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October 27, 2000

European Commission Approves Alcoa's Acquisition of British Aluminium Businesses

PITTSBURGH--October 27, 2000-- Alcoa Inc. announced today that, following a one-month review, the European Commission has approved its proposed acquisition of British Aluminium. The transaction is expected to be completed by October 31, 2000.

The acquisition includes three soft-alloy extrusion operations at Banbury, St. Helens and Latchford, England; a heat-treat plate mill in Kitts Green, Birmingham, England; and a sheet mill in Dolgarrog, Wales. It also includes two distribution businesses, Baco Metal Centres and Aluminium Supply Aerospace, with branches located throughout the UK and Ireland.

The British Aluminium operations and the distribution businesses will be integrated into existing Alcoa Europe businesses.

"We are convinced that a strong presence in regional markets reinforces our customer-driven business approach and represents a competitive advantage," said Ricardo Belda, president of Alcoa Europe. "Over the last decade Alcoa has demonstrated its commitment to European industry. The addition of the British Aluminium operations is a major step for Alcoa in Europe, providing us with excellent aerospace capabilities and strengthening our commercial extrusions position in Europe."

Alcoa is the world's leading producer of aluminium and alumina, and a major participant in all segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa serves customers worldwide in the consumer products, packaging, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. The company has over 300 operating locations in 36 countries.

Editorial Contacts:
Gisela Raeber
Alcoa Europe
41 21 619 2301

Joyce A. Saltzman
Alcoa Pittsburgh
1 412 553 4467

Investor Relations:
Charles D. McLane
1 412 553 2231