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| January 31, 2001
Alcoa Sets Challenge For 2003
PITTSBURGH, Pa.--January 31, 2001--
At a meeting with analysts and investors today, Alain Belda, Chairman
and Chief Executive Officer of Alcoa Inc., outlined the company's 2003
challenge. Like the previous challenge, the new challenge relies on the
principles of the Alcoa Business System and continued profitable growth.
Alcoa aspires to be one of the premier performing industrial companies,
and one of the key components to achieving that performance is a new
cost-reduction target of $1.0 billion to be achieved over the next three
years. This follows the company's successful completion in December 2000
of a similar program initiated in 1998 to eliminate $1.1 billion in
costs.
"The new goal to reduce costs by $1.0 billion by December 2003 will come
-- as did our 2000 program - through our employees' continued
implementation of ABS, the Alcoa Business System, our universal
management system that increases the productivity of all of our
businesses and allows us to integrate acquisitions rapidly. The
continual focus of Alcoa employees worldwide on the productivity of
assets and the elimination of waste is the heart of the company's
operating discipline, applicable in all economic environments," said Mr.
Belda. "Moreover, this is part of the ABS process which eliminates
waste; this is not a people-reduction initiative.
"The relentless application of ABS will enable Alcoa to become one of
the most productive industrial companies in the world, able to provide
customers with what they need, when they need it, making us partners in
their cost reduction and efficiency drives. It is an important driver of
our financial performance," concluded Mr. Belda. For the year 2000,
Alcoa reported record net income of $1.484 billion, or $1.80 per share,
up 41% from $1.054 billion, or $1.41 per share, for 1999. Revenues were
a record $22.9 billion, compared with $16.3 billion for 1999.
Alcoa is the world's largest producer of primary aluminum, fabricated
aluminum, and alumina and participates in all segments of the industry:
mining, refining, smelting, fabricating and recycling. Alcoa serves
customers worldwide in the packaging, consumer, automotive and
transportation, aerospace, building and construction, industrial
products and distribution markets. Related Alcoa businesses include
packaging machinery, vinyl siding, plastic bottles and closures,
electrical distribution systems for cars and trucks, and fiber optic
cable. The company has operations in 36 countries.
Alcoa Inc. (NYSE: AA)
Editor's Note: The Alcoa Business System (ABS) is an integrated set of
business systems and tools organized to achieve our mission, values,
strategies and objectives. It is a transportable philosophy of
management, manufacturing organization, shared services, technology
platforms and compensation systems. It is respectful of, and dependent
on, Alcoans' capabilities by integrating their knowledge and experiences
in our day-to-day operations. Synergies are globally maximized through a
common management system, a common industrial language and an
unencumbered transfer of knowledge across businesses and geographies. It
focuses on serving customer demand by emphasizing the elimination of all
waste and making to use.
Some of the statements in this release are forward-looking. Actual
results may differ materially from those projected. Factors such as
changes in economic conditions in the markets we serve or other factors
discussed in our latest quarterly and annual reports filed with the
Securities and Exchange Commission could cause actual results to differ
materially from those expressed in this release.
Editorial Contact:
Joyce A. Saltzman
412 553 4467
Investor Relations:
Charles D. McLane
412 553 2231
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