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January 5, 2001

Alcoa Adjusts Power Delivery To Its Two Smelters In The Pacific Northwest, Cuts Production

PITTSBURGH--January 5, 2001-- Alcoa Inc. announced today adjustments to the delivery of previously contracted electricity to its smelters in Wenatchee and Ferndale, Washington in light of the continuing energy crisis in the Northwest U.S. As a result, production at the two facilities will be reduced by a combined 150,000 metric tons per year (mtpy). There will be no immediate layoffs at either location. Alcoa estimates that these actions will result in a positive, incremental gain for 2001, which will not be material to the company's earnings.

Alcoa anticipates at this time that the 80,000-mtpy curtailment at the Wenatchee smelter is temporary. Approximately 150 megawatts of power contracted for this smelter will be sold back to Bonneville Power Administration (BPA) to meet regional demands for electricity as part of a contractual change allowing Alcoa to sell power back to BPA.

At the Intalco smelter in Ferndale, the adjustment will redistribute contracted electricity over a four-month period, January through April 2001. The original contract with the BPA called for delivery of the same amount of electricity to be completed in January and February. Production over the four-month period will be reduced by 70,000 mtpy. Alcoa owns 61% of Intalco. The company anticipates a return to peak production at the smelter in May.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It provides customers in the packaging, consumer, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. Alcoa has over 300 operating locations in 36 countries.

Editorial Contact:
Bonita A. Cersosimo

Investor Relations:
Charles D. McLane