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July 29, 1997

Alcoa to Acquire Spanish Aluminum Producer Inespal

MADRID--July 29, 1997-- Alcoa will acquire the main sectors of the aluminum businesses of Inespal, S.A., Spain's state-owned integrated aluminum producer, under an agreement signed here today with Inespal's owner, the State Entity for Industrial Participations (SEPI).

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

Announcing the purchase agreement, Alcoa Chairman Paul H. O'Neill said, "We expect Inespal to be a vibrant competitor in Spain, as well as in European and global markets, and a full and complementary partner with Alcoa's successful and growing operations in other parts of the world."

The businesses Alcoa is acquiring are:

» an alumina refinery at San Ciprián, with a capacity of 1.1 million metric tons per year (mtpy);
» three primary aluminum smelters, at San Ciprián, La Coruña, and Avilés, with combined capacity of 365,000
» three rolling mills, at Amorebieta, Alicante and Sabiñánigo, with combined capacity of 220,000 mtpy;
» two extrusion plants, at Noblejas and La Coruña, with combined capacity of 29,000 mtpy;
» an administrative center in Madrid; and
» related sales offices in Europe.

Alcoa is the world's leading aluminum producer, with 178 operating locations in 28 countries.