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      "kind": "callout",
      "text": "Alcoa's Bauxite and Alumina business is part of its AWAC JVs. Unfortunately, Dr. Kleinfeld negotiated away valuable effective \"control premium\" on the potential sale of Alumina Ltd.",
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      "text": "Management did not \"create\" a \"highly profitable\" energy business. Rather, when smelters were closed, formerly captive power sources sold their electricity generation to the grid",
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      "text": "Upstream management deserves credit for shutting poorly performing smelters. But, Cost Curve claims should not be confused with \"operational improvement.\"",
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      "text": "But, Cost Curve claims should not be confused with “operational improvement.” The majority of gains on the cost curve have been because of smelter closures and Ma’aden, not better operations.",
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      "text": "Source: Alcoa, Arconic website, Alcoa Inc. investor presentation, Alcoa Corp. Form 10",
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      "text": "Created Leading Upstream Business",
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