Our manifest

We believe that the best of Aluminum is more than just Aluminum itself.

We are proud of our past and of where it can lead us. Our history reflects the commitment of a company that has always had faith in the development of the industry and above all, of Brazil.

With a unique approach, we have created valuable partnerships with the people around us: our customers, our employees, our suppliers, and the communities where we operate.

We are always nearby and always ready to meet all kinds of demands, including the most challenging ones, as our work involves thinking about the right response to the most difficult questions.

We are present everywhere: in the windows of your home, in your car, at work... We seek to inspire new paths, spark new ideas, and discover new forms, solutions, and applications

It is a cycle that is renewed on a daily basis.

From the city of Alumínio, to the Aluminum of all cities.

Message from the Leadership

CBA of the future

Our aluminum is present in almost everyone’s daily lives; it is used in the packaging, civil construction, automotive, machinery and equipment and consumer goods industries, among others.

Primary products
Alloy ingot
Caster rolls

Transformed products
Plates and coils
Aluminum sheets
Extruded profiles
Anodized profiles
Customized solutions

Our corporate strategy aims to place CBA at an even higher level of competitiveness in the Brazilian aluminum market, creating value for our customers, suppliers, employees, and communities in which we are present. This movement started back in 2015 with the Horizontes (Horizons) Project, which established an institutional architecture with three different businesses that complement each other and create competitive advantages, through the vertical integration of the aluminum production chain.


The electricity we use to produce aluminum comes from our own eleven hydroelectric power plants that are directly linked to the CBA plant in Alumínio (SP), located in the Juquiá and Sorocaba river basin complex, and from other nine company-owned plants or plants in which we hold a stake, which are connected to the national grid (Sistema Interligado Nacional – SIN). These units are currently operated by Votorantim Energia, which is also part of Votorantim S.A.


This includes our bauxite mining units, refining for the production of aluminum oxide, production of molten aluminum and casting. These activities are carried out at our mining units and at our plants in the municipalities of Alumínio and Araçariguama and are aimed at continuous operational excellence and cost competitiveness.


This is an area that operates with operational excellence geared towards offering aluminum products with solutions and services tailored to strategic markets and customers.

Economic performance

A more agile management, coupled with the constant concern to reduce costs and improve business competitiveness and the transformational strategy adopted in the last three years, has ensured consistent gains in the aluminum business. In this way, in 2017, we posted a 9% growth in net revenue and 52% in adjusted EBITDA in the aluminum business compared to 2016.

This growth was driven by higher volumes and prices of aluminum, aligned to the focus on sales of higher value-added products and better operating performance. In the consolidated result we had an 8% increase in net revenue, while adjusted EBITDA dropped 7% due to higher GSF* and mark-to-market of the sale of surplus energy.

*GSF (Generation Scaling Factor) is the ratio between the energy produced by the set of generators and the sum of the their physical guarantees.

Material issues

This first Annual Report of CBA as an independent company presents our performance in 2017 and the key perspectives for our business. To define the material issues of the report, we conducted a materiality study with our key stakeholders. This study focused on our aluminum operations and engaged around fifty people from within and outside the organization, through

interviews and two discussion panels with the internal public.

This process resulted in the identification of eight material issues, which guided the screening of data and information to create the Report and also directed our strategic performance for sustainability management.


Sustainable mining

Under this heading we address the environmental impacts arising from our bauxite mining operations. The section covers initiatives for monitoring and mapping impacts on biodiversity, rehabilitation of mined areas and relationships with landowners in areas where we operate.

Dam safety and waste management

The topic covers the management of aspects such as red mud deposition, disposal of residues from mining and industrial operations, and the treatment of hazardous waste. It also includes the company's mechanisms for monitoring dam safety.

Eco-efficiency in production

Under this heading, we cover the processes and investments made to reduce the consumption of water and energy in the aluminum production process and to make this consumption more efficient. We also address initiatives aimed at reducing emissions of greenhouse gases and other pollutants that could impact communities close to our operations.


Ethics, compliance and business solidity

The topic addresses aspects of corporate governance and financial performance that, in a long-term perspective, demonstrate our ability to guarantee business continuity and value creation for our stakeholders.

Physical integrity and wellbeing of employees

This topic covers information related to our efforts to ensure the physical integrity of people working in our industrial and mining units. It also covers projects and initiatives to promote ever-improving quality of life for our employees.

