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Michigan Avenue Partners to Acquire Alcoa's Longview Aluminum Smelter PITTSBURGH and CHICAGO--December 27, 2000--
Alcoa Inc. and Michigan Avenue Partners (MAP) announced today that they
have reached an agreement for MAP to acquire the
204,000-metric-ton-per-year aluminum smelter located in Longview,
Alcoa is required to sell a 25% interest in Longview as a condition of
the EU approval of Alcoa's acquisition of Reynolds Metals Company.
Commenting on the announcement, Alcoa CEO Alain Belda said, "In the
process of divesting of Longview, Alcoa has accepted the offer by MAP to
purchase 100% of Longview. MAP sees the value in this facility and we
are pleased we were able to reach a mutually acceptable agreement."
"We appreciate Alcoa's and Mr. Belda's efforts to enable us to
independently source our own materials. This will further establish The
McCook Metals Group as an independent producer," said Michael W. Lynch,
Chairman of McCook Metals.
The agreement is contingent on financing, is subject to regulatory
approvals and is expected to close by the end of the first quarter of
2001. Founded in 1888, Alcoa serves customers worldwide in the
packaging, automotive, aerospace, consumer products, construction and
other markets with a great variety of fabricated and finished products.
Michigan Avenue Partners is a Chicago investment group. Its affiliates
are McCook Metals, L.L.C., Scottsboro Aluminum L.L.C., Great Lakes
Metals L.L.C. and Great Lakes Processing L.L.C. McCook Metals, L.L.C. is
the second largest aluminum plate company in North America, producing
specialty products for aircraft, aerospace and defense industries, such
as the aluminum-lithium alloy plate for NASA's Space Shuttle Program and
for military aircraft.
Bonita A. Cersosimo