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December 27, 2000

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, Washington.

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.

Editorial Contacts:
Bonita A. Cersosimo

Paul Frank
McCook Metals Group

Investor Relations:
Charles McLane