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February 6, 1998

Alcoa Completes Acquisition of Main Aluminum Businesses of Inespal, Spain's State-Owned Aluminum Company

PITTSBURGH--February 6, 1998-- Alcoa today completed the acquisition of the main sectors of the aluminum businesses of Inespal, S.A., Spain's state-owned aluminum producer, under terms of an agreement reached July 29, 1997, with Inespal's owner, the State Entity for Industrial Participations (SEPI).

The acquisition was approved by the European Commission last month.

Alcoa will pay approximately US$410 million for the stock of substantially all of Inespal's businesses. Inespal has annual revenue of approximately US$1.1 billion.

The businesses Alcoa is acquiring are: an alumina refinery at San Ciprian, with a capacity of 1.1 million metric tons per year (mtpy); three primary aluminum smelters, at San Ciprian, La Coruna, and Aviles, with combined capacity of 365,000 mtpy; three rolling mills, at Amorebieta, Alicante and Sabinanigo, with combined capacity of 220,000 mtpy; two extrusion plants, at Noblejas and La Coruna, with combined capacity of 29,000 mtpy; and an administrative center in Madrid.

Founded in 1888, Alcoa is the world's leading producer of aluminum and alumina and a major participant in all segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa serves customers worldwide in packaging, automotive, aerospace, construction and other markets with a great variety of fabricated and finished products. The company has 186 operating locations in 28 countries.