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November 3, 1999

Alcoa and Hyundai Sign Memorandum of Understanding

PITTSBURGH, Pa., and SEOUL, Korea--November 3, 1999-- Alcoa Inc. and Hyundai Group Companies announced today that they have entered into a Memorandum of Understanding for Alcoa to purchase Aluminum of Korea, Ltd.'s (Koralu's) shares, which are owned by Hyundai Group Companies. Koralu is Korea's largest aluminum flat-rolled products producer.

Although Hyundai Group Companies and Alcoa will make every effort to enter into definitive agreements expeditiously, final agreement depends upon the outcome of the due diligence review and the parties negotiating terms and conditions of the deal.

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.