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December 30, 1997
Joel I. Klein, Esq.
Assistant Attorney General
U.S. Department of Justice
10th & Constitution Avenue, N.W.
Washington, D.C. 20530
Dear Mr. Klein:
In light of the position taken by the Antitrust Division of the U.S.
Department of Justice, as evidenced by the filing yesterday of a lawsuit
in the Northern District of Alabama, to stop the proposed sale to Alcoa
of the Reynolds Metals Company's aluminum rolling mill in Muscle Shoals,
Alabama, please be advised that today we have communicated to Reynolds
Metals Company Alcoa's decision not to go forward with the planned
For your reference, a copy of the letter delivered to Reynolds today is
Very truly yours,
Lawrence R. Purtell
Executive Vice President
Environment, Health & Safety
and General Counsel
December 30, 1997
Mr. Jeremiah J. Sheehan
Chairman of the Board and
Chief Executive Officer
Reynolds Metals Company
6601 West Broad Street
Richmond, VA 23230
We were advised last night that the Antitrust Division of the U.S.
Department of Justice has filed suit to stop the proposed sale to Alcoa
of Reynolds' aluminum rolling mill in Muscle Shoals, Alabama.
In light of the DOJ position in this matter, we have decided not to go
forward with our planned acquisition. Thus, the Letter of Intent dated
April 14, 1997 is no longer operative and we consider it as having no
Today we will be notifying the Department of Justice of that decision.
Paul H. O'Neill
Chairman and Chief Executive Officer