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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
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  "slideType": "peer_benchmark",
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  "notes": "The slide uses two bar charts to compare Arconic's performance against a peer group (CSTM, Novelis, AMAG, KALU) across two different metrics/timeframes.",
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      "kind": "callout",
      "text": "At Peer Median Tons / NPPE, Arconic would ship ~351kt more per year. At current EBITDA/MT: $128 million in incremental EBITDA",
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      "text": "At Peer Median Tons / NPPE, Arconic would ship ~367kt more per year. At current EBITDA/MT: incremental $133 million in EBITDA",
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      "kind": "callout",
      "text": "Only Kaiser, an exclusively value-add producer, ships fewer MT per dollar of Net PP&E than Arconic. Were Arconic generating EBITDA/MT similar to Kaiser ($700+/MT), Arconic's low rate of production might be justified. At Arconic's EBITDA/ton ($364/MT), utilization should be much, much higher",
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      "text": "GRP Ships 18% Fewer Tons Than Peer 5 Year MT / Net PP&E",
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      "text": "GRP Shipped 19% Fewer Tons Than Peer 2016 MT / Net PP&E",
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      "text": "MT / Net PP&E: 19%",
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      "text": "Only Kaiser, an exclusively value-add producer, ships fewer MT per dollar of Net PP&E than Arconic. Were Arconic generating EBITDA/MT similar to Kaiser ($700+/MT), Arconic's low rate of production might be justified. At Arconic's EBITDA/ton ($364/MT), utilization should be much, much higher",
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      "text": "Source: Capital IQ; Company filings",
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      "text": "Poor Underlying Performance: GRP Ships Fewer MT / $ of Net PP&E",
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