Better-Off Buying Alcoa Stock Than the S&P 500 Index", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "511f55f2-562b-4568-a37d-c74f7c70b4b6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "chart", "text": "2033 Trading Days Where Investors Would Have Been Better-Off Buying the S&P 500 Index Than Alcoa stock", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88ba0d02-a229-4fb1-b89f-0e245a22ef28", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.03, "y": 0.84 }, "kind": "chart", "text": "28 Trading Days Where Investors Would Have Been Better-Off Buying Alcoa Stock Than the S&P 500 Index Prior to Elliott's 13D", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e45795d2-b31e-4829-b292-fa0b67b60fb7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "trading days underperformance: 99%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f7-755527baf656", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.55, "x": 0.43, "y": 0.02 }, "kind": "paragraph", "text": "Between May 1, 2008 and November 23, 2015, the date Elliott filed its 13-D and brought the prospect of regime change to the fore, Alcoa had 1,905 trading days. 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Note: 2016 TSR calculated January 1, 2016 through October 31, 2016; 2008 TSR calculated May 1, 2008 through December 31, 2008. Note: Aluminum Peers and Proxy Peers defined in Appendix; Elliott Peers are weighted by revenue contribution from 2008-2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Out of those 465 companies, Alcoa ranked 456th", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbfb0fe4-9396-4b85-a9b0-3b6e00ecd945", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "ALL OF THE COMPANIES WITH A PERFORMANCE AS BAD AS ALCOA'S HAVE REPLACED THEIR CEO DURING THIS PERIOD", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f7-b80434273ecd", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "chart", "text": "S&P 500 Returns from May 1, 2008 Through October 31, 2016", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8577c315-2380-4edc-b8ca-d981d0704537", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "Source: Bloomberg. 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Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:35.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24b76e31-f613-40c2-b6a6-1c32ad6e3ae2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Elliott has a good case.... 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Commodity prices sank to one third, from mid-2008 to early-2009. We came to almost not having the Company anymore, and we got in gear and saved it. It came down – the stock price came down to five dollars. Five dollars in the early 2009. 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At worst, it will cause the Company to continue to underperform with its current managers.\" — First Pacific Advisors, February 6, 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f8-f48020cabe53", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.88 }, "kind": "source-note", "text": "Source: FactSet; Bloomberg. 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Morgan Stanley Research, February 1, 2017", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:40.54+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61875ba8-3b3a-47ff-b153-a93126a52a04", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f9-bc59b27d5df6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "chart", "text": "Largest Positive One-Day Move in Company Shares Since the Financial Crisis", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:40.54+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62ecf0d8-4541-42c9-b010-810f88ce65b6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "one-day share price increase: 15.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f9-c4d3d9d6ceeb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37.\" — Morgan Stanley Research, February 1, 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f9-c28a7c5d8ff6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: Bloomberg. 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Returns Post-Separation", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:38.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b633e29-9346-4cdb-a1e7-08e9c83ec48e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock returns: 35%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0391-77f4-a9f9-8913f107c65c", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.38, "x": 0.61, "y": 0.02 }, "kind": "paragraph", "text": "Shares of Arconic languished following the November 1st split, while shares of Alcoa Corp. rallied under its new shareholder friendly and well-respected management team. In fact, it was not until after Elliott and other shareholders called for managerial change that shares of Arconic rallied roughly 35%", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:38.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bea2ed12-475f-47c7-8f09-5eeb21aa3983", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Very, very focused on cutting costs, and you'll hear me talk about that, that's one of the things that's different about Alcoa Corp. As we go forward, we'll be very, very focused on not only cutting cost at the plant level, but also in the overhead structure... We did not take any of the corporate jets with us. We skinny down the corporate office to only 15 people here in New York. So we're now on one floor in the New York office. We've eliminated our Geneva office. We've gone --and I use these just as examples. We've gone location by location and cut overhead costs, but there's still more work to be done.\" — William F. 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And he paid for a business that is having $10 billion of revenue, whereas $6 billion of those $10 billion are having a full overlap with us.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:42.