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November 21, 2004

New Labor Pact to End Strike at ABI Smelter Proposed by Conciliator

PITTSBURGH & QUEBEC--(BUSINESS WIRE)--Nov. 21, 2004--Alcoa (NYSE:AA) and the Syndicat des Employees de l'Aluminerie de Becancour today announced that they have received a proposal on a new multi-year labor pact from Jean Beauchesne, the conciliator working with them to resolve a strike at the ABI smelter in Quebec. The conciliator's proposal, which is acceptable to negotiators for both the company and the union, could lay the groundwork to end the strike. The agreement will now move to a vote by union members, which is scheduled for early this week.

"Both parties have completed the negotiations on the points which were still at issue at the beginning of the marathon begun last Monday," said Beauchesne. "All the objectives which they had laid down at the beginning were not achieved on both sides. This is why, with their agreement, it was decided that I would table a recommendation for a settlement. This has been done and examined by both parties. At this stage I have the commitment of the two bargaining committees that they will present this report to their respective authorities."

The ABI smelter is a 403,000 metric tons a year facility with three potlines. It has been operating at one-third its capacity since early July. It is 75 percent owned by Alcoa, with Alcan owning the remaining 25 percent. Alcoa operates the facility.