Positions Alcoa to Capture Growing Demand for Company’s Lightweight, Durable, Low-Maintenance Aluminum Truck Wheels in Europe

• Expansion doubles capacity to produce Dura-Bright^® EVO surface-treated wheels, which are 10 times more corrosive resistant, easy to clean and look newer longer
• Total global aluminum wheel sales are expected to increase from 30 percent of the total market in 2010 to 50 percent in 2018
• To boost adoption within Hungary’s public transportation system, Alcoa launches pilot program with regional Székesfehérvár city bus system
• US$13 million expansion will add 35 jobs in Hungary

Lightweight, high-performance metals leader Alcoa (NYSE:AA) today
officially opened its expanded wheels manufacturing plant in Hungary.
The larger facility doubles Alcoa’s capacity to produce its Dura-Bright^®
EVO surface-treated wheels compared to 2014 production levels. The
expansion will enable Alcoa to meet growing European demand for its
lightweight, durable, low-maintenance aluminum truck wheels.

“This expansion positions Alcoa to capture increasing demand for our
innovative aluminum truck wheels in Europe, including our
easiest-to-clean wheels that look new longer, reduce maintenance costs,
and increase payload and fuel efficiency,” said Tim Myers, President,
Alcoa Wheel and Transportation Products. “Our investments in forged
aluminum truck wheels support Alcoa’s broader strategy to build out our
value-add businesses and gain profitable share in growing downstream
markets. Sales of aluminum truck wheels are expected to increase from 30
percent of global sales in 2010 to 50 percent in 2018.”

Construction of the US$13 million (HUF 2.8 Billion) expansion was
completed on schedule and will create 35 new permanent jobs in Hungary
once the facility reaches full capacity. Demonstrating its support for
the project, the Hungarian Government agreed to contribute US$4.4
million (HUF 1 billion) through its Regional Operative Program, a
government-led economic development initiative.

“Alcoa has enjoyed a long and very successful history in Hungary and we
look forward to building on this positive track record with this
expansion,” said Dr. Béla Forgó, Country Manager of Alcoa Hungary. “In
addition, today Alcoa launched a pilot project with the regional
Székesfehérvár city bus system to demonstrate the economic and
environmental benefits of our wheels for public transportation.”

Under the pilot program with the regional Székesfehérvár city bus
operator, a number of buses will be outfitted with Alcoa’s wheels. Bus
operators in other municipalities have realized up to five percent fuel
savings after converting from steel wheels to Alcoa’s forged aluminum
wheels.

Alcoa’s Dura-Bright EVO surface-treated wheel is 10 times more resistant
to corrosion primarily caused by road salts and weather elements than
its predecessor, the Dura-Bright wheel with XBR^®
technology. Unlike competitive surface coatings that can crack, peel,
corrode and dull quickly, the Dura-Bright surface-treated wheel allows
brilliant shine to last even after years of use, without the need for
polishing. Dura-Bright is not a coating, but rather a surface treatment
that penetrates the aluminum and becomes an integral part of the wheel.
Regular cleaning with commonly used truck cleaning products or with just
soap and water will keep the wheels shiny, even after hundreds of washes
and thousands of kilometers, reducing maintenance costs. In addition,
Alcoa’s wheels are made from one piece of forged aluminum, making them
lighter and five times stronger than steel wheels, increasing payload
and fuel efficiency.

Alcoa has been the forged aluminum wheel leader since inventing the
product in 1948. Alcoa Wheel Products is part of Alcoa’s value-add
businesses, comprising Engineered Products and Solutions and Global
Rolled Products. The company projects its revenues from wheel products
to increase to US$1 billion in 2016 from US$700 million in 2013.

Editor’s Note: Caption for accompanying photo: To meet growing
demand for its innovative wheels, Alcoa has expanded its wheels
manufacturing plant in Hungary (expansion shown here), doubling its
capacity to produce lightweight, durable, low-maintenance Dura-Bright^®
EVO surface-treated aluminum truck wheels.

About Alcoa

A global leader in lightweight metals technology, engineering and
manufacturing, Alcoa innovates multi-material solutions that advance our
world. Our technologies enhance transportation, from automotive and
commercial transport to air and space travel, and improve industrial and
consumer electronics products. We enable smart buildings, sustainable
food and beverage packaging, high-performance defense vehicles across
air, land and sea, deeper oil and gas drilling and more efficient power
generation. We pioneered the aluminum industry over 125 years ago, and
today, our approximately 59,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For more
information, visit www.alcoa.com,
follow @Alcoa on Twitter at www.twitter.com/Alcoa
and follow us on Facebook at www.facebook.com/Alcoa.

About Alcoa Wheel and Transportation Products

Alcoa Wheel and Transportation Products (AWTP), headquartered in
Cleveland, Ohio, is part of Alcoa’s downstream business, Engineered
Products and Solutions. AWTP serves the commercial vehicle, automotive
and defense markets with products used in a range of applications
including forged aluminum wheels, premium products such as Dura-Bright^®,
Dura-Flange^®, LvL ONE^® and M-Series™ medium duty
truck wheels, as well as a variety of other aluminum components for
these markets. AWTP is composed of three divisions: Commercial Vehicle
Wheels, Forged Specialty Wheels and Transportation Products. Alcoa Wheel
Products Europe is headquartered in Székesfehérvár, Hungary. Alcoa
manufactures forged aluminum wheels for trucks, trailers and buses in
Europe. More information can be found at www.alcoawheels.com.
Follow @AlcoaWheels on Twitter at twitter.com/AlcoaWheels.

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
“anticipates,” “estimates,” “expects,” “forecasts,” “plans,” “projects,”
“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, statements regarding Alcoa’s strategy,
objectives, expectations, and intentions regarding growing its revenues
from its wheel products, its ability to capture growing European demand
for aluminum truck wheels, and growth in global market penetration of
forged aluminum wheels versus steel. Forward-looking statements are
subject to 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) unfavorable changes in the
markets served by Alcoa, including the commercial transportation market
and European aluminum truck wheels market; (b) failure to successfully
implement, or to realize expected benefits from, new technologies,
processes, equipment, expanded facilities, or innovative products,
including Dura-Bright EVO® surface-treated wheels, whether due to
competitive developments, changes in the regulatory environment, trends
and developments in customer requirements, or other factors; and (c) the
other risk factors discussed in Alcoa’s Form 10-K for the year ended
December 31, 2013 and other reports filed with the Securities and
Exchange Commission. Alcoa disclaims any intention or obligation to
update publicly any forward-looking statements, whether in response to
new information, future events or otherwise, except as required by
applicable law.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150130005083/en/

Alcoa
Investor Contact
Kelly Pasterick, + 1 212-836-2674
Kelly.Pasterick@alcoa.com
or
Media Contact
Christa Bowers, + 1 212-836-2605
Christa.Bowers@alcoa.com
or
Alcoa Europe
Jasper van Zon, + 31 (0) 416 300 350
Jaspervan.Zon@alcoa.com