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "050b2ebb-4290-4209-8a69-5118d8fd0d79", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.06, "y": 0.8 }, "kind": "quote", "text": "So, I mean, the most natural competitor when you go to aerospace is PCC right? And the aerospace business, I mean, pretty much we are catering in all of these businesses that PCC also caters to, right?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:42.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "765aadf8-2544-4068-9322-8c36b12a8043", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So you've just seen the acquisition of PCC that's underway by Warren Buffet's Berkshire Hathaway. And he paid for a business that is having $10 billion of revenue, whereas $6 billion of those $10 billion are having a full overlap with us.\" — Dr. Klaus Kleinfeld, October 8, 2015; \"So, I mean, the most natural competitor when you go to aerospace is PCC right? 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"bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8ef9-ac925bb22bb6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.64, "y": 0.64 }, "kind": "paragraph", "text": "Credit Suisse, March 10, 2016", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:43.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8cd676d-1ab7-4f3e-ad75-1a8e3c1d64c1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.37 }, "kind": "quote", "text": "We note that Alcoa acquired Firth Rixson in November 2014 for a purchase price of $2.85 billion, which compares to our estimated EBITDA exit rate for 2015 of $190 million. Alcoa thus far has not backed away from guidance of $1.6 billion in sales and $350 million in EBITDA for 2016; however, we believe these targets are not attainable and are modelling much lower growth rates.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:43.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d2fa3fb-1f20-4aaa-b164-fda88c47ddb5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We note that Alcoa acquired Firth Rixson in November 2014 for a purchase price of $2.85 billion, which compares to our estimated EBITDA exit rate for 2015 of $190 million. Alcoa thus far has not backed away from guidance of $1.6 billion in sales and $350 million in EBITDA for 2016; however, we believe these targets are not attainable and are modelling much lower growth rates.” — Credit Suisse, March 10, 2016", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"page": 96, "type": "setup", "title": "The slide uses a 'Value Destruction' calculation by comparing acquisition costs against current enterprise value estimates.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 813, "nDataPoints": 16, "notes": "The slide uses a 'Value Destruction' calculation by comparing acquisition costs against current enterprise value estimates.", "elementsJson": [ "headline_text", "paragraph", "valuation_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:56:44.86+00", "seconds": 3.234, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/96", "deck": "/decks/019dd923-622c-750b-8b9c-571191cc7adb", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-96", "deckJson": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "callout", "text": "Note: Perhaps because of the pending proxy contest, Arconic has not yet taken a substantial impairment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:44.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a46edba1-c1cb-4293-89cf-71e66fc53a93", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Perhaps because of the pending proxy contest, Arconic has not yet taken a substantial impairment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8ef9-d9daef9dea17", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Value Destruction: $2.5 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8ef9-dcdc2bb0419a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.05 }, "kind": "paragraph", "text": "Taking two different approaches (taking Firth Rixson’s EBITDA and multiplying by the corporate multiple and taking Firth Rixson’s NOPAT over Arconic’s WACC) to measuring the extent of the value destruction as a consequence of the Firth Rixson acquisition yields the result that Arconic’s management has destroyed between $1.9 to $2.5 billion of value as a result of the acquisition", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:44.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4c99d48-cb3b-4b8f-8ecf-3edcb7e6a1a0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.82 }, "kind": "source-note", "text": "Source: Arconic 2016 10-K; Alcoa 2014 10-K; Firth Rixson Acquisition M&A Call, June 26, 2014; Capital IQ", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Arconic wants to blame Firth Rixson's failures on the commodity cycle 2. But, at the time of the acquisition, management said Firth Rixson was 75% aerospace... 3. When Arconic acquired Firth Rixson in 2014...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:45.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc365d2b-94ab-47dc-b857-c392318c27b2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA: -90%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8efa-a982f0adf52e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.86 }, "kind": "source-note", "text": "Source: Arconic 2016 10-K; Firth Rixson Acquisition Presentation, Goldman Sachs Metals, Mining & Steel Conference, November 20, 2014; Arconic 2016 Investor Day, December 14, 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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When you look at it relative to your initial guidance, say, 18 months ago, you're off almost $190 million of EBITDA...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:46.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49e472a2-593b-4279-95fa-607ae0f23e1b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.63, "x": 0.33, "y": 0.58 }, "kind": "quote", "text": "Dr. Klaus Kleinfeld: Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And that's $130 million, if I recall that correctly.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:46.