EPA Issues Record of Decision on Grasse River Remediation

Alcoa (NYSE:AA) today confirmed that the U.S. Environmental Protection
Agency (USEPA) has issued a Record of Decision (ROD) on the remediation
of the Grasse River that is consistent with the Proposed Remedial Action
Plan issued in October, 2012.

Alcoa, USEPA, the NY Department of Environmental Conservation (DEC) and
other parties have been evaluating remedial alternatives to address
elevated levels of polychlorinated biphenyls (PCBs) in fish in the lower
Grasse River for more than 15 years. The ROD requires dredging and
capping of contaminated sediments in a 7.2 mile stretch of river. The
estimated cost of the remediation is $243 million, which Alcoa has fully
accrued.

'Alcoa has worked cooperatively with the EPA to address the PCB
sediments in the Grasse River, and we are pleased to see this final step
in the remediation decision process completed,? said Kevin Anton, Alcoa
Vice President and Chief Sustainability Officer. 'Based on 15 years of
scientific research, Alcoa believes the remedy is both protective of
human health and the environment and effective over the long term. We
look forward to working with the EPA, the New York State DEC and the
other stakeholders during the design and implementation phases of the
project.?

Alcoa can now move forward with the next phase of the Massena
Modernization Project. The next phase includes spending $52 million for
work that will begin in June 2013, including $10 million toward economic
development in the North Country.

Alcoa would like to thank the many government officials, employees,
union leaders and community members for their support in getting us to
this important stage in Massena′s future.

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
'expects,? 'move forward,? 'will,? 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. Forward-looking statements are subject
to a number of known and unknown 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
for primary aluminum, alumina, and other products; (b) ?deterioration in
global economic and financial market conditions generally, or
unfavorable changes in the markets served by Alcoa; (c) changes in
regulatory requirements, an inability to obtain financing, changes in
project economics, capital expenditure restrictions, unexpected events
beyond Alcoa′s control, or other reasons which could preclude or make
unfeasible full implementation of the Massena East modernization plan;
and (d) ?the other risk factors summarized in Alcoa′s Form 10-K for the
year ended December ?31, 2012 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.

About Alcoa

Alcoa is the world′s leading producer of primary and fabricated
aluminum, as well as the world′s largest miner of bauxite and refiner of
alumina. In addition to inventing the modern-day aluminum industry,
Alcoa innovation has been behind major milestones in the aerospace,
automotive, packaging, building and construction, commercial
transportation, consumer electronics and industrial markets over the
past 125 years. Among the solutions Alcoa markets are flat-rolled
products, hard alloy extrusions, and forgings, as well as Alcoa ? wheels,
fastening systems, precision and investment castings, and building
systems in addition to its expertise in other light metals such as
titanium and nickel-based super alloys. Sustainability is an integral
part of Alcoa′s operating practices and the product design and
engineering it provides to customers. Alcoa has been a member of the Dow
Jones Sustainability Index for 11 consecutive years and approximately 75
percent of all of the aluminum ever produced since 1888 is still in
active use today. Alcoa employs approximately 61,000 people in 30
countries across the world. For more information, visit www.alcoa.com,
follow @Alcoa on Twitter at www.twitter.com/Alcoa
and follow Alcoa on Facebook at www.facebook.com/Alcoa.

Alcoa

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