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March 31, 1999

Alcoa Completes Purchase Of Reynolds' Extrusion Plant in Irurzun Spain

PITTSBURGH, Pa., and RICHMOND, Va.--March 31, 1999-- Alcoa and Reynolds Metals Company announced today that Alcoa has completed the acquisition of Reynolds' aluminum extrusion plant in Irurzun, Spain as well as its distribution operation for architectural systems, which has warehouses in several cities in Spain. The two companies had announced last December that they had signed a definitive agreement for Alcoa to buy the plant.

The Irurzun plant has the capacity to produce 22,000 metric tons per year of soft alloy extrusions for use primarily in industrial and residential building applications throughout Europe. Both operations employ approximately 280 people. Terms of the transaction were not disclosed.