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April 20, 2004

Alcoa, Chalco Receive Joint Venture Approval

PITTSBURGH--(BUSINESS WIRE)--April 20, 2004--Alcoa Inc. (NYSE:AA) and Aluminum Corporation of China Limited (Chalco) announced today that they have received approval from the China National Development and Reform Commission (NDRC) to proceed with formation of their proposed joint venture at the Pingguo Aluminum facility in the Guangxi Zhang Autonomous Region, in South China.

When Alcoa participated as the strategic investor in Chalco's global public offering and listing on the New York Stock Exchange and The Stock Exchange of Hong Kong in December 2001, the parties agreed to form a 50/50 joint venture at Chalco's facility at Pingguo. This facility is one of the most efficient alumina and aluminum production facilities in China. Pingguo's current alumina refining capacity is 850,000 metric tons per year (mtpy) and the capacity of the aluminum smelter is 135,000-mtpy. The proposed joint venture will be beneficial to both Alcoa and Chalco.

The parties have committed to growth at Pingguo over the next few years. Under the terms of the NDRC approval, these growth projects will be submitted for regulatory approval after formation of the joint venture.

Preparations to form the joint venture, including arrangements to support the existing and future requirements for electrical energy and completion of the joint venture agreements, have substantially progressed. Alcoa and Chalco expect to receive final regulatory approvals within China by the end of 2004. No U.S. regulatory approvals are required.