Alcoa, Inc. has commenced a $110 million modernization project at Cheoah Dam, one of four hydroelectric dams that make up Alcoa Power Generating, or APGI's, Tapoco Project. The modernization effort will reportedly increase the dam's efficiency and energy output and increase the life of the dam by at least another 40 years to 50 years. Alcoa Energy is a producer, controlling nearly 3,000MW of generating capacity to provide for the energy needs of Alcoa's smelting and refining system as well as the needs of regional wholesale markets.

Alcoa Inc. announced the expiration and final results of its Maximum Tender Offer, which is its tender offer to purchase for cash up to the Maximum Tender Amount of its outstanding 6.00% Notes due 2012 and its 5.375% Notes due 2013. On August 23, 2010, the expiration date for the Maximum Tender Offer, the aggregate principal amount of 2012 Notes tendered and not withdrawn was $194,854,000, representing 37.71% of the $516,709,000 aggregate principal amount of the 2012 Notes outstanding, and the aggregate principal amount of 2013 Notes tendered and not withdrawn was $197,159,000, representing 32.86% of the $600,000,000 aggregate principal amount of the 2013 Notes outstanding. Holders of 2012 Notes and 2013 Notes that were tendered and accepted for purchase will receive $1,062.50 per $1,000 principal amount of Notes accepted for purchase. Pursuant to the extension of the Early Tender Date announced by Alcoa on August 9, 2010, this amount includes an Early Tender Premium of $20 per $1,000 principal amount. Payments for 2012 Notes and 2013 Notes purchased in the Maximum Tender Offer will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to, but not including the settlement date.

Alcoa, Inc. announced that its board of directors has elected Chris L. Ayers an Executive Vice President of the company. Additionally, Ayers has been named Chief Operating Officer for Alcoa's Global Primary Products business, effective immediately. In his new role, Ayers will work to leverage Alcoa Global Primary Products strategic advantages across the regions in which it operates, uniting the strengths of the Company's technical and operating teams to set new standards in world class performance. He will report to John Thuestad, Executive Vice President of Alcoa and Group President of Alcoa Global Primary Products. Prior to joining Alcoa, he was President of the Forgings Division of Precision Castparts Corporation.