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January 11, 2000

Alcoa and Hyundai Terminate Memorandum of Understanding

PITTSBURGH--January 11, 2000-- Alcoa Inc. announced today the termination of its memorandum of understanding that it entered into with the Hyundai Group on November 3, 1999 to purchase shares of Aluminum of Korea, Ltd. (Koralu), which is owned by the Hyundai Group Companies. Liabilities disclosed during the course of due diligence investigations resulted in the termination. Efforts to negotiate an alternative transaction have been unsuccessful.

Koralu is Korea's largest aluminum flat-rolled products producer.

Alcoa is the world's leading producer of aluminum and alumina and is active in all major segments of the industry: mining, refining, smelting, fabricating and recycling.