2019 Annual Report

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Achievements and results on our journey to transform aspirations into realities.

2019 Headlines

direct employees
1.88 million
metric tons of bauxite processed
323, 000
metric tons of smelting production
357, 000
metric tons of aluminum products - CBA Plant (Primary and Semi-fabricated) + Metalex
of electricity requirement self-generated
R$ 5.3 billion
in net revenue
R$ 861 million
in adjusted EBITDA
an award presented by trade journal Brasil Mineral

Value Creation Model

A new purpose

CBA is on a journey of continual improvement. As part of this, we continually upgrade our processes, deploy state-of-the-art technology, invest in capacity building, implement new projects, and ensure we are responsive to trends in our industry and around the world. Reflecting these changes, in 2019 we unveiled our newly articulated purpose as a Company. In line with CBA’s aspiration to create value for all stakeholders, our purpose was formulated on the basis of four pillars:


Our history


Our brand


Our aspiration


Our strategy

Our purpose

“Aluminum solutions that transform people’s lives”

This purpose is already an integral part of our history, our way of doing business, and our day-to-day interaction with stakeholders. It reflects CBA’s outlook for the present and vision for the future.

Sustainability Strategy

Sustainability Today & Tomorrow

Sustainable alignment

Sustainability is present in all areas and in all activities at CBA. As an example of our commitment on this topic, in 2019 we formalized a Sustainability department and created a new Sustainability Committee. The Company also adheres to the Global Compact, the largest sustainability initiative in the world , and undertaken initiatives and projects in support of the Sustainable Development Goals (SDGs).

Financial Results

The year 2019 was marked by the slowdown in the global economy, by lower growth in demand across the aluminum value chain, and by the US-China trade war. Despite the adverse economic conditions in 2019, our business model and strategy contributed to maintain the Company’s consolidated results stable compared to 2018.

Corporate Governance underpinned by ethics

We aim to create value for stakeholders and ensure the sustainability of our operations. This can only be achieved if our corporate culture is underpinned by ethics, integrity and corporate responsibility, within a rigorous and transparent governance process.

Governance in 2019

First human rights due diligence assessment on our operations in São Paulo (SP), Poços de Caldas (MG), Miraí (MG), Itamarati de Minas (MG) and the Aluminum Plant in Alumínio (SP)
More than 95% of CBA employees trained on human rights policies and procedures
Created a Compliance Portal, a new platform to provide transparency around employee activities in which conflicts of interest with CBA and other Votorantim Group companies could arise

A strategic question set the tone for our people management efforts in 2019: how can we build a technology-savvy, future-proof workforce, preparing employees for this new, competitive and digitized world? The assessment identified the need for a cultural transformation and a change in mindsets. We identified attributes related to a digital DNA and how the Company should be organized, operate and behave to build agility and value capture in this new business era. We then evaluated a set of professional attributes that the ideal CBA employee should demonstrate, which informed the development of a Leadership Journey with a series of activities designed to develop these attributes in our leaders, who then cascade what they have learned on to their teams. These initiatives inspired CBA to move to the next level of our cultural transformation, toward our Journey 4.0.

Our Communities

R$ 6 million invested in social initiatives
26 projects carried out in the yearo
More than 6,000 people reached by educational initiatives
704 employees participated in CBA’s Volunteering Challenge, a constructive, altruistic competition with support from the Votorantim Institute


CBA achieved ASI Certification in Performance Standards and Chain of Custody
R$ 43 million in environmental investment
R$ 38 milhões
investidos em inovação e tecnologia

Innovation and future readiness

CBA is preparing for the future by targeting our innovation efforts to current needs—such as urban mobility, healthiness and industry 4.0, to deliver more customized products to customers—while also developing new products that ensure the sustainability and longevity of the business.

R$ 38 million
invested in innovation and technology

CBA 4.0 – Progress so far

Combinations of online equipment to correlate and measure process variables.

Using Artificial Intelligence to develop a system that improves electrolysis cell efficiency.

Using fuzzy logic to create algorithms that regulate consumption and optimize resources by reducing process variability.

Generating reliable data for Process-Based Management and future projects using machine learning. .

A one-stop platform for managing data, enhancing safety.

An expanded e-learning offering providing greater flexibility in terms of training schedules and greater control of training attendance.

Innovation in logistics

CBA and customers can now track shipments in real time.

Integrating information, creating connectivity across the logistics chain, and improving productivity and service levels.

a tool that tracks vehicle movements and times at the Plant yard.

FOB customers and trucking companies can use the portal to schedule vehicle loading times.

With so many achievements in 2019, we are confident that CBA has made great strides toward a more sustainable, technology-enabled and efficient future, in which customers, partners and employees work together for each other’s and society’s benefit. We are daring, strong, competent and have the best team to turn our aspirations into reality. And, with a sense of pride in our Company, we will continue on this journey and look forward to sharing many more success stories in the years to come.

Ricardo Carvalho
CEO, Companhia Brasileira de Alumínio (CBA)