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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.