April 10, 2012

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

Record Results in Midstream and Downstream Businesses
1Q 2012 Highlights
- Income from continuing operations of $94 million, or $0.09 per share; excluding special items, income from continuing operations of $105 million, or $0.10 per share
- Revenue of $6.0 billion, up year-on-year despite 9 percent decline in realized aluminum prices
- Record results in Global Rolled Products and Engineered Products and Solutions
- Days working capital a record low for first quarter
- Cash on hand of $1.7 billion
- 390,000 metric tons of alumina refining capacity being curtailed to    improve competitive position
- Company raises 2012 global growth forecast for the aerospace market 3 percentage points; reaffirms global aluminum demand growth projection of 7 percent and a global aluminum supply deficit in 2012

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