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April 21, 1997

Alcoa Signs Letter of Intent to Acquire Reynolds Metals Alloys Assets

PITTSBURGH--April 21, 1997--
Alcoa announced today that it has signed a letter of intent to acquire the Reynolds Metals Company Alloys assets located in Muscle Shoals and Sheffield, northern Alabama. Terms were not disclosed.

Direct responsibility for the Alloys assets will reside with the Alcoa Rigid Packaging business unit headquartered in Knoxville, Tenn. The Rigid Packaging unit has six operating facilities in four countries. It is one of 21 Alcoa business units.

Alcoa is the world's leading aluminum producer with 1996 revenues of $13.1 billion. The company has 178 operating locations in 28 countries.