Alain Belda Higher Quotations

A reduced upstream pricing environment and higher energy costs affected out results this quarter.

Looking to the fourth quarter, we expect to continue to benefit from recent acquisitions, our cost reduction program, and the seasonal strength of our packaging and consumer business, ... However, we also expect the softness to continue in the construction, transportation, building and distribution markets and see no relief from the higher energy prices.

Despite significantly higher energy prices which offset more favorable metal prices, we achieved solid cost savings results from the restructuring undertaken over the last two years...,

Despite increasing softness in the construction, transportation, building, and distribution markets, as well as significantly higher energy prices, Alcoa achieved record performance as a result of rapid integration of new acquisitions and execution of its cost-cutting initiative,

The combination of operating efficiencies and higher prices resulted in the strongest quarter Alcoa has ever had,