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "022e7b3b-16e9-4ccd-acf2-da07a421199a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.04, "y": 0.16 }, "kind": "quote", "text": "So this is partially an issue of lack of maintenance... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:46.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1713d20-dbf8-40ce-8bf2-eb7edcbd10f4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“So this is partially an issue of lack of maintenance and bringing maintenance to the right levels and understanding on how to run it... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.” — Dr. Klaus Kleinfeld, Alcoa Q4 2015 Earnings Call, January 11, 2016; “Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And so that's the performance part in the purchasing agreement with the seller, right? 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We could have executed better and we recognize it and we own it...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:51.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4b3f623-3f76-482d-be5c-5131ad7320a6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"But with the engine -- the new engines ramping up and the high level of technical sophistication, there's a lot of increased product introduction costs for qualification of the component. And at the same time, the legacy engine spares and replacements remain strong. So here, we have a different situation. We have very, very strong demand. At the same time, the ramp-up is accelerating, and we're going through the near-term teething issues here of the aero engine industry.\" — Dr. Klaus Kleinfeld, Alcoa Q3 Earnings Call, October 11, 2016; \"So, the aero engine side, typically, in the past have always shown that there are these ramp up issues with the supply chain. In this case, we are seeing them again and we are seeing them probably a little bit more than in normal environment, very much driven by the level of technical sophistication and combined with the relatively long supply chain.\" — Dr. Klaus Kleinfeld, Arconic Roadshow, October 28, 2016; \"Our isothermal and hot-die forge presses operated at or near record levels during the third quarter in support of growing next-generation engine builds. But on the forgings side both the hot-die and the isothermal, I mean, we're really very good at making those parts, quite frankly... we're good at it and our customers know that and where others might be stumbling a little bit as they maybe start to ramp up, we're there to support the customer....\" — Richard J. Harshman, CEO of Allegheny Technologies, ATI Q3 Earnings Call, October 25, 2016; \"The 2016 results were in line with what we last told you, however disappointing. Overall, we got it wrong on the non-aero side and our outlook substantially reduced for this market. On the aero side we are delayed but we will get there. 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Disastrous Acquisition + Repeated Guidance Failures + Poor Execution", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:46.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4859b3fa-d603-4ac3-89d6-756cad5adf19", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"This is a decade-long drama that the board has let unfold,\" said George F. 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Arconic's management has repeatedly made the argument that can sheet profitability had so eroded that it was forced to exit the business. In contrast, our argument has been that Arconic's cost position relative to peers has worsened over and above any industry dynamics. Management's own data supports this contention. Further, Arconic retains significant international can body stock business in its Qinhuangdao and Samara facilities. 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"slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:48.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b6da1e8-1815-442d-9547-cfc8e5aa491a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.2, "y": 0.6 }, "kind": "list", "text": "Global Rolled Products: Missed Targets, Management Spin, Poor ROIIC", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, 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Arconic has invested a considerable amount of money in R&D. This is usually a differentiation strategy – you have unique product that enables you to take price. Can Arconic do that? Dr. Kleinfeld’s answer betrays his absence of strategic coherence. Arconic does it all – lowest cost, most innovative, closest to the customer. 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So it's not that we are not looking at utilization or factories... but what we have the advantage that we also have a lot of technology...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:51.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cd2cf09-44cb-4d03-ac43-f26bc30e5680", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "quote", "text": "Douglas Dethy, DC Capital: \"One of your most successful competitors [PCC] has a strategy of low prices and very high capacity utilization... what assurance do you have that you can get your share of the gross margin dollars... to reward you for your innovation?\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:51.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6022b005-a070-480a-abff-a50ad2d29dee", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“One of your most successful competitors [PCC] has a strategy of low prices and very high capacity utilization. You're bringing a lot of innovation and how met [ph] you acquired that -- strategy. But the other -- I got all the gross margin dollars over time. And how -- what assurance do you have that you can get your share of the gross margin dollars on these products over time to reward you for your innovation?” — Douglas Dethy, DC Capital; “And I think it would be wrong to go away with saying, hey, we are only going for markets where there is an innovation future because in the end, you saw also a lot of innovations are around process optimization, right? So in reality, they drive costs down. The ideal situation is to combine these worlds, and that's exactly what we're trying to do. I mean, we are at scale here. So scale-wise, I mean, we are at a level where we can do this. So it's not that we are not looking at utilization or factories, right, but what we have the advantage that we also have a lot of technology. 