Noranda Reaches Global Settlement with Lenders and Unsecured Creditors Committee, Enters Into Agreement with "Stalking Horse ...

Franklin, Tennessee - October 7, 2016 - Noranda Aluminum Holding Corporation (OTC: NORNQ) ("Noranda" or the "Company") today announced it has entered into a global settlement agreement with its secured lenders and the Unsecured Creditors Committee that governs the handling of Noranda's remaining obligations and assets, including the net proceeds from the Company's asset sales. The global settlement agreement remains subject to court approval at a hearing scheduled for October 28, 2016.

The Company also announced that it has entered into an asset purchase agreement with an affiliate of DADA Holdings LLC ("DADA"), under which DADA's affiliate, New Day Aluminum LLC, will serve as the "stalking horse" bidder in a court-supervised sale process for Noranda's alumina refinery in Gramercy, Louisiana, and bauxite mining operation in St. Ann, Jamaica. DADA is a management company consisting of the former senior management team of Wise Metals Group LLC, which was sold to Constellium N.V. in January 2015.

The asset purchase agreement is subject to higher or better bids. The deadline to submit qualified bids is October 17, 2016 and, if multiple bids are submitted, an auction is scheduled to take place on October 18, 2016. A hearing to approve a sale is scheduled for October 19, 2016.

Because consummation of the sales described above will result in the disposition of substantially all of the Company's assets and operations, Noranda also announced that it has filed a motion to dismiss its chapter 11 cases and requested that a hearing on such motion be scheduled for October 28, 2016. In connection with the global settlement agreement and dismissal of the chapter 11 cases, it is expected that the Company's secured lenders will appoint an advisor to oversee the distribution of Noranda's remaining assets and the completion of business activities following the conclusion of the court-supervised restructuring process. The Company previously reached agreements to sell its facility in New Madrid, Missouri to ARG International AG, and its Downstream Business to Gränges AB.

Additional Information
Additional information is available on the restructuring page of the Company's website, www.norandaaluminum.com/restructuring. Court filings and other information related to the court-supervised proceedings are available at a website administered by the Company's claims agent, Prime Clerk, at http://cases.primeclerk.com/noranda. The Company has also established a Restructuring Hotline at 855-410-7360 (U.S.), or 646-795-6965 (international), as well as a Customer Hotline at 855-252-2156 (U.S.), or 917-651-0441 (international).

Forward-Looking Statements
For this press release, statements that are not purely historical are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "plan," "intend," "will" and other similar expressions. All forward-looking statements made by Noranda reflect the Company's expectations and not guarantees of future performance and are subject to various risks, uncertainties and factors relating to Noranda's operations and business environment, and the progress of its Chapter 11 Case, all of which are difficult to predict and many of which are beyond Noranda's control, which could cause Noranda's actual results to differ materially from those matters expressed in or implied by these forward-looking statements. Such factors include, but are not limited to: those described under the "Risk Factors" section and elsewhere in Noranda's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 which is available on Noranda's website www.norandaaluminum.com and on the Securities and Exchange Commission's website at www.sec.gov; unfavorable economic, financial and business conditions; and risks and uncertainties relating to the Chapter 11 Case.

Forward-looking statements made by Noranda in this press release, or elsewhere, speak only as of the date on which the statements were made. New risks and uncertainties arise from time to time, and it is impossible for Noranda to predict these events or how they may affect it or its anticipated results. Noranda assumes no obligations to update any forward-looking statements made in this press release to reflect subsequent events or circumstances or actual outcomes.

Media Inquiries
John A. Parker
Vice President of Communication and Investor Relations
[phone]
[e-mail]

Michael Freitag / Aaron Palash / Dan Moore
Joele Frank, Wilkinson Brimmer Katcher
[phone]

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Source: Noranda Aluminum Holding Corporation via Globenewswire