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January 25, 2001

Alcoa Completes Sale of Worsley Alumina Refinery

PITTSBURGH, Pa.--January 25, 2001-- Alcoa Inc. announced today that it has completed the sale of Reynolds Australia Alumina, Ltd. LLC, which holds a 56% interest in the Worsley alumina refinery located in Western Australia. As previously announced, the price was US$1.49 billion and the purchaser is an affiliate of Billiton plc. The capacity of the Worsley refinery will reach approximately 3.1 million metric tons per year as a recent expansion becomes fully operational. Reynolds Australia was entitled to 56% of the refinery's alumina production, which will now belong to Billiton as a result of this transaction.

Alcoa acquired its stake in Worsley as part of its acquisition last year of Reynolds Metals Company. The sale of the Worsley interest was a condition of US and European antitrust approval of the Reynolds acquisition. Agreement on the sale was announced August 29, 2000, following an auction process that attracted bids from a variety of aluminum industry participants. Prior to this transaction, Billiton owned a 30% interest in the Worsley refinery. The remaining 14% is owned by Kobe Steel, Nissho Iwai and Itochu.

Editorial Contact:
Bonita A. Cersosimo
412 553 4462

Investor Relations:
Charles D. McLane
412 553 2231