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February 19, 2004

Alcoa Sells Its 10% Stake in Alscon

PITTSBURGH--(BUSINESS WIRE)--Feb. 19, 2004--Alcoa (NYSE:AA) today confirmed that it has sold its 10 percent stake in the Alscon smelter in Ikot Abasi, Nigeria to the Federal Government of Nigeria. Alcoa assumed the stake as part of its acquisition of Reynolds Metals. Terms of the agreement were not disclosed.

The Alscon smelter was 70 percent owned by the Federal Government and 20 percent held by Ferrostaal AG. Only a portion of the facility has ever been operated and has been idle since mid-1999.

The Bureau of Public Enterprises (BPE), an agency of the Nigerian government, is working to privatize Alscon.

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