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August 11, 1999

Alcoa and Egyptalum Sign Memorandum of Understanding

PITTSBURGH and CAIRO--August 11, 1999-- Alcoa Inc. has signed a Memorandum of Understanding with the Egyptian government's Holding Company for Metallurgical Industries, and its subsidiary company, Egyptalum, to form a strategic alliance regarding Egyptalum's smelting, rolling and extrusion operations in Egypt.

The three companies had signed a letter of intent in June 1998 to study the feasibility of a business partnership. As a result of the study, a preliminary agreement has been reached on the terms of an Alcoa majority-owned strategic partnership designed to modernize the Egyptalum operations and aid Egyptalum in becoming a more effective competitor in national and regional markets. It is expected that negotiations for a definitive agreement will be completed in early 2000.

Egyptalum's aluminum business is comprised of a 180,000 metric-ton-per-year primary aluminum smelter, rolling mill and soft-alloy extrusion facility, located at Aluminum City in Nag-Hammadi, Egypt.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It is active in all major segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa has 215 operating locations in 31 countries.