Exhibit 99.1

Owens Corning Reports Third-Quarter 2010 Results

Company Repurchased 3.7 Million Shares on Continued Strong Cash Generation

TOLEDO, Ohio – Oct. 27, 2010 – Owens Corning (NYSE: OC) today reported that consolidated net sales decreased from $1.3 billion in the third quarter of 2009 to $1.2 billion in the third quarter of 2010, a decrease of 12 percent.

Owens Corning’s third-quarter 2010 adjusted earnings were $44 million, or $0.35 per adjusted diluted share, compared with $78 million, or $0.61 per adjusted diluted share, in the third quarter of 2009. The company’s third-quarter 2010 net earnings were $58 million, or $0.46 per diluted share, compared with net earnings of $80 million, or $0.63 per diluted share, in the third quarter of 2009. See Tables 1, 2 and 3 for a discussion and reconciliation of these items.

Composites benefited from consistently strong global demand and positive pricing momentum, which produced strong operating performance. Roofing continued to sustain margins above 20 percent in the quarter despite a significant market correction. Insulation achieved higher pricing in the quarter and maintained a disciplined approach to managing capacity as challenging market conditions persisted.

Consolidated Third-Quarter 2010 Results

“Owens Corning repurchased $100 million of shares during the quarter based on our strong outlook,” said Mike Thaman, chairman and chief executive officer. “We’re on track to deliver significant EBIT growth in 2010 in a difficult economic environment.

“Strong global demand in Composites has fueled momentum in the segment. We are pleased with the timing of the start-up of our new manufacturing capacity in China,” said Thaman. “Our Building Materials segment is experiencing challenging market conditions. Despite that, Roofing and Insulation continue to demonstrate that they are great businesses for our company.”

Outlook

Based on year-to-date results and significant uncertainty in demand for building materials, Owens Corning expects that adjusted EBIT for 2010 will likely be in the range of $360 million to $390 million.

In the Composites segment, the company believes that overall demand will continue to trend upward as global industrial demand increases. The company’s new reinforcements facility in China will commence operations by year-end and contribute to profitability in 2011.

Owens Corning expects that the higher margins seen in its Roofing business in recent years will continue to drive profitability. Uncertainties that may impact Roofing margins include competitive pricing pressure and the cost and availability of raw materials, particularly asphalt.

Continued weakness in the U.S. housing industry will depress new residential construction-related demand through the remainder of the year. The timing and pace of recovery in the U.S. housing market remains uncertain.

Geographic, product, and channel mix of Owens Corning’s Insulation business may continue to moderate the impact of sustained demand-driven weakness associated with U.S. new construction. The company is prepared to respond to increased demand by bringing additional production capacity back on-line if the recovery of new construction is sooner and faster than anticipated.

Cash taxes are now expected to be below $25 million in 2010. The company estimates a long-term effective tax rate of 25 percent based on the blend of effective tax rates for its U.S. and non-U.S. operations.

General corporate expense in 2010 is estimated to be between $80 million and $90 million. General corporate expense includes corporate staff and other activities that support the company’s operations.

Copyright © 2010 Owens Corning

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The company currently estimates that depreciation and amortization expense will be approximately $325 million in 2010. Capital expenditures in 2010, excluding precious metal purchases, are estimated to be less than depreciation and amortization expense for the year.

Other Financial Items

Business Segment Highlights

Composites

NET SALES

Net sales in the Composites segment increased 6 percent to $477 million for the third quarter, compared with $451 million for the same period in 2009. Substantially all of the increase in net sales was due to higher sales volumes for both the quarter and year-to-date comparison. Increases in selling prices also improved net sales, but this was offset by unfavorable product mix. The upward trend in selling prices that began in the fourth quarter of 2009 continued during the third quarter.

EBIT

EBIT in the Composites segment increased to $43 million for the third quarter, compared to $2 million during the same period in 2009. Substantially all and more than three fourths of the improvement in EBIT was due to higher sales volumes for the quarter and year-to-date comparisons, respectively. As a result of improvements in demand, capacity utilization is currently at the high levels seen in the first three quarters of 2008. In the third quarter 2010, selling prices that outpaced inflation increased EBIT, but were offset by costs associated with maintenance activities in certain facilities that were completed during the quarter.

Copyright © 2010 Owens Corning

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Building Materials

NET SALES

Net sales in the Building Materials segment were $742 million for the quarter, compared with $937 million in the same period in 2009. The decrease in the third quarter was primarily due to lower sales in the Roofing business. The year-to-date decrease was due to lower sales in the Roofing business, partially offset by higher sales in the Insulation business.

The Roofing business recorded net sales of $404 million in the quarter, compared with $561 million in the same period in 2009. Substantially all of the decrease in net sales in the Roofing business for the third quarter 2010 as compared to the same period in 2009 was due to lower sales volumes. For the year-to-date comparison, lower sales volumes in 2010 were partially offset by higher sales of asphalt to commercial customers. Selling prices of roofing products have been relatively stable since the fourth quarter of 2008, with some fluctuation from quarter to quarter.

Net sales in Insulation were $308 million in the quarter, compared with $340 million in the same period in 2009. Higher selling prices were more than offset by lower sales volumes in the third quarter 2010. Broad weakness in end markets more than offset the impact from higher lagged U.S. housing starts. For the year-to-date comparison, nearly all of the increase in net sales was due to higher selling prices.

