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January 15, 2009

Alcoa in Launch of USCAP Blueprint for Legislative Action, a Landmark Climate Protection Initiative

NEW YORK--As a founding member of the U.S. Climate Action Partnership (USCAP), Alcoa (NYSE:AA) joined with other corporate and environmental organizations today in launching the Blueprint for Legislative Action, a climate protection initiative that includes policy recommendations for developing legislation to address climate change. Building on its 2007 Call to Action, USCAP has now provided a framework for the Obama Administration and 111th Congress to enact legislation that both protect the environment and the economy. This includes reducing US greenhouse gas emissions by 80% of 2005 levels by 2050 through a mandatory economy-wide cap-and-trade program.

“This Blueprint provides detailed recommendations on confronting climate change and reaffirms support for a national cap-and-trade program. In these difficult economic times, these efforts to pursue green strategies confirm our view at Alcoa that it is important to take action now both to address the problem and give businesses greater clarity around long-term investments. To avoid action will cost society even more greatly in the future and leave business with greater uncertainty,” said Alcoa Chairman Alain Belda.

The Blueprint for Legislative Action, which was developed through two years of intensive analysis and consensus-building, includes an aggressive emissions reduction schedule, describes the scope of coverage for the cap-and-trade program, and details specific complementary measures to help maintain the competitiveness of U.S. businesses, facilitate technology transformation for improved energy efficiency, transportation, coal fueled power plants and buildings and provides for cost containment measures such as offsets and principles for international engagement. Support for research and early deployment of new technologies will be critical to USCAP’s envisaged comprehensive climate program.

“This USCAP Blueprint for U.S. climate legislation provides a pathway which would help businesses like Alcoa achieve progressive climate protection goals, while delivering on our commitment to shareholders to compete and grow,” said Alcoa President and CEO Klaus Kleinfeld.

USCAP is a coalition of 32 leading corporations and environmental organizations that supports federal cap-and-trade legislation to address climate change. To learn more about the USCAP Blueprint for Legislative Action, visit www.us-cap.org

About Alcoa

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, and building systems. The Company has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland and has been a member of the Dow Jones Sustainability Index for seven consecutive years. More information can be found at www.alcoa.com