Alumina is a forwarding office for Alcoa World Alumina and Chemicals distributions. Its profit is a 40% equity share of AWAC profit, less head office and interest expenses. Its cash flow consists of AWAC distributions. AWAC investments include substantial global bauxite reserves and alumina refining operations. Declining capital and operating costs and a lack of supply discipline from China are likely to result in continued poor returns on invested capital, despite AWC's position in the lowest quartile of the industry cost curve.