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December 22, 1998

Alcoa to Purchase Reynolds' Extrusion Plant in Irurzun Spain

PITTSBURGH, Pa., and RICHMOND, Va.--December 22, 1998-- Alcoa and Reynolds Metals Company announced today that they have signed a definitive agreement for Alcoa to purchase Reynolds' aluminum extrusion plant in Irurzun, Spain as well as its distribution operation for architectural systems, which has warehouses in several cities in Spain. The Irurzun plant has the capacity to produce 22,000 metric tons per year of soft alloy extrusions for use primarily in industrial and residential building applications throughout Europe. Both operations employ approximately 280 people. Terms were not disclosed. The extrusions business will become a part of Alcoa Europe, one of Alcoa's business units.

Completion of the transaction is subject to all necessary government and regulatory authority approvals and completion of certain closing conditions. The transaction is expected to be completed by the end of the first quarter 1999.