EBIT

EBIT for the Building Materials segment was $67 million in the quarter, compared with $156 million in the same period in 2009. For both the quarter and the year-to-date comparison, the EBIT decrease in the Building Materials segment was driven by lower EBIT in the Roofing business.

Substantially all of the decrease in EBIT in the Roofing business for the third quarter comparison was due to lower sales volumes. For the year, unit margins declined slightly as selling prices did not offset inflation in raw material costs, which accounted for more than three-fourths of the decrease in EBIT. The impact of lower sales volumes accounted for more than one-third of the change in the year-to-date comparison. Improved productivity, primarily resulting from efficiency in raw material usage, partially offset these impacts.

EBIT in the Insulation business was down slightly for the third quarter 2010 as compared to the same period in 2009. The decrease in EBIT for the third quarter 2010 was primarily due to manufacturing performance in certain facilities that support commercial and industrial markets. Selling prices outpaced inflation for the quarter, but lower sales volumes offset this impact. For the year-to-date period, EBIT was relatively flat as compared to the same period in 2009.

Copyright © 2010 Owens Corning

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Next Earnings Announcement

Fourth-quarter 2010 results will be announced Wednesday, Feb. 16, 2011.

Conference Call and Presentation

Wednesday, Oct. 27, 2010

11 a.m. Eastern

All Callers

Live dial-in telephone number: U.S. 1-866-543-6405 or International 1-617-213-8897

Passcode: 29248841

(Please dial in 10 minutes before conference call start time.)

Live webcast: http://www.owenscorning.com/investors

Telephone replay available through Nov. 3, 2010: U.S. 1-888-286-8010 or International 1-617-801-6888

Passcode: 30724941

Replay of webcast also available at: http://www.owenscorning.com/investors

Presentation

To view the slide presentation during the conference call, please log on to the live webcast at www.owenscorning.com/investors

About Owens Corning

Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune 500 Company for 56 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $4.8 billion in 2009 and about 16,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected in these statements. Such factors include, without limitation: economic and political conditions, including new legislation or other governmental actions; levels of residential and commercial construction activity; competitive factors; pricing factors; weather conditions; our level of indebtedness; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; availability and cost of energy and materials; availability and cost of credit; interest rate movements; issues related to acquisitions, divestitures and joint ventures; our ability to use our net operating loss carry-forwards; achievement of expected synergies, cost reductions and/or productivity improvements; issues involving implementation of new business systems; foreign exchange fluctuations; research and development activities; difficulties in managing production capacity; labor disputes; and, factors detailed from time to time in the Company’s Securities and Exchange Commission filings. The information in this news release speaks as of the date October 27, 2010 and is subject to change. The Company does not undertake any duty to update or revise forward-looking statements. Any distribution of this news release after that date is not intended and will not be construed as updating or confirming such information.

Copyright © 2010 Owens Corning

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Table 1

Owens Corning and Subsidiaries

Consolidated Statements of Earnings

(unaudited)

(in millions, except per share amounts)

Owens Corning follows the authoritative guidance referring to “Noncontrolling Interest in Consolidated Financial Statements,” effective January 1, 2009, which, among other things, changed the presentation format and certain captions of the Consolidated Statements of Earnings and Consolidated Balance Sheets. Owens Corning uses the captions recommended by this standard in its Consolidated Financial Statements such as net earnings attributable to Owens Corning and diluted earnings per common share attributable to Owens Corning common stockholders. However, in the preceding release Owens Corning has shortened this language to net earnings and earnings per share (or a slight variation thereof), respectively.

Table 2

Owens Corning and Subsidiaries

EBIT Reconciliation Schedules

(unaudited)

For purposes of internal review of Owens Corning’s year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not the result of current operations. Additionally, management views net precious metal lease expense as a financing item included in net interest expense rather than as a product cost included in cost of sales. The adjusted financial measure resulting from these adjustments is used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Although management believes that these adjustments result in a measure that provides it a useful representation of its operational performance, the adjusted measure should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.

Adjusting items are shown in the table below (in millions):

The reconciliation from net earnings attributable to Owens Corning to Adjusted EBIT is shown in the table below (in millions):

Table 3

Owens Corning and Subsidiaries

EPS Reconciliation Schedules

(unaudited)

(in millions, except per share data)

For purposes of internal review of Owens Corning’s year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not the result of current operations. Additionally, management views net precious metal lease expense as a financing item included in net interest expense rather than as a product cost included in cost of sales. The adjusted financial measures resulting from these adjustments are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance and related employee compensation measures. Although management believes that these adjustments result in measures that provide it a useful representation of its operational performance, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.

A reconciliation from net earnings attributable to Owens Corning to Adjusted Earnings, a reconciliation from diluted earnings per share to adjusted diluted earnings per share and a reconciliation from weighted-average shares outstanding used for basic earnings per share to adjusted diluted shares outstanding are shown in the tables below:

Table 4

Owens Corning and Subsidiaries

Consolidated Balance Sheets

(unaudited)

(in millions)

Table 5

Owens Corning and Subsidiaries

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

Table 6

Owens Corning and Subsidiaries

Segment and Business Information

(unaudited)

Composites

The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Composites segment (in millions):

Building Materials

The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Building Materials segment and our businesses within this segment (in millions):