1 unchanged sentence
“Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 for information concerning risk factors.
−Removed: The following additional risk factors were during the quarter ended March 31, 2021.
+Added: The following additional risk factors were during the six months ended June 30, 2021.
Aluminum beverage and food packaging products are subject to competition from substitute products and decreases in demand, which could result in lower profits and reduced cash flows.
−Removed: On March 31, 2021, we completed our acquisition of the Warrick Rolling Mill (as defined in Note 4 of Notes to Interim Consolidated Financial Statements included in this Report), pursuant to the terms of the Purchase Agreement between Kaiser Aluminum Corporation and Alcoa Corporation (“Alcoa”) dated November 30, 2020.
−Removed: The Warrick Rolling Mill serves to expand our flat-rolled product offering to include aluminum sheet produced for demanding end market applications in the beverage and food packaging industry in North America.
+Added: On March 31, 2021, we completed our acquisition of Warrick (as defined in Note 4 of Notes to Interim Consolidated Financial Statements included in this Report), pursuant to the terms of the Purchase Agreement between Kaiser Aluminum Corporation and Alcoa Corporation (“Alcoa”) dated November 30, 2020.
+Added: Warrick serves to expand our flat-rolled product offering to include aluminum sheet produced for demanding end market applications in the beverage and food packaging industry in North America.
Such product offerings are subject to substantial competition from producers of alternative packaging made from glass, paper, flexible materials, plastic and organic or compostable materials, which may compare favorably to aluminum with respect to preservation of food and beverage quality and/or sustainability.
−Removed: Changes in the volume of sales by our customers in the food and beverage markets and preferences for products and packaging by consumers of prepackaged food and beverage cans may significantly influence our sales and our ability to realize the benefits of the Warrick Rolling Mill acquisition.
+Added: Changes in the volume of sales by our customers in the food and beverage markets and preferences for products and packaging by consumers of prepackaged food and beverage cans may significantly influence our sales and our ability to realize the benefits of the Warrick acquisition.
Changes in packaging preferences by our customers may require us to re-tool manufacturing operations, which could require material expenditures.
3 unchanged sentences
In periods of low demand for aluminum packaging products or in situations where industry expansion created excess capacity, we may experience relatively low capacity utilization rates, which can lead to reduced margins during that period and can have an adverse effect on our business.
−Removed: We are dependent upon Alcoa for certain resources essential to the day-to-day operation of our business at the Warrick Rolling Mill.
−Removed: We are dependent upon Alcoa for certain resources essential to the day-to-day operation of our business at the Warrick Rolling Mill, which include “support services” such as the provision of potable water, compressed air, laboratory services, electricity, steam and hot water.
−Removed: In order to transition the Warrick Rolling Mill from dependence upon the support services to independence as a facility with its own self-sufficient infrastructure, Alcoa has agreed to provide “transition services,” including providing infrastructure and equipment for the production of steam, hot water and compressed air and conveying the filtration plant currently utilized for the supply of potable water.
−Removed: In addition, Alcoa has agreed to pay for the development of infrastructure necessary for the Warrick Rolling Mill to obtain electricity from a third party power supplier, subject to certain conditions.
+Added: We are dependent upon Alcoa for certain resources essential to the day-to-day operation of our business at Warrick.
+Added: We are dependent upon Alcoa for certain resources essential to the day-to-day operation of our business at Warrick, which include “support services” such as the provision of potable water, compressed air, laboratory services, electricity, steam and hot water.
+Added: In order to transition Warrick from dependence upon the support services to independence as a facility with its own self-sufficient infrastructure, Alcoa has agreed to provide “transition services,” including providing infrastructure and equipment for the production of steam, hot water and compressed air and conveying the filtration plant currently utilized for the supply of potable water.
+Added: In addition, Alcoa has agreed to pay for the development of infrastructure necessary for Warrick to obtain electricity from a third party power supplier, subject to certain conditions.
Alcoa has agreed to provide the support services through a period to extend no later than June 30, 2024, by which date Alcoa must complete its transition services.
−Removed: A failure by Alcoa to provide support services or transition services within the time frames and upon the terms agreed to could cause us to incur substantial costs to keep the Warrick Rolling Mill operational or result in the temporary or permanent shutdown of the Warrick Rolling Mill’s operations.
−Removed: In the event that production of the Warrick Rolling Mill is negatively impacted by the failure to provide support or transition services, our business, financial condition and results of operations could be adversely affected.
+Added: A failure by Alcoa to provide support services or transition services within the time frames and upon the terms agreed to could cause us to incur substantial costs to keep the Warrick rolling mill operational or result in the temporary or permanent shutdown of the Warrick’s operations.
+Added: In the event that production of Warrick is negatively impacted by the failure to provide support or transition services, our business, financial condition and results of operations could be adversely affected.
We are exposed to risks related to our receivables supply chain financing arrangements.
2 unchanged sentences
The utility of the supply chain financing arrangements also depends upon the LIBOR rate, as it is a component of the discount rate applicable to each arrangement.
−Removed: If the LIBOR rate increases significantly, we may be
−Removed: negatively impacted as we may not be able to pass these added costs on to our customers, which could have a material and adverse effect upon our financial condition, results of operations and cash flows.
+Added: If the LIBOR rate increases significantly, we may be negatively impacted as we may not be able to pass these added costs on to our customers, which could have a material and adverse effect upon our financial condition, results of operations and cash flows.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.