Exhibit 99

[Alcoa logo]

FOR IMMEDIATE RELEASE

Alcoa Announces Fourth Quarter Loss on Charges Associated

with Cutting High-Cost Smelting Capacity, Market Weakness

Revenue, Earnings Improve Year-Over-Year

4Q 2011 Highlights

2011 Full-Year Highlights

New York, Jan. 9, 2012 – Alcoa (NYSE:AA) today reported a loss from continuing operations of $193 million, or $0.18 per share, in fourth quarter 2011 on restructuring charges associated with the closure and curtailment of high-cost production capacity, lower aluminum prices, and continued market weakness. Excluding the net negative impact of restructuring and other special items, the loss from continuing operations was $34 million, or $0.03 per share.

The fourth quarter 2011 loss compares to income from continuing operations of $172 million, or $0.15 per share, in third quarter 2011, and income of $258 million, or $0.24 per share, reported in fourth quarter 2010.

For the full-year 2011, Alcoa reported income from continuing operations of $614 million, or $0.55 per share, more than double 2010 results. The Company ended the year in a strong cash position, with $1.9 billion cash on hand.

“Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash. We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet,” said Alcoa Chairman and CEO Klaus Kleinfeld.

“For 2012, we expect global aluminum demand to grow 7 percent and are forecasting a global deficit in primary aluminum supply.”

Alcoa’s growth projection is ahead of the 6.5 percent rate required to meet the Company’s forecast of a doubling in global aluminum demand between 2010 and 2020. Aluminum demand grew 10 percent in 2011 on top of 13 percent growth seen in 2010.

Alcoa also projects that growing demand for aluminum, combined with market-related production cutbacks, will result in a global aluminum industry deficit of 600,000 metric tons in 2012.

Alcoa projects global growth in the aerospace (10-11 percent), automotive (3-8 percent), commercial transportation (2-5 percent), packaging (2-3 percent), and building and construction (4-5 percent) markets.

Fourth Quarter 2011

Revenue for fourth quarter 2011 was $6 billion, down 7 percent from the $6.4 billion reported in third quarter 2011, but up 6 percent over fourth quarter 2010 revenue of $5.7 billion.

Sequentially, fourth quarter revenues were lower, primarily due to continued European weakness brought on by the sovereign debt crisis and resulting global market uncertainty. Realized pricing declined for both alumina (down 9 percent) and aluminum (down 12 percent). Results were also affected by lower revenues in packaging (down 17 percent), industrial products (down 15 percent), building and construction (down 15 percent), commercial transportation (down 8

percent), and automotive (down 2 percent) compared to third quarter 2011. Aerospace revenue grew (up 5 percent) over the sequential quarter, as did revenue in the industrial gas turbine market.

Fourth quarter 2011 net loss was $191 million, or $0.18 per share, compared to income of $172 million, or $0.15 per share, in third quarter 2011 and $258 million, or $0.24 per share, in fourth quarter 2010. Adjusted EBITDA in fourth quarter 2011 was $445 million.

Included in the fourth quarter loss were $159 million of restructuring-related charges, primarily associated with the closure or curtailment of high-cost smelting production capacity, of which approximately 60 percent is non-cash. Another $26 million in charges associated with discrete income tax items and uninsured losses were offset by the positive impact of mark-to-market changes on certain energy contracts and the sale of land in Australia.

Despite deteriorating prices and market conditions in the fourth quarter, Alcoa turned in outstanding performance against the Company’s financial targets. Alcoa generated $656 million in free cash flow in the quarter, four times better than results from the sequential quarter, while cash from operations was $1.14 billion. Alcoa improved liquidity in fourth quarter 2011, with cash on hand rising 46 percent to $1.9 billion compared to third quarter 2011. The Company ended the fourth quarter with days working capital at 27, a record low and 3 days lower than 2010.

As previously announced, Alcoa plans to close or curtail 531,000 metric tons, or 12 percent, of its system smelting capacity to improve the Company’s competitive position.

Curtailments at Alcoa’s smelters in Portovesme, Italy, and La Coruña and Avilés, Spain, represent 240,000 metric tons, or 5 percent, of Alcoa’s global capacity. The previously announced closing of Alcoa’s smelter in Alcoa, Tennessee, and two lines at the Company’s Rockdale, Texas, smelter, account for another 291,000 metric tons of capacity reduction.

