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May 21, 2004

Power Supply Contract for Alumar Awarded to Eletronorte

PITTSBURGH--(BUSINESS WIRE)--May 21, 2004--Alcoa (NYSE:AA) today announced it has completed a public auction to secure a steady electric power supply to the 370,000 metric ton per year Alumar aluminum smelter in Sao Luis, Brazil, which it jointly owns with BHP Billiton, with Alcoa holding 54 percent.

The power supply auction, which will be formalized contractually within the next few weeks, was won by Eletronorte. Eletronorte will supply electricity to Alumar through the end of 2024.

In addition to supplying the Alumar facility, the new contract will place Alcoa in a position to consider future expansion opportunities in Brazil.

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 and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com