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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.
Bonita A. Cersosimo
412 553 4462
Charles D. McLane
412 553 2231