Exhibit 99

[Alcoa logo]

FOR IMMEDIATE RELEASE

Alcoa Third Quarter Revenue, Earnings Higher Than Year-Ago

Quarter, Down Sequentially on Lower Prices and European

Market Weakness

Highlights:

New York, NY, October 11, 2011 — Alcoa (NYSE: AA) today reported increased third quarter revenue and earnings compared to the year-ago quarter, but lower results sequentially, primarily due to lower metal prices, seasonal factors and weakness in Europe.

Income from continuing operations was $172 million, or $0.15 per share, in third quarter 2011, compared to $61 million, or $0.06 per share, in third quarter 2010 and $326 million, or $0.28 per share, in second quarter 2011.

“Aluminum prices fell in the third quarter, but most markets continued to grow,” said Alcoa Chairman and CEO Klaus Kleinfeld. “With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded.

“We continue to forecast a growth rate of 12 percent for 2011, with a slower pace in the second half of the year, and reaffirm our long-term forecast for a doubling of aluminum demand by 2020. Alcoa is a confident company in a nervous world. We are well prepared for whatever lies ahead, with more cash on hand, lower debt and continued focus on profitable growth.”

Net income for third quarter 2011 was $172 million, or $0.15 per share, compared to net income in third quarter 2010 of $61 million, or $0.06 per share, and net income in second quarter 2011 of $322 million, or $0.28 per share.

Revenue was $6.4 billion in third quarter 2011, up 21 percent from the $5.3 billion recorded in third quarter 2010 and down 3 percent compared to $6.6 billion recorded in second quarter 2011.

On a year-over-year basis, Alcoa’s major end markets showed strong revenue growth, led by commercial transportation (up 44 percent), automotive (up 26 percent), packaging (up 21 percent), and aerospace (up 20 percent).

Sequentially, markets were mixed. Revenue was lower for both alumina and aluminum, down 5 percent and 1 percent, respectively, driven by lower alumina shipments and lower realized pricing in both businesses. In end markets, revenue increased in commercial transportation (6 percent) and aerospace (2 percent), while declines were seen in automotive (7 percent), industrial products (6 percent), building and construction (5 percent), and packaging (4 percent).

Excluding the impact of restructuring and other special items, income from continuing operations was $165 million in third quarter 2011, an increase of $69 million from the prior-year quarter’s $96 million, but a decrease of $199 million from sequential quarter income from continuing operations of $364 million.

In third quarter 2011, special items included the positive impact of mark-to-market changes on certain energy contracts and a net discrete income tax benefit, partially offset by the negative impact of net costs associated with restructuring and uninsured losses, including losses related to flood damage at Alcoa’s Bloomsburg, PA, plant.

For the quarter, adjusted EBITDA was $821 million, up 36 percent from third quarter 2010, but down 21 percent from second quarter 2011.

Year-to-date, revenues were $19.0 billion, up 23 percent over the first three quarters of 2010. Income from continuing operations year-to-date was $807 million, or $0.71 per share, compared to $4 million in the first three quarters of 2010. Net income year-to-date in 2011 was $802 million, or $0.71 per share.

Through the first three quarters of 2011, Alcoa continued to turn in outstanding performance against the Company’s financial targets. Alcoa generated $250 million in free cash flow while cash from operations was $1.1 billion. Alcoa improved liquidity in third quarter 2011, with cash on hand rising 6 percent to $1.3 billion compared to second quarter 2011. Capital spending through third quarter 2011 was $801 million, 53 percent of target. Year-to-date, Alcoa has invested $165 million in the Company’s joint venture in Saudi Arabia, 41 percent of target. Alcoa’s debt-to-capital ratio stands at 33.7 percent, 200 basis points lower than third quarter 2010 and within the Company’s targeted range of 30 to 35 percent.

Looking forward, Alcoa continues to project aluminum demand will grow 12 percent in 2011 on top of the 13 percent growth seen in 2010, well ahead of the 6.5 percent compound annual growth rate needed to double aluminum demand by 2020. Increasing demand in China, where the Company has raised its 2011 growth projection two-percentage points to 17 percent, will mostly offset declines in Europe and other regions.

On a global basis, Alcoa’s year-over-year end market outlook remains positive.

Aerospace, where order backlogs top eight years, and automotive, where increasing government requirements for fuel efficiency are driving more demand for light-weight solutions, are expected to remain strong. Alcoa projects aerospace demand will continue to grow in the second half of 2011 and the year-end growth rate will be between 6 and 7 percent. In the automotive market, Alcoa projects continued growth in the second half and a year-over-year improvement of 3 to 5 percent.

Growing demand for aluminum beverage cans in China, Europe, and the Middle East will offset flat to declining markets in the United States and drive overall packaging market growth of 2 to 3 percent in 2011 compared to 2010. The recovery in the industrial gas turbine market continues to support a brighter long-term outlook and a 2011 growth projection of 5 to 10 percent. The building and construction market continues to struggle in North America and Europe, leading to a growth projection of 1 to 3 percent, primarily due to continued strength in non-residential construction in China.

