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PITTSBURGH and CAIRO--June 29, 1998--
Alcoa, Egypt Aluminum Company (Egyptalum), and the government-owned
Holding Company for Metallurgical Industries in Egypt announced today
that they have signed a letter of intent to study the feasibility of
Egyptalum and Alcoa forming a joint venture, or of Alcoa acquiring an
ownership interest in Egyptalum's aluminum business. The first phase of
the feasibility study on the appropriate business relationship between
Egyptalum and Alcoa is expected to be completed in six months.
Egyptalum's aluminum business is comprised of a 180,000
metric-ton-per-year primary aluminum smelter and a rolling mill, both
located at Aluminum City in Nag-Hammadi, Egypt.
Alcoa is the world's largest producer of aluminum and alumina and a
major participant in all segments of the industry: mining, refining,
smelting, fabricating and recycling. Alcoa has 187 operating locations
in 28 countries.