• Net income of $150 million, or $0.80 per share
• Excluding special items, adjusted net income of $145 million, or $0.77 per share
• $653 million of adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) excluding special items
• Revenue of $3.1 billion
• $1.2 billion cash balance and $1.5 billion of debt, for net debt of $0.3 billion, as of March 31, 2018
• Company increased its 2018 projection for adjusted EBITDA excluding special items to $3.5 billion to $3.7 billion, up from $2.6 billion to $2.8 billion¹
• Company projects full-year 2018 global deficit for both alumina and aluminum

"While the markets may continue to change, our portfolio of assets across the aluminum value chain is steadfastly positioned to perform through commodity cycles," Harvey said. "Most importantly, we are uniquely suited for today's market environment, and we are committed to driving improved pricing to the bottom line to strengthen Alcoa at an even faster rate."

The Company reported a positive impact of $5 million from special items in first quarter 2018. This impact was primarily due to a net gain from changes to employee retirement benefits in the United States and Canada, announced in January 2018, and a net benefit related to certain mark-to-market energy derivatives. Those gains were mostly offset by costs for the partial restart of the smelter at Warrick Operations in Indiana and a net unfavorable impact for several tax items.

In first quarter 2018, Alcoa reported $653 million of adjusted EBITDA excluding special items, down 18 percent from $796 million² in fourth quarter 2017. Lower alumina prices were the primary factor driving the sequential change in adjusted EBITDA. Other factors, including seasonal volume declines and higher raw material costs, were offset by improved aluminum prices and lower energy costs.

Earlier this month, Alcoa announced it had signed group annuity contracts with three insurance companies to cover approximately 2,100 retirees or beneficiaries of Canadian defined benefit pension plans. The transfer of approximately $555 million in obligations and related assets lowers the Company's risk to volatility from pension plan obligations. In connection with the transaction, the Company will record a non-cash charge of approximately $175 million ($128 million after-tax) in the second quarter of 2018. The Company also contributed approximately $95 million in April 2018 to facilitate the annuity transaction and maintain the funding level of the remaining plan obligations.

The call will be webcast via the Company's homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on April 18. Call information and related details are available under the "Investors" section of www.alcoa.com.

Alcoa intends to make future announcements regarding Company developments and financial performance through its website, www.alcoa.com.

Alcoa (NYSE:AA) is a global industry leader in bauxite, alumina, and aluminum products and is built on a foundation of strong values and operating excellence dating back nearly 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.

This press 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," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results or operating performance; and statements about strategies, outlook, and business and financial prospects. These statements reflect beliefs and assumptions that are based on Alcoa Corporation's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, 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 Corporation; (d) the impact of changes in foreign currency exchange rates on costs and results; (e) increases in energy costs; (f) declines in the discount rates used to measure pension liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; (g) the 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 anticipated from restructuring programs and productivity improvement, cash sustainability, technology advancements, and other initiatives; (h) the inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, restarts, expansions, or joint ventures; (i) political, economic, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (k) the impact of cyberattacks and potential information technology or data security breaches; and (l) the other risk factors discussed in Item 1A of Alcoa Corporation's Form 10-K for the fiscal year ended December 31, 2017 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission (SEC). Alcoa Corporation 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. Market projections are subject to the risks discussed above and other risks in the market.

Some of the information included in this release is derived from Alcoa's consolidated financial information but is not presented in Alcoa's financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered "non-GAAP financial measures" under SEC rules. Alcoa Corporation believes that the presentation of non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, "special items" as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations to the most directly comparable GAAP financial measures and management's rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

This release includes a range of forecasted 2018 Adjusted EBITDA for the Company. Alcoa Corporation has not provided a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure for the following reasons. The Company's financial results are heavily dependent on market-driven factors, such as LME-based prices for aluminum, index- and spot-based prices for alumina, and foreign currency exchange rates. As such, the Company may experience significant volatility on a daily basis related to its forecasted Adjusted EBITDA. Management applies estimated sensitivities, such as relating to aluminum and alumina prices and foreign currency exchange rates, to the components that comprise Adjusted EBITDA. However, a similar analysis cannot be performed relating to the components necessary to reconcile Adjusted EBITDA to the most directly comparable GAAP financial measure without unreasonable effort due to the additional variability and complexity associated with forecasting such items. Consequently, management believes such reconciliation would imply a degree of precision that would be confusing and/or potentially misleading to investors.