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January 12, 2004

Alcoa Sells Packaging Equipment Business to American Industrial Partners

PITTSBURGH--(BUSINESS WIRE)--Jan. 12, 2004--Alcoa (NYSE:AA) today announced it has sold its packaging equipment business to American Industrial Partners and management for approximately $45 million in cash.

The sale is part of Alcoa's previously announced (January 2003) divestiture program to sell certain non-core businesses. Proceeds from the sale will be used to pay down debt.

The packaging equipment is a leader in producing equipment for the two-piece can industry. Its technologically advanced machinery line includes decorators, base coaters, embossers and body makers. Among its technologies is the ability to print magazine-quality photographs on two-piece cans, offering multiple production cost benefits to the can maker.

The packaging equipment business has four facilities in North America and has approximately 250 employees. Alcoa will continue to serve customers throughout the packaging sector through it other various packaging businesses, including the Alcoa Rigid Packaging Division, Alcoa Consumer Products, Alcoa Closure Systems, Alcoa Food Packaging, Alcoa Flexible Packaging, Alcoa Kama, Alcoa Protective Packaging and Southern Graphic Systems.

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 to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, 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 120,000 employees in 41 countries. More information can be found at www.alcoa.com

American Industrial Partners

American Industrial Partners (AIP) is a private equity firm that has been investing in public and private companies since 1989. Having raised over $1 billion in equity capital, the Firm is actively partnering with experienced management teams to invest in middle market manufacturing and industrial service companies.

American Industrial Partners distinguishes itself from other financial investors through the deep operating expertise of its Partners and Executive Officer Association. This leadership team is made up of former Presidents and CEOs of Fortune 200 companies including: Armco Steel, Goodyear Tire, Mead Paper, NL Industries, Oshkosh Truck, Raychem, Tenneco Automotive, Union Pacific and US Steel.