Social license of the operation

Our sustainability management is geared towards promoting the engagement of local communities that are close to our mining and aluminum production operations. The topic describes the actions we take to contribute to the social and economic development of these populations and create reputational value for CBA.


Strengthening of the aluminum industry

This topic covers CBA’s relationship with trade associations and other civil society organizations aimed at contributing to the growth and strengthening of the aluminum chain. It also addresses how the company seeks to combine efforts to facilitate, together with other players, a model that will enable it to leverage the reverse logistics and aluminum recycling capacity.

Innovation and customer satisfaction

In this topic, we focus on innovations in processes and products targeting the supply of sustainable value and joint creation with our customers.


Sustainable mining

Bauxite mining is the first step to producing primary aluminum and delivering, to our customers, the best solutions in primary and transformed products. The mining activity, which is carried out using the most advanced methods, with a focus on mitigating environmental impacts, adds benefits and value for communities in the regions where we operate.

After the bauxite extraction is complete, the mined areas are handed back to the rural property owners with the soil in even better conditions for agricultural activities or reforestation.

In Poços de Caldas, rehabilitation of the mined areas is carried out using pioneering techniques developed by CBA in partnership with the Federal University of Lavras (UFLA). In Miraí and Itamarati de Minas, rehabilitation is carried out on land where there is basically pasture, eucalyptus and coffee cultivation. Over the years, rehabilitation practice has evolved thanks to the partnership with the Federal University of Viçosa (UFV).

Dam safety
and residue

The proper management and disposal of residues is one of the main environmental aspects that we manage in our activities. The processing and refining of bauxite generate residues that are deposited in our own dams and continuously monitored.

Innovation for the continuity of operations

The residue dam of the CBA Factory, which stores red mud resulting from the process of obtaining aluminum at our factory in the municipality of Alumínio (SP), has an estimated useful life of up to the year 2022. To ensure continuity of operations without the need to build another dam, we have developed a project for the use of press filters that enable the waste to be stored in dry cake form. This will increase the useful

life expectancy of the dam to at least the year 2042.

Since 2012, technical studies have been conducted to ensure that that the disposal is done in a safe way. In 2017, a Preliminary License (Licença Prévia) was issued by the Cetesb, and the installation license was requested. The forecast is that by 2021, the filter presses will be fully installed and operational.

Eco-efficiency in production

Electrical energy is an essential input for the production of aluminum. We have twenty hydroelectric plants within our energy matrix – eleven linked directly to the factory, which form the Juquiá-Sorocaba complex, and the other nine, either owned by CBA or in which we have a stake, interlinked with the national grid – the Sistema Integrado Nacional (SIN).

Greenhouse gas (GHG) emissions are an environmental impact of the aluminum production process. Most of these emissions relate to the process of obtaining alumina and primary aluminum, which generate carbon gas (CO2) and perfluorocarbon (PFC) emissions. To reduce emissions, we strive to implement operational improvements, innovations in the process, and more use of recycling.

Water management

Water is a natural resource that is used in all phases of production. At the plant in Alumínio, water is obtained from water bodies located nearby, treated, and used in the refinery, casting, and other stages that require he water input in potable condition. After use, we direct the effluent to a exclusive lake for storage, with capacity of 75,000 cubic meters, and treat it in a industrial water treatment plant for reuse in other production processes, such as the treatment of gases. Thus, the effluent generated is reused in the industrial plant.


Health and well-being of employees

To reinforce a culture of safety among our employees, we conduct a Safe Behavior program that covers training, awareness activities, and tools aimed at identifying and addressing situations of risk. One of these tools is Work Risk Observation (WRO), which encourages the assessment of activities and their associated risks. With its efficient methodology, WRO promotes behavioral change and the maintenance of safe attitudes.

Over the last year, we invested R$ 9.3 million in equipment and facility improvements, as well as conducting several awareness programs.

We have specific protocols that define minimum parameters for performing activities and that, in many cases, go above and beyond the legal requirements.

If any item observed in these protocols does not comply with the defined parameters, our employees should exercise their Duty to Refuse (Dever de Recusa), through which they justify their refusal to fulfill a specific task by exposing the unsatisfactory conditions identified at that moment. The Duty to Refuse is a tool that empowers employees to avoid exposure to an accident risk. It use is encouraged and recognized by CBA.

