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December 20, 2000

Alcoa Congratulates Paul O'Neill on Nomination as US Secretary of the Treasury

PITTSBURGH--December 20, 2000-- Alcoa today welcomed the decision by President-elect George W. Bush to nominate outgoing Alcoa Chairman and former-CEO Paul H. O'Neill as the next Secretary of the Treasury of the United States.

"We congratulate Paul and wish him the best in his future role as head of the Department of the Treasury," said Alcoa CEO Alain Belda. "His uncompromising integrity and profound intellect will serve the country well. As a businessman his commitment to fiscal responsibility and sustaining profitable growth has always gone hand-in-hand with his deep-seated devotion to social and environmental responsibility. The American people have gained a valued and committed public servant."

During his tenure at Alcoa, Mr. O'Neill oversaw a period of unprecedented and extraordinary growth for the company. Mr. O'Neill institutionalized Alcoa's core values of protecting the health and safety of its workers and the well-being of the environment in which they live.

Bonita A. Cersosimo