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August 10, 1999

Alcoa and Kibar Holding Company Sign Letter of Intent

PITTSBURGH and ISTANBUL--August 10, 1999-- Alcoa Inc. and Kibar Holding Company of Turkey announced today that they have signed a Letter of Intent to form a strategic alliance with respect to Kibar's Turkish aluminum business. The parties will jointly prepare a business plan during the next six months to further refine their business relationship.

Kibar's aluminum business, known as Assan Alüminyum, is the leading aluminum rolled products business in Turkey. Assan's continuous casting operation has the capacity to produce 60,000 metric tons per year of aluminum castings. Current expansions underway will increase capacity to 90,000 metric tons by the end of 1999.

Kibar Holdings is one of the leading industrial groups in Turkey. Formed in 1972, Kibar Holdings' businesses range from packaging materials, automotive products and assembly, and galvanized steel and aluminum.

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. Revenues for all of 1998 were $15.3 billion with record shipments of 3.95 million metric tons of aluminum.