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January 6, 2004

Alcoa Acquires 44 Million Additional Shares In Chalco

PITTSBURGH--(BUSINESS WIRE)--Jan. 6, 2004--Alcoa (NYSE:AA) today announced it has participated in the Aluminum Corporation of China's (Chalco's) new share placement.

Alcoa will acquire approximately 44 million additional shares in Chalco as part of the offering. This purchase will maintain Alcoa's approximately 8 percent ownership in Chalco and cost approximately $32 million.

Chalco is the sole alumina producer and the largest producer of primary aluminum in China, and was ranked 2nd in terms of alumina production volume in 2001 in the world. Its mining, refining and smelting operations are the largest in the Chinese aluminum industry. Alcoa has held its 8 percent stake in Chalco since 2001.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 41 countries. For more information go to www.alcoa.com