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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Includes a CEO quote from Alcoa's Roy Harvey to emphasize the operational focus on capacity utilization.",
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      "kind": "callout",
      "text": "GRP asset turns are below the most relevant peers: Novelis, Constellium and Kaiser Aluminum. 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",
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      "text": "GRP Fixed Asset Turns 22% Below 2016 Peer Median",
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      "text": "GRP Fixed Asset Turns Are 26% Below Median of Peer 5-Year Average",
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      "text": "Fixed Asset Turns: 26%",
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      "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.\"",
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      "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",
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      "text": "Source: Capital IQ; Company filings",
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      "text": "Poor Underlying Performance: GRP Fixed Asset Turns In-Line with Bottom-Tier Performers",
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