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But, now new growth has been put on pause because competitors piled in: “On the North America auto sheets, we see continued strong growth... we did not want to create overcapacity... 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Then when you look into the automotive business, it's probably more than Novelis' there that you would have to look at, right?\" — Dr. Klaus Kleinfeld, September 28, 2015", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8eff-b7d9e2b71cc5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.23, "x": 0.72, "y": 0.42 }, "kind": "source-note", "text": "Dr. Klaus Kleinfeld, September 28, 2015", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "extraction": { "at": "2026-05-02 19:56:55.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4303c2bc-cd4f-46d3-b198-dd1e0f6bf785", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The difference between PCC and Arconic is not the nature of the assets, but what PCC gets out of them.\" — Chris Ayers, Shareholder Nominee, Fmr. EVP Precision Castparts, Fmr. EVP Arconic", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8f01-2b90e9d5bab8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Capital IQ; Company filings. Note: PCC and Doncasters are based on 2015 results due to lack of data availability for 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In fact, GRP is in-line with UACJ (an asset-heavy Japanese company). Based on the 2016 average turns of 2.98 (excluding UACJ), GRP's is capable of supporting ~$6.5 billion of sales, or 34% more than were generated in 2016", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:56.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6e15626-1494-4fe4-97f5-5168aea7a867", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.23 }, "kind": "chart", "text": "GRP Fixed Asset Turns 22% Below 2016 Peer Median", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:56.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "027927cb-5fda-4529-af15-1865969b9267", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.03, "y": 0.23 }, "kind": "chart", "text": "GRP Fixed Asset Turns Are 26% Below Median of Peer 5-Year Average", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:56.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07584181-33bd-45db-be80-3bdec250b1e9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Fixed Asset Turns: 26%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8f01-9286a59fe48a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.03, "y": 0.75 }, "kind": "quote", "text": "\"And let me just talk briefly about the future of our rolling business too. And it comes down to some pretty simple phrases. Number one, fill the mill and drive capacity. It's about getting that mill filled.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:56.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "742d5515-8af0-4cb4-a441-f06daedad1df", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And let me just talk briefly about the future of our rolling business too. And it comes down to some pretty simple phrases. Number one, fill the mill and drive capacity. It's about getting that mill filled.\" — Roy Harvey, CEO of Alcoa Corporation, January 24, 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:03:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0392-76bd-8f01-8e7e3b66f1ff", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Capital IQ; Company filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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At current EBITDA/MT: $128 million in incremental EBITDA", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:56.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4db69b8e-8fe4-417d-bf2a-02e97e23d51e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.7, "y": 0.28 }, "kind": "callout", "text": "At Peer Median Tons / NPPE, Arconic would ship ~367kt more per year. 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Kay Meggers, EVP GRP: These are the numbers for those respective contracts. Analyst: ...are you giving us sort of a number that is additive to your revenue or could there be some attrition from the loss of the last contract? 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Kay Meggers, EVP GRP: These are the numbers for those respective contracts. Analyst: ...are you giving us sort of a number that is additive to your revenue or could there be some attrition from the loss of the last contract? 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Dr. Kleinfeld resisted separating the Company’s downstream and upstream assets for more than seven years... In fact, it was not until September 2015... that the Company finally announced the Separation... However, at least some part of Dr. Kleinfeld’s historical refusal... was likely motivated by his desire to continue running a large conglomerate... As a result of the separation... Dr. Kleinfeld’s orbit has now been shrunk even further... Unfortunately for shareholders, Dr. Kleinfeld has yet to realize that running a mid-size industrial concern is different than running a $100 billion dollar-plus multi-national conglomerate... 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It's -- when we've been part of the primary products business. And in plants, we spend a lot of our time complaining about overheads and the fact that there's way too many of them.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:07.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae35e85d-a04d-49bb-8f95-342ef59e22d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"One of the things that we are going to try to do differently within Alcoa Corp... is to try to drive down overheads as significantly as we can.