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October 25, 2007

Alcoa Testifies in Support of Climate Security Act

NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) expressed its support of the America’s Climate Security Act during testimony before a U.S. Senate Subcommittee on Private Sector and Consumer Solutions for Global Warming and Wildlife Protection in Washington, D.C.

Kevin Anton, Alcoa Vice President and President of Materials Management, speaking before the subcommittee said, “The United States needs a singular mandatory, but flexible, climate change program that reduces emissions from large stationary sources, transportation, and energy use in commercial and residential buildings, and puts us in a realistic position to ask that all the major emitting nations of the world contribute their fair share as well.”

Senators Joseph Lieberman (I-CT) and John Warner (R-VA) introduced a bill last week they say would achieve substantial long-term cuts in greenhouse gas emissions. The America’s Climate Security Act would reduce total GHG emissions as much as 19% below the 2005 level by 2020 and as much as 63% below the 2005 level by 2050.

Anton said that Alcoa believes an economy-wide cap-and-trade program needs to be at the core of a comprehensive U.S. climate program and America’s Climate Security Act meets Alcoa’s most important criteria in establishing such a program.

“Unlike traditional command-and-control regulations, under a cap-and-trade program, government sets the environmental goal and industry decides how best to achieve it -- which is the right division of labor. And unlike a tax, a cap-and-trade program lets the market, not the government, set the price,” Anton said.

Anton noted that the proposed legislation goes beyond carbon dioxide as a source of greenhouse gas emissions, it establishes an ambitious schedule of reductions, and the measure complements the private sector investment and innovation that will occur as a natural result of the cap-and-trade program with federal support for the development and deployment of key climate-friendly technologies.

“This combination of market ‘push’ from the federal technology programs, and market ‘pull’ from the cap-and-trade program will be the best formula for getting technologies into use,” he said. “The combination of features I have named will make this program cost effective and friendly to the innovation of new technologies we are going to need to tackle this problem. I believe we will all be surprised by the sources and rate of innovation this program will unleash.”

Commitment to Sustainability

As a company, Alcoa’s core Values include a commitment to sustainability. Alcoa had established a target of reducing greenhouse gas emissions by 25% below 1990 levels by 2010. This goal was achieved in 2003, seven years ahead of schedule, and those reductions have been maintained despite continuous growth. In Brazil, Alcoa has joined the Climate Action Defense Compact, an agreement to work towards limiting and stopping global warming caused by greenhouse gases. In Australia, Alcoa is partnering with other companies to sequester CO2 in bauxite residue.

In addition, Alcoa was recognized among the top role models in sustainable business practice in the annual Global 100 Most Sustainable Corporations in the World ranking, it has been a component of the Dow Jones Sustainability Index for six years, it was recognized as “Best in Class” in its approach to climate change disclosure by the Carbon Disclosure Project, a coalition of more than 315 global investors with more than $41 trillion in assets, and Alcoa is the only metals company included on a new international listing of the world’s top 50 low-carbon pioneers published by CNBC European Business, a monthly business publication affiliated with CNBC Europe.

About Alcoa

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 116,000 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