Exhibit 99

[Alcoa logo]

FOR IMMEDIATE RELEASE

Alcoa Earnings Rebound Over Prior Quarter on Higher Productivity, Improved Market Conditions

Record Results in Midstream and Downstream Businesses

1Q 2012 Highlights

New York, Apr. 10, 2012 – Alcoa (NYSE:AA) today reported income from continuing operations of $94 million, or $0.09 per share, in first quarter 2012, a $287 million improvement over fourth quarter 2011, led by strong productivity growth and improved market conditions.

Excluding the impact of special items, income from continuing operations was $105 million, or $0.10 per share. Special items in first quarter 2012 included the negative impact of mark-to-market changes on certain energy contracts and restructuring charges primarily related to smelter curtailments.

First quarter 2012 income from continuing operations compares to fourth quarter 2011 loss from continuing operations of $193 million, or $0.18 per share, and first quarter 2011 income from continuing operations of $309 million, or $0.27 per share.

The improvement over fourth quarter 2011 results was driven by strong productivity improvements across all businesses, higher realized prices for aluminum, and improved volume and mix. These were offset somewhat by a lower realized alumina price and higher input costs.

“Performance rebounded strongly this quarter due to our proactive cash sustainability actions, our relentless focus on profitable growth, and stabilizing markets,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer.

“We are successfully executing on our aggressive strategy to move down the cost curve in our upstream businesses, and drive to record profitability in our midstream and downstream businesses. Challenges remain in this economy, but we approach them better prepared than ever before.”

Alcoa recorded first quarter 2012 revenue of $6.0 billion, up slightly over fourth quarter 2011 and first quarter 2011. A 9 percent drop in the realized price of aluminum and a 13 percent drop in the realized price of alumina, year-on-year, were partially offset by higher third-party shipments in the upstream businesses, better volume and mix in the midstream business, and improved volume in the downstream business.

Alcoa recorded revenue growth in the first quarter across global end markets, including industrial products (14 percent), automotive (13 percent), packaging (11 percent), and commercial transportation (11 percent), compared to fourth quarter 2011. Compared to first quarter 2011, revenues were up in commercial transportation (32 percent), aerospace (15 percent), and automotive (7 percent), while revenues were down in industrial products (14 percent) and building and construction (5 percent).

Alcoa is raising its 2012 global growth forecast for the aerospace market 3 percentage points (13-14 percent), and expects global growth in the automotive (3-7 percent), commercial transportation (1-5 percent), packaging (2-3 percent), building and construction (2.5 - 3.5 percent), and industrial gas turbine (1-2 percent) markets.

Alcoa continues to project a global aluminum supply deficit in 2012 and reaffirmed its forecast that global aluminum demand would grow 7 percent in 2012, on top of the 10 percent growth seen in 2011.

First quarter 2012 net income was $94 million, or $0.09 per share, compared to a net loss of $191 million, or $0.18 per share, in fourth quarter 2011 and net

income of $308 million, or $0.27 per share, in first quarter 2011. Adjusted EBITDA for the first quarter was $624 million, up 40 percent from fourth quarter 2011, and down 35 percent from first quarter 2011.

Profitability in Global Rolled Products rebounded in the first quarter despite continued European weakness, with adjusted EBITDA per metric ton an all-time high at $430, 83 percent higher than the 10-year average. Engineered Products and Solutions continued to turn in outstanding performance, with adjusted EBITDA margin of 19 percent, the highest on record.

Alcoa’s Cash Sustainability Program is on track to deliver against financial and operational targets in 2012. The Company achieved strong first quarter productivity growth across all businesses, driven by process improvements and procurement savings. Alcoa also achieved a record low in working capital for the first quarter at 32 days, seven days lower than the previous record set in 2011. Debt-to-capital ratio stood at 36 percent, while liquidity remained strong with cash on hand of $1.7 billion.

Capital spending was $270 million in the quarter, compared to $486 million in fourth quarter 2011. Expenditures on the Saudi Arabia joint venture project were also on track at $71 million. An investment in working capital to support growth in downstream end markets and increased cash pension contributions resulted in cash used in operations of $236 million, and negative free cash flow of $506 million.

As previously announced, Alcoa is curtailing 390,000 metric tons of its system refining capacity to improve the Company’s competitive position and to reflect updated internal demand following smelting curtailments announced earlier this year.

Combined with the curtailments and closures of high-cost smelting capacity, these actions will improve the competitiveness of Alcoa’s Primary Products business and help the Company meet its previously stated goal of moving down the cost curve 10 percentage points in smelting and 7 percentage points in refining by 2015.

Segment Information

Alumina

After-tax operating income (ATOI) was $35 million, down 75 percent compared to first quarter 2011 and a decrease of $90 million, or 72 percent from fourth quarter 2011. Adjusted EBITDA fell $82 million to $147 million, down 36 percent sequentially. First quarter results were impacted by pricing pressures and a weak U.S. dollar compared to fourth quarter 2011; however, productivity improvements were strong in the quarter, mitigating volume and cost headwinds.

Primary Metals

ATOI in the first quarter was $10 million, a decrease of $192 million from a year-ago quarter and an increase of $42 million from the fourth quarter of 2011. Adjusted EBITDA increased $63 million in first quarter 2012 to $134 million, an 89 percent sequential improvement. Third-party realized aluminum price showed a 2 percent sequential improvement on rising London Metal Exchange cash prices. Sequentially, strong productivity improvements and improving product mix more than offset cost headwinds for the quarter.

Global Rolled Products

Third-party revenue in the first quarter was $1.8 billion, down 2 percent from first quarter 2011 but up 9 percent sequentially. ATOI was a first quarter record at $96 million, up 19 percent over first quarter 2011 and $70 million better sequentially. Adjusted EBITDA per metric ton was an all-time quarterly record of $430, an increase of 17 percent from first quarter 2011 and 91 percent sequentially. The sequential improvement was primarily driven by solid productivity gains, favorable mix, and increased volumes.

Engineered Products and Solutions

Revenue for the first quarter was $1.4 billion, up 11 percent from first quarter 2011 and up 3 percent on a sequential basis. ATOI for the first quarter was $155 million, up $25 million, or 19 percent, from first quarter 2011 and up $33 million, or 27 percent, from fourth quarter 2011. Adjusted EBITDA margin rose in the first quarter, reaching a record level of 19 percent. Sequentially, improved ATOI was primarily the result of strong productivity gains and increased volume.

Alcoa will hold its quarterly conference call at 5:00 PM Eastern Time on April 10, 2012 to present the quarter 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 aluminum 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 superalloys. 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, growth opportunities for aluminum in automotive, aerospace and other applications, 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, packaging, consumer electronics, 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, euro, and Norwegian kroner; (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 curves and increasing revenues in its Global 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 and investments in hydropower projects 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; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 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

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)

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

Alcoa and subsidiaries

Calculation of Financial Measures (unaudited), continued

(dollars in millions, except per-share amounts)

Income from continuing operations attributable to Alcoa – as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Income from continuing operations attributable to Alcoa determined under GAAP as well as Income from continuing operations attributable to Alcoa – as adjusted.

Days Working Capital = Working Capital divided by (Sales/number of days in the quarter).

Alcoa and subsidiaries

Calculation of Financial Measures (unaudited), continued

(dollars in millions, except per metric ton amounts)