\" — Bill Oplinger, Alcoa Corp. CFO, October 20, 2016; \"And if I could just add to that -- mentions the word overhead gets me excited. It's -- when we've been part of the primary products business. And in plants, we spend a lot of our time complaining about overheads and the fact that there's way too many of them. So one of the fun things we've been able to do is look at every single line item and think about what that needs to be at the moment of separation. And then what are we going to do in order to continue to drive it down. And I would say that we've got a good start. We've been able to imagine how we should run the business, but we've got more to do. And we've got additional overhead to squeeze out, whether it's the location of business units around the world or any other number of places, we got more work to do when we're not satisfied with where the overhead sits today.\" — Roy Harvey, Alcoa Corp. 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After 2012 the Company abandoned its \"efforts\" to improve corporate governance", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:07.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93ca80f6-c765-4aad-81fa-a44d7173e6e6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "This was the proposal that initiated Alcoa's apparent cat and mouse game of what we believe was a disingenuous effort to improve corporate governance", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0393-73a7-a09d-9ab7913c2896", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.38, "x": 0.58, "y": 0.22 }, "kind": "list", "text": "Commentary on proxy solicitation effectiveness and management's disingenuous efforts", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:07.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2038fa53-d4e1-44cb-93ef-29b72af7b0a6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Institutional Shareholder Services; Bloomberg. 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We believe the Company's excuse that it could not achieve a supermajority vote is not credible", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:08.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7891aba8-e85a-486b-8d44-7a5f2f6d4512", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "chart", "text": "Arconic Share Range Analysis", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:08.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8906ace-898f-44ae-a0b3-14ce1ddd34e9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "shareholder concentration: 83%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0393-73a7-a09d-4b565302a42a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.94, "x": 0.03, "y": 0.7 }, "kind": "paragraph", "text": "NCR Corp.'s Extraordinary Effort: One company, NCR Corporation, made a distinct effort to ensure its declassification proposal surpassed the 80 percent of outstanding shares supermajority vote requirement...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:08.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0034ce00-b07e-471f-b584-008622d2fc61", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "One company, NCR Corporation, made a distinct effort to ensure its declassification proposal surpassed the 80 percent of outstanding shares supermajority vote requirement. ... 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This is, to our knowledge, unprecedented", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:09.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddf109ef-7624-41b5-a45d-2060a83313d1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.94, "x": 0.03, "y": 0.82 }, "kind": "quote", "text": "\"[W]e are demonstrating leadership on the additive manufacturing front and we are entirely focused on shareholder value with an owner's mindset....\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:09.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0cdf8ca-75a5-459f-8899-e4115520d47d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[W]e are demonstrating leadership on the additive manufacturing front and we are entirely focused on shareholder value with an owner's mindset....\" — Dr. Klaus Kleinfeld, February 8, 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0393-73a7-a09f-13f4dbbd4b74", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.03, "y": 0.79 }, "kind": "source-note", "text": "Source: SEC filings; press releases", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"019dd953-0393-73a7-a09e-e6eeed70303b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "quote", "text": "As a result of the Company’s performance and in consideration of management’s transformation accomplishments... the Compensation Committee approved a 34.2 percentage point increase... to the attained IC pool...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:10.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6addcd3-e544-4432-9508-288b1ff1ae6b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As a result of the Company’s performance and in consideration of management’s transformation accomplishments and the importance of retaining and motivating IC-eligible executives and managers to complete the separation, the Compensation Committee approved a 34.2 percentage point increase (an aggregate increase of approximately $16.8 million for all IC-eligible participants) to the attained IC pool, resulting in a final below-target IC payout of 88.5%.\" — Alcoa 2016 Proxy Statement (for FY 2015)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", 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They know that any rational shareholder – given the choice between Larry Lawson and Dr. Kleinfeld – would choose Larry Lawson.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e24c155-7aca-4a5f-8ea6-2231055904b8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "list", "text": "(1) There is nothing precluding Larry Lawson from becoming CEO at Arconic\n(2) Spirit owes Larry Lawson ~$26 million as deferred compensation from his service as Spirit's CEO. 