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November 16, 2004

Alcoa to Build New Anode Plant to Serve Fjardaal in Iceland and Mosjoen in Norway

NEW YORK--(BUSINESS WIRE)--Nov. 16, 2004--Alcoa (NYSE:AA) today announced it will invest approximately $284 million of the $314 million to build a new anode plant that will be built in Mosjoen, Norway.

The facility, which will be built together with Elkem ASA, will produce anodes for Alcoa's Fjardaal smelter in Iceland and the Mosjoen smelter in Norway, which is 50% held by Alcoa and Elkem. In addition, Alcoa owns 46% of the outstanding shares of Elkem. Construction of the anode plant is expected to be completed by 2007, in time to supply anodes for Alcoa Fjardaal, which will come on-line in 2007. Construction is contingent on government approvals. Upon completion, it is anticipated that the new anode facility will generate approximately 80 new permanent jobs in Mosjoen, not including local construction jobs.

Anodes used in Mosjoen were previously purchased, but an analysis of the process showed significant financial benefits to self-production. Anodes are the electrodes toward which current flows during the smelting process of making aluminum. The new facility is being built to meet the demand for anodes. Alcoa's inert anode project, while promising, is still in the research and development stage and won't be ready for full commercial deployment in time for the Iceland smelter's start of production.

In addition to expanding its presence in Mosjoen, Alcoa also has growing operations in Lista where it produces advanced automotive castings found on numerous automobiles and light trucks worldwide, and a 50 percent stake in the 90,000 metric ton per year Lista aluminum smelter (Elkem holds the remaining 50 percent).

Alcoa is the world's leading producer and manager 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 43 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