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January 19, 2005

Alcoa Welcomes Federal Energy Regulatory Commission's Decision to Relicense Hydroelectric Project; Approval Protects Thousands of Jobs and Preserves Pristine Land

PITTSBURGH--(BUSINESS WIRE)--Jan. 19, 2005--Alcoa (NYSE:AA) welcomed the U.S. Federal Energy Regulatory Commission's decision today to relicense four of Alcoa's hydroelectric dams in Tennessee and North Carolina while preserving more than 10,000 acres of land in the Great Smoky Mountains National Park.

"This decision demonstrates the benefits of communities, governments, environmental organizations and businesses working together," said Kevin Anton, president of Alcoa Materials Management. "Thousands of good-paying jobs have been protected and pristine mountain land will be preserved."

Alcoa employs approximately 2,000 people in the region and has an annual economic impact of $400 million on the local economy.

The Commission's decision is the result of about seven years of discussions between key stakeholders. Alcoa requested a 40-year license for its four hydroelectric facilities that provide 326 megawatts of power to Alcoa's operations in Blount County, Tennessee. Tapoco's license was set to expire next month.

Fundamental to today's decision was legislation signed by President George W. Bush in October that allowed for the relicensing of Alcoa's Tapoco Project as well as a land exchange and conservation agreement between Alcoa Power Generating Inc. (APGI) and the National Park Service.

"This decision would not have been possible without the support of the community and government officials such as Sen. Lamar Alexander and U.S. Rep. John J. Duncan Jr.," said Marc Pereira, vice president of Energy and Procurement. "On behalf of Alcoa, we thank everybody who supported this project. Alcoa's presence in the region dates back to the early 1900s, and we look forward to continuing the positive relationships that have been built through the years."

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 119,000 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.