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February 6, 2004

Alcoa's Pinjarra Efficiency Upgrade Approved; Alumina Production To Increase By 600,000 mtpy

PITTSBURGH--(BUSINESS WIRE)--Feb. 6, 2004--Alcoa (NYSE:AA) today announced that Alcoa World Alumina and Chemicals (AWAC), - a global alliance between Alcoa and Alumina Ltd, with Alcoa holding 60% -- has received the Western Australian Government's environmental approval for its previously announced US $270 million Pinjarra alumina refinery efficiency upgrade.

Work on the project, which will increase production at the facility by 600,000 metric tons per year, will begin next month. The construction phase is expected to take nearly two years, with completion by the end of 2005.

In November of 2003 Alcoa's AWAC announced the completion of a 250,000 mtpy construction expansion of its Jamalco alumina refinery in Clarendon ahead of schedule. AWAC also has broken ground on a 250,000 mtpy alumina expansion at its Paranam alumina refinery in Suriname.

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