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October 20, 2000

Alcoa Reaches Agreement To Sell Sherwin Alumina Refinery

PITTSBURGH--October 20, 2000-- Alcoa Inc. said today that it has reached an agreement to sell the Sherwin alumina refinery located near Corpus Christi, Texas to BPU Reynolds, Inc., a private investment company. Terms were not disclosed. Alcoa acquired the Sherwin refinery as part of its acquisition of Reynolds Metals Company in May 2000. The Sherwin refinery has a production capacity of 1.6 million metric tons per year and its sale is required under the U.S. Department of Justice (DOJ) regulatory approval that cleared Alcoa's acquisition of Reynolds. The sale to BPU Reynolds must be approved by the DOJ and is expected to close by November 30, 2000.

Alcoa (NYSE:AA)

Editorial Contact:
Bonita A. Cersosimo

Investor Relations:
Charles McLane