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June 28, 2004

Alcoa Increases Stake in Halco

PITTSBURGH--(BUSINESS WIRE)--June 28, 2004--Alcoa (NYSE:AA) today announced that its Alcoa World Alumina affiliate -- a global alliance between Alcoa (60%) and Alumina Limited of Australia (40%) -- has increased its ownership stake in Halco (Mining) Inc., from 43 to 45 percent, as part of Comalco's sale of its interests in the project. Alcan Inc., the other participant in Halco, also increased its stake through two subsidiaries from 43 to 45 percent. Alcoa and Alcan each paid Comalco $5,875,000.

Halco is a 51 percent owner of Compagnie des Bauxites de Guinee (CBG) which mines bauxite in the Boke region of Guinea for export. The Government of the Republic of Guinea holds the remaining 49 percent of CBG. CBG has exclusive rights through 2038 to bauxite reserves and resources in a 10,000 square mile area in the northwestern part of the country. Alcoa World Alumina, Alcan and other Halco shareholders acquire CBG bauxite for use in their individual businesses.

Last month Alcoa and Alcan announced the signing of a memorandum of understanding (MOU) on developing jointly a 1.5 million metric ton per year (mtpy) alumina refinery in the Republic of Guinea. Studies are already underway on the project where alumina production is expected by early 2008 with a facility capable of capacity expansion beyond 1.5 million mtpy.

Alcoa is the world's leading producer and operator of primary aluminum, fabricated aluminum and alumina facilities, 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.