Alcoa to Delay Curtailment of Intalco Smelter

January 19, 2016

Lightweight metals leader Alcoa (NYSE:AA) today announced it will delay
the curtailment of its Intalco Works smelter in Ferndale, Washington
until the end of the second quarter of 2016. The plant was initially
scheduled to curtail by the end of the first quarter.

The Company announced a full curtailment of the Intalco smelter (230kmt)
on November 2, 2015, with the plant’s casthouse continuing to operate.
However, recent changes in energy and raw material costs have made it
more cost effective in the near term to keep the smelter operating to
provide molten metal to the plant’s casthouse.

Once all announced curtailments and closures are complete, the Company
will have removed approximately 25 percent operating smelting capacity
and approximately 20 percent of operating refining capacity by mid-2016,
and Alcoa globally will have 2.1 million metric tons of operating
smelting capacity and 12.3 million metric tons of operating refining
capacity remaining.

About Alcoa

A global leader in lightweight metals technology, engineering and
manufacturing, Alcoa innovates multi-material solutions that advance our
world. Our technologies enhance transportation, from automotive and
commercial transport to air and space travel, and improve industrial and
consumer electronics products. We enable smart buildings, sustainable
food and beverage packaging, high performance defense vehicles across
air, land and sea, deeper oil and gas drilling and more efficient power
generation. We pioneered the aluminum industry over 125 years ago, and
today, our approximately 60,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For more
information, visit,
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Forward Looking Statements

This release contains statements that relate to future events and
expectations and as such constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include those containing such words as
“estimates,” “expects,” “goal,” “plans,” “should,” “target,” “will,”
“would,” or other words of similar meaning. All statements that reflect
Alcoa’s expectations, assumptions or projections about the future, other
than statements of historical fact, are forward-looking statements,
including, without limitation, statements regarding Alcoa’s goal to
create a globally competitive commodity business and the expected timing
for completing the curtailment of the Intalco Works smelter.
Forward-looking statements are subject to risks, uncertainties and other
factors, and are not guarantees of future performance. Important factors
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements include: (a)
material adverse changes in aluminum industry conditions, including
global supply and demand conditions and fluctuations in London Metal
Exchange-based prices and premiums, as applicable, for primary aluminum,
alumina, and other products, and fluctuations in indexed-based and spot
prices for alumina; (b) Alcoa’s inability to successfully realize goals
established in each of its business segments, at the levels or by the
dates targeted for such goals (including moving its alumina refining and
aluminum smelting businesses down on the industry cost curves and
increasing revenues and improving margins in its Value-Add businesses);
(c) Alcoa’s inability to realize expected benefits, in each case as
planned and by targeted completion dates, from acquisitions,
divestitures, facility closures, curtailments, or expansions, or
international joint ventures; (d) political, economic, and regulatory
risks in the countries in which Alcoa operates, including unfavorable
changes in laws and governmental policies, tax rates, civil unrest, or
other events beyond Alcoa’s control; (e) changes in preliminary
accounting estimates due to the significant judgments and assumptions
required; (f) the outcome of contingencies, including legal proceedings
and environmental remediation; (g) deterioration in global economic and
financial market conditions generally; and (h) the other risk factors
summarized in Alcoa’s Form 10-K for the year ended December 31, 2014,
and other reports filed with the Securities and Exchange Commission.
Alcoa disclaims any obligation to update publicly any forward-looking
statements, whether in response to new information, future events or
otherwise, except as required by applicable law.

Matthew Garth, 212-836-2714
Sonya Elam Harden, 864-357-1258