Alcoa Corporation (AA) will start paying a quarterly cash dividend of 10 cents per share on its common stock. Alcoa also announced a new $500 million share repurchase program.

Alcoa's Board of Directors declared the first quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on November 19, 2021 to stockholders of record as of the close of business on October 29, 2021. A new annual dividend rate of 40 cents yields 0.7% at a stock price of $57.24.

“The Company’s decision to return cash to our stockholders through our first-ever quarterly cash dividend program and a new share repurchase program is a result of the significant work that Alcoans have completed to improve our Company’s financial position,” said Alcoa President and CEO Roy Harvey. “These new programs are consistent with our capital allocation framework and reflect our confidence in the strength of our Company and cash generation ability.”

Alcoa is a manufacturer of bauxite, alumina, and aluminum products. Alcoa's Aluminum segment consists of the company’s aluminum smelting, casting, and rolling businesses, along with the energy production business. Its Bauxite segment consists of the company’s global bauxite mining operations. The company’s Alumina segment consists of the company’s worldwide refining system, which processes bauxite into alumina. The Aluminum segment consists of its worldwide smelting and casthouse system, a portfolio of energy assets in Brazil, Canada, and the United States.