The outlook for commercial transportation is mixed, with a weaker second half of 2011, driven primarily by lower sales in Europe and China, offsetting strong first-half results and continued gains in the North American market. Alcoa projects heavy truck and trailer sales will range from flat to 2 percent growth over 2010.

Segment Information

Alumina

After-tax operating income (ATOI) in the third quarter was $154 million, up 120 percent compared to $70 million in third quarter 2010, but a decrease of $32 million, or 17 percent, compared to second quarter 2011. Adjusted EBITDA fell $24 million to $311 million, a sequential decrease of 7 percent. Third-quarter results were impacted by lower pricing on the London Metal Exchange (LME) and lower index pricing. Increased energy and raw materials costs were offset by improved productivity, higher volumes, and positive currency impact. Alumina production of 4.14 million metric tons in the third quarter was essentially flat from second quarter 2011, with higher internal sales offsetting a slight decrease in third-party shipments.

Primary Metals

ATOI in the third quarter was $110 million, an increase of $32 million, or 41 percent, over third quarter 2010 and a decrease of $91 million, or 45 percent, from second quarter 2011. Third-party realized metal prices decreased 5 percent sequentially on declining LME cash prices. Restarts at smelters in Massena, NY, and Intalco and Wenatchee, WA, had a positive impact of $6 million in the quarter compared to second quarter 2011.

Flat-Rolled Products

Third-party revenue in the third quarter was $2.0 billion, up 20 percent year-over-year and down 5 percent sequentially. ATOI for the third quarter was $60 million, down 9 percent, or $6 million, from third quarter 2010 and down 39 percent, or $39 million, from second quarter 2011. The declining performance was driven by significant deterioration in European markets, seasonal plant shutdowns and rising costs.

Engineered Products and Solutions

Revenue in the third quarter was $1.4 billion, up 17 percent over third quarter 2010 and an increase of $3 million over second quarter 2011. ATOI in the third quarter was $138 million, up $24 million, or 21 percent, from third quarter 2010 and down $11 million, or 7 percent, compared to second quarter 2011. Sequentially, decreased ATOI was mainly driven by unfavorable price and mix across most businesses as well as the cost impact of flooding at the Bloomsburg, PA, plant. The ATOI improvement from third quarter 2010 resulted from higher volumes across all businesses supported by a strong portfolio of innovative products.

Alcoa will hold its quarterly conference call at 5:00 PM Eastern Time on October 11, 2011 to present the quarter’s results. The meeting will be webcast via alcoa.com. Call information and related details are available at www.alcoa.com under “Invest.”

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 120 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 10 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 31 countries across the world. More information can be found at www.alcoa.com.

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,” “forecasts,” “foresees,” “outlook,” “plans,” “projects,” “should,” “targets,” “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 for aluminum, end market conditions, aluminum consumption rates, or other trend projections, targeted financial results or operating performance, and statements about Alcoa’s strategies, objectives, goals, targets, 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) global economic and financial market conditions generally, including the risk of another global economic downturn and uncertainties regarding the outcome or effects of sovereign debt issues or government intervention into the markets to address economic conditions; (c) unfavorable changes in the markets served by Alcoa, including automotive and commercial transportation, aerospace, building and construction, distribution, packaging, oil and gas, defense, and industrial gas turbine; (d) the impact of changes in foreign currency exchange rates on costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar, and Euro; (e) increases in energy costs, including electricity, natural gas, and fuel oil, or the unavailability or interruption of energy supplies; (f) increases in the costs of other raw materials, including caustic soda or carbon products; (g) Alcoa’s inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of operations (including moving its refining and smelting businesses down on the industry cost curve and increasing revenues in its Flat-Rolled Products and Engineered Products and Solutions segments), anticipated from its productivity improvement, cash sustainability, and other initiatives; (h) Alcoa’s inability to realize expected benefits from newly constructed, expanded or acquired facilities or from international joint ventures as planned and by targeted completion dates, including the joint venture in Saudi Arabia or the upstream operations in Brazil; (i) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products, including unfavorable changes in laws and governmental policies, civil unrest, and other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government investigations, and environmental remediation; (k) the business or financial condition of key customers, suppliers, and business partners; (l) changes in tax rates or benefits; and (m) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2010, Forms 10-Q for the quarters ended March 31, 2011 and June 30, 2011, 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 and subsidiaries

Statement of Consolidated Operations (unaudited)

(in millions, except per-share, share, and metric ton amounts)

Alcoa and subsidiaries

Statement of Consolidated Operations (unaudited), continued

(in millions, except per-share, share, and metric ton amounts)

Alcoa and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

Alcoa and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

Alcoa and subsidiaries

Segment Information (unaudited)

(dollars in millions, except realized prices; production and shipments in thousands of metric tons [kmt])