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October 19, 2006

Alcoa's Hungary Operations Named Most Efficient Based on Financial Measure

SZEKESFEHERVAR, Hungary & PITTSBURGH--(BUSINESS WIRE)--Alcoa announced today that its Alcoa-Köfém operation located in Szekesfehervar, Hungary was ranked as the “Most Efficient Company” by major business weekly Figyelö of the 200 largest corporations in the country based on ratios of Ebitda (earnings before interest, taxes, depreciation and amortization) to invested capital, a financial indicator. The award is based on 2005 figures.

On behalf of Figyelö, an independent team of business leaders and academia evaluated the performances of the companies in several categories, including efficiency, profitability, and research and development.

Alcoa-Köfém received the “Year 2005 Most Efficient Company” national award at a ceremony in Budapest which was attended by more than 400 business and government leaders, including the Economic Minister.

“Alcoa’s experience in Hungary has been very positive, and the company has continually invested in Alcoa-Köfém over the last decade. This recognition highlights Alcoa-Köfém’s positive financial performance,” said Bela Forgo, Country Manager Hungary and General Manager of Köfém.

Alcoa in Hungary

Alcoa Hungary produces extrusion and rolling ingots, flat rolled products, automotive structures, truck bodies, wheels for trucks and buses, plastic closures, fasteners for the aerospace industry, processing components for jet aircraft and super alloy industrial gas turbines, as well as wire harnesses for the automotive industry. Alcoa Hungary is the 15th largest employer in the country, with 5,700 jobs. Alcoa's total investment of $900 million makes it the sixth largest investor in Hungary, and the second largest American investor. In 2005, Alcoa announced a major $83 million modernization project in Hungary that will renew the product mix at Alcoa-Köfém toward higher value-added products. The modernization includes expanding capability and infrastructure for flat-rolled products, and launching a new manufacturing operation for airfoil castings.

About Alcoa

Alcoa (NYSE:AA) 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® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com

Note to Editors: There should be an umlaut over the "o" and an accent over the "e" in "Köfém" throughout the release. There should also be an umlaut over the "o" in "Figyelö" above.