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June 8, 2007

Alcoa Completes Soft-Alloy Joint Venture with Sapa

NEW YORK--Alcoa (NYSE:AA) announced today that it has completed the creation of its soft-alloy extrusion joint venture with Sapa Group, part of Norwegian conglomerate Orkla ASA. The joint venture involves the contribution of Alcoa's soft-alloy extrusion business into a joint venture company, Sapa AB, which will be the world’s largest aluminum profile company with annual sales of approximately $4.5 billion and 12,000 employees. The new company is majority owned and operated by Sapa, based in Stockholm, Sweden.

Last November, Alcoa announced its plan to fold its soft-alloy business into a joint venture company with Orkla, with the intention of eventually offering an IPO of the combined entity. Alcoa has 22 soft-alloy extrusion facilities in eight countries with 6,400 employees. Sapa Profiles has 18 facilities in 12 countries.

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 including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, structures and building systems. The company has 122,000 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