ALCOA HIGHER 2017 PRODUCTION ESTIMATES AND LOWER DEPRECIATION INCREASE EARNINGS ESTIMATE; HIGHER NET DEBT EQUIVALENTS TRIP PRICE TARGET DESPITE LOWER FUTURE CAP. EX. ESTIMATES 1/27/2017

ALCOA HIGHER 2017 PRODUCTION ESTIMATES AND LOWER DEPRECIATION
INCREASE EARNINGS ESTIMATE; HIGHER NET DEBT EQUIVALENTS TRIP
PRICE TARGET DESPITE LOWER FUTURE CAP. EX. ESTIMATES 1/27/2017