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So we hired Larry as a consultant for the primary purpose of ensuring that Larry (a very in-demand world-class aerospace executive) would be available to become Arconic's CEO should Arconic's Board wish to hire him after the conclusion of the Proxy Contest. 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Elliott has agreed to pay him approximately $28 million over next two years, raising the question of whether he would truly serve the interests of ALL Arconic shareholders.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f5fc6be-dea8-4177-88c0-f42733179c23", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Elliott’s consultant and candidate for CEO – Larry Lawson, a former Spirit AeroSystems CEO – is legally restricted from taking the job and is on Elliott’s payroll. 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Arconic management has long benchmarked EPS vs. PCC", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:24.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b13816bf-e1d5-4de4-84c7-7a87530eb624", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.46, "x": 0.02, "y": 0.76 }, "kind": "callout", "text": "This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:24.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e31aaa0c-1945-4517-95db-d483259ce62a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.46, "x": 0.53, "y": 0.555 }, "kind": "callout", "text": "This is simply false and a telling scare tactic. Since current management can't compete, they pretend new management is precluded", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:24.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4f02c6e-621d-4c23-91cf-eb629e167dae", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.88, "x": 0.06, "y": 0.31 }, "kind": "list", "text": "Elliott Has Changed its Views; Elliott's Analysis is Flawed; Elliott Has Not Been Forthcoming", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:24.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "113becad-2b61-4277-8857-3c32cc3304c4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.24 }, "kind": "paragraph", "text": "The Facts: Elliott Changed Its Views, Published Flawed Analyses and Hid Key Facts", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:24.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b82adae7-3272-4cfc-9f13-546a249b6c3e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Arconic Investor Presentation, March 27, 2017", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We believe that any investor who meets with Elliott and the Board will see in no uncertain terms that we have a vastly better understanding of the business than independent directors of the current Board. Not only have we done exhaustive due diligence, but we have heard from countless employees, customers, competitors and industry observers that our assessment of Arconic and Dr. Kleinfeld is “on the nose”. Furthermore, our slate has more than 80 years of cumulative experience in the aerospace industry, and includes a former named executive officer of the Company. Investors owning more than 80M shares – or 365x the amount of the board – are supportive of change. Are we all less informed than the current board?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "773bad0c-919b-437c-8673-9c76b74ba67e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.48, "x": 0.48, "y": 0.55 }, "kind": "quote", "text": "We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23a44517-f079-4edd-b5ff-4d4818447342", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.” — Arconic Board", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:04:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0393-73a7-a0a5-8b4aba1a8f31", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.42, "y": 0.85 }, "kind": "source-note", "text": "Note: Ms. Russo’s share ownership is not inclusive of deferred share units or deferred restricted units", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We hope this is not true.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f5e7486-a0a0-4345-8d4f-d00a3aa75c3d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "paragraph", "text": "We have heard from numerous self-described Arconic employees, that the Company is doing everything possible to post strong first quarter results. While we cannot verify the claims of these unsolicited communications, we are concerned that Dr. Kleinfeld could be aggressively cutting costs for a short-term gain that could hurt the Company’s future sustainability.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f50a7c0-6852-403a-bec1-53e56f4112e6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "\"Arconic managers are being told not to pay their vendors. 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Payable terms have been 60 days for the life of the company's supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0ee7f23-2d7d-4482-b533-75aec2d6c8e9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "\"Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:23.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d17f764d-e378-44df-b6f3-ca61e76cb07e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.” — Glass Door, 3/17/17; “Arconic managers are being told not to pay their vendors. Several have not been paid since last July...and MANY have not been paid since October 1st.” — Email sent to Elliott, 3/27/17; “Your company might want to somehow request financials in regard to payments to vendors, etc. Arconic is either trying to make itself look good for a sale or the inflated stock price.” — Email sent to Elliott, 3/16/17; “I have been a supplier [redacted] to Arconic. Payable terms have been 60 days for the life of the company’s supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.” — Unsolicited Phone Call to Elliott, 3/8/17; “In a last-ditch effort to save his job, [Siemens CEO] Kleinfeld released quarterly earnings figures late Tuesday, two days earlier than planned, to underscore the company’s financial health.” — The New York Times, April 25, 2007", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, 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