Alcoa to Review 460,000 Metric Tons of Smelting Capacity for Possible Curtailment

Alcoa (NYSE: AA) announced today that it will review 460,000 metric tons
of smelting capacity over the next 15 months for possible curtailment to
maintain the Company′s competitiveness, as aluminum prices have fallen
more than 33 percent since their peak in 2011.

The review will include facilities across the Alcoa system and will
focus on higher-cost plants and plants that have long-term risk due to
factors such as energy costs or regulatory uncertainty. The possible
curtailments could affect 11 percent of Alcoa′s global smelting capacity.

Currently, the Company has 13 percent, or 568,000 metric tons of
smelting capacity idle.

'Because of persistent weakness in global aluminum prices, we need to
review every option to maintain Alcoa′s competitiveness,? said Chris
Ayers, President of Alcoa′s Global Primary Products. 'Any action taken
will only be done after a thorough strategic review and consultations
with stakeholders.?

When reviewing smelting capacity for possible curtailment, Alcoa will
consider a wide variety of alternative actions, ranging from
discontinuing pot relining to full plant curtailments and/or permanent
shutdowns. Alcoa′s alumina refining system will also be reviewed to
reflect any curtailments in smelting as well as prevailing market
conditions.

Alcoa′s review of its primary metals operations is consistent with the
Company′s 2015 goal of lowering its position on the world aluminum
production cost curve by 10 percentage points and the alumina cost curve
by 7 percentage points.

Decisions on curtailments and/or closures will be announced as reviews
are completed.

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.

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,? '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, including,
without limitation, forecasts concerning global demand growth for
aluminum, end market conditions, supply/demand balances, targeted
financial results or operating performance, and statements about Alcoa′s
strategies, outlook, and business and financial prospects.
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, and fluctuations in indexed-based and spot
prices for alumina; (b) deterioration in global economic and financial
market conditions generally; (c) unfavorable changes in the markets
served by Alcoa; (d) increases in energy costs, the unavailability or
interruption of energy supplies, or increases in the costs of other raw
materials; (e) Alcoa′s inability to successfully realize goals
established in each of its four 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 in its Global Rolled Products and Engineered
Products and Solutions segments); (f) political, economic, and
regulatory risks in the countries in which Alcoa operates or sells
products, including unfavorable changes in laws and governmental
policies, foreign currency exchange rates, tax rates, civil unrest, or
other events beyond Alcoa′s control; (g) the outcome of contingencies,
including legal proceedings, government investigations, and
environmental remediation; and (h) the other risk factors summarized in
Alcoa′s Form 10-K for the year ended December 31, 2012, Form 10-Q for
the quarter ended March 31, 2013, 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.

Alcoa

Investor Contact

Kelly Pasterick, 212-836-2674

Kelly.Pasterick@alcoa.com

or

Media
Contact

Monica Orbe, 212-836-2632

Monica.Orbe@alcoa.com