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March 8, 2001

Alcoa Signs Letter of Intent to Acquire Gentek Building Products

PITTSBURGH AND TORONTO--March 8, 2001-- Alcoa Inc. and Genstar Capital Corporation jointly announced today that they have signed a letter of intent for Alcoa to acquire Gentek Holdings, Inc. of Cleveland, Ohio, and its Gentek Building Products subsidiaries. Genstar Capital Corporation is the majority shareholder of Gentek Holdings, Inc. The transaction, which is subject to completion of due diligence and customary regulatory and other approvals, is expected to close mid-year 2001. Terms of the deal were not disclosed. Gentek will become part of Alcoa Building Products Inc.

Gentek operates five manufacturing facilities in Canada and the U.S.: Pte. Claire, Quebec; Lambeth and Burlington, Ontario; Woodbridge, New Jersey; and Richmond, Virginia. The company also operates a number of distribution centers in Canada and the U.S.

"Gentek has developed from a leading North American manufacturer and distributor of residential aluminum siding into a world class manufacturer and distributor of vinyl siding under Genstar Capital's ownership. Our vinyl siding business is complemented by a full range of aluminum and steel siding, as well as vinyl windows," said Ken Waldron, President and Chief Executive Officer of Gentek. "We look forward to being part of a larger company that has our same dedication to quality, innovation and customer values."

Gary Acinapura, President of Alcoa Building Products Inc., (ABP) said, "We are excited about an opportunity which so closely aligns with our overall strategy. We intend to support Gentek's Gentek® and Revere® brands -- two strong brands that we believe have been fundamental to Gentek's success. They will complement the already strong position of our Alcoa and Mastic® brands. Further, this acquisition supports ABP's focus on North American growth by gaining a presence in the Canadian market, and supports our objective of profitably doubling our sales volume in the next three years. We believe that the combination of these businesses will provide strong opportunities for employees from both companies. We will be working hard to promptly complete the acquisition to add such a quality company to Alcoa's building products business, and integrate the business as quickly as is possible," Acinapura said.

Genstar Capital is a private equity firm. Gentek Building Products is a North American manufacturer, marketer and distributor of residential siding and related products.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. Alcoa Building Products is one of the world's leading suppliers of premium performance siding and a complete line of low-maintenance exterior products for the home. Alcoa Building Products operates five manufacturing facilities in the U.S.: Stuarts Draft, Virginia; Gaffney, South Carolina; Sidney, Ohio; Denison, Texas and Princeville, Illinois.

Editorial Contacts:

Joyce A. Saltzman
Alcoa Inc.
412-553-4467

Richard D. Paterson
Genstar Capital
415-834-2350

R. Kenneth Waldron
Gentek Building Products, Inc.
216-514-3500

Investor Relations:
Charles D. McLane
Alcoa Inc.
216-836-2674