Ethics, compliance and business solidity

Integrity and transparency are the driving forces of our management and corporate governance. e. Since 2013, we have had a Compliance Program built on a basis of the Values and Beliefs of the Votorantim DNA.

CBA’s Code of Conduct is one of the main tools used to ensure that our activities are in compliance with laws, regulations and best practice. At the end of 2016, the document was reviewed and distributed to all the employees. In 2017, we held training sessions on the Compliance Program and Code of Conduct, through e-learning platform.

In order to receive complaints and reports of behaviors that are not in accordance with ethical conduct and integrity, we have the Ethics Line, open to employees and external publics. The channel, accessible by phone or Internet, is managed by an external team that guarantees the confidentiality of the people who come in contact. The information and records of the actions taken in response are kept within the Ethics Line channel itself. .

Social license of the operation

The objective of CBA, in terms of investments and the relationships that we maintain with the communities in the regions where we are present, is to build partnerships of value that contribute to the socioeconomic development of the municipalities in our area of activity.

In 2017, we invested R$ 4.8 million on social initiatives, a 47% increase over 2016, mainly due to the greater volume of our own resources.

Votorantim Partnership for Education

A Votorantim initiative than encompasses all the companies in which it invests, the Votorantim Partnership for Education (VPE) is focused on promoting improved public education in the

municipalities where the businesses operate. CBA implemented the VPE in four cities – Alumínio, Araçariguama, and Divinolândia (São Paulo) and in Niquelândia (Goiás).

Public Management Support

The Public Management Support Program (Apoio à Gestão Pública – AGP) is a proprietary technology of Instituto Votorantim in partnership with CBA and the National Bank for Economic and Social Development (BNDES) that focuses on broadening the capacity of the municipal public authorities and strengthening their role as agents of local development. The methodology operates on two fronts: Management Modernization and Territorial.

Planning. The project is carried out by a specialized consultancy, which maintains independence from CBA.

In 2017, we promoted the implementation of AGP in the city of Alumínio where our factory is located. The objective of the program is to support city hall in the development and execution of the Multi-year Plan and the Participative Master Plan.

ReDes Program

The ReDes Program is a partnership between CBA, Instituto Votorantim, the BNDES and the Inter-American Development Bank (IDB). Its objective is to stimulate the sustainable development of the municipalities, providing technical and financial support for the strengthening of inclusive production chains capable of generating income for the local community.

In Alumínio (SP), Niquelândia (GO), and Miraí (MG), municipalities where CBA operates, ReDes began to be implemented in 2017. In this first year, the program completed the initial phase, called Mobilization, which consists of inviting interested institutions to submit their proposals for evaluation. It is a time for all of the partners to assess the level of maturity of each registered institution.

The future is aluminum

Strengthening of the aluminum industry

The global society has increasingly sought to migrate to a more sustainable lifestyle and consumption. This demand includes technological reorganization and the advancement of the production chains, focusing on more circular and less extractive based business models.

This need suggests an optimistic future scenario for the aluminum industry. Our product combines geometric resistance and flexibility with low weight and infinite recyclability without loss of properties. With these characteristics, aluminum can contribute decisively to the reduction of emissions of greenhouse gases.

Innovation and customer satisfaction

We partner with our customers in the development of solutions that enable increased use of aluminum and add more value and sustainability to the products offered to end consumers. In 2017, we structured our Downstream business, to promote and transform our relationship with strategic customers.

Recognized innovation

We received the REI 2017 Award – raw materials category, awarded by the magazine Automotive Business, with the project "Use of high-resistance aluminum in shock-absorbing systems in passenger vehicles". With research and investment in new technologies, we have increased our portfolio to offer our customers high-resistance alloys, originally used only in the aeronautical industry and previously available only in other countries.

To achieve this result, we use solutions of codesign and co-engineering in crash management systems* for the automobile chain. The project is in line with the trend for the use of increased amounts of aluminum in passenger vehicles. The award is to recognize noteworthy initiatives in materials for the automobile industry, including other metals, plastics, rubbers, paints and other types of raw materials.

*Systems to absorb impact during collisions, protecting the health of the driver and/or passengers