In addition to the closures and curtailments, Alcoa will aggressively accelerate actions to reduce the cost of raw materials used by its Primary Products business and will adjust capacity across the Company’s global refining system to reflect internal demand as well as prevailing market conditions.

2011 Full-Year

For the year 2011, revenue was $25 billion, compared to $21 billion in 2010. Income from continuing operations was $614 million, or $0.55 per share, in 2011

compared with $262 million, or $0.25 per share, in 2010. In 2011, income from continuing operations includes special items resulting in a net negative impact of $198 million, or $0.17 per share, compared with special items resulting in a net negative impact of $297 million, or $0.29 per share, in 2010. Excluding the impact of special items, income from continuing operations was $812 million, or $0.72 per share, for 2011.

Full-year 2011 net income was $611 million, or $0.55 per share, compared to $254 million, or $0.24 per share, in 2010.

Alcoa turned in strong performance against all of its financial targets in 2011. Capital spending for 2011 was $1.3 billion, 86 percent of the target. For the year, Alcoa invested $249 million in the Company’s joint venture in Saudi Arabia, 62 percent of the target. The Saudi project continues on-time and on-budget, with first production in the smelter and rolling mill scheduled for 2013.

Alcoa finished 2011 with a debt-to-capital ratio of 35 percent, consistent with the targeted range of 30 to 35 percent. Debt-to-capital was negatively impacted by the annual measurement of the Company’s pension plan liability, due to a significantly lower discount rate.

Alcoa also generated $906 million in free cash flow for the year, $2.2 billion in cash from operations, and ended the year with $1.9 billion cash on hand.

Segment Information

Alumina

After-tax operating income (ATOI) in the fourth quarter was $125 million, up 92 percent compared to $65 million in fourth quarter 2010, but a decrease of $29 million, or 19 percent, compared to third quarter 2011. Adjusted EBITDA fell $82 million to $229 million, a sequential decrease of 26 percent. Fourth quarter results were negatively impacted by lower pricing. Increased raw materials costs were offset by improved productivity, lower energy costs, and positive currency impact. The sale of land in Australia contributed $30 million to segment ATOI. Alumina production in the fourth quarter was a record 4.18 million metric tons.

Primary Metals

ATOI in the fourth quarter was a negative $32 million, a decrease of $210 million over fourth quarter 2010 and a decrease of $142 million from third quarter 2011. Adjusted EBITDA fell $201 million to $71 million. Third-party realized metal prices decreased 12 percent sequentially on declining London Metal Exchange (LME) cash prices. Lower LME and cost increases offset positive currency impacts and productivity gains compared to third quarter 2011.

Flat-Rolled Products

Third-party revenue in the fourth quarter was $1.7 billion, up 4 percent from the year ago quarter and down 14 percent sequentially. ATOI for the fourth quarter was $26 million, down 51 percent, or $27 million, from fourth quarter 2010 and down 57 percent, or $34 million, from third quarter 2011. Sequentially, the declining performance was driven by seasonal volume declines in North America and Russia and continued weakness in the European market. Performance was also unfavorably impacted by credit losses for several customers.

Engineered Products and Solutions

Revenue in the fourth quarter was $1.4 billion, up 12 percent over the year ago quarter and essentially flat sequentially. ATOI in the fourth quarter was $122 million, up 8 percent, or $9 million, from fourth quarter 2010 and down 12 percent, or $16 million, from third quarter 2011. Sequentially, decreased ATOI was mainly driven by cost increases and unfavorable product mix, partially offset by productivity improvements.

Alcoa will hold its quarterly conference call at 5:00 PM Eastern Time on January 9, 2012 to present the quarter and full-year 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,” “outlook,” “plans,” “predicts,” “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, 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) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the markets served by Alcoa, including automotive and commercial transportation, aerospace, building and construction, distribution, packaging, 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 aluminum fluoride, 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 competitiveness and 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 restructuring programs, 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, June 30, 2011, and September 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])

The difference between certain segment totals and consolidated amounts is in Corporate.

Alcoa and subsidiaries

Calculation of Financial Measures (unaudited)

(dollars in millions)