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February 21, 2008

Significant Modernization Project at Alcoa Operations in Hungary Completed

SZEKESFEHERVAR, Hungary & NEW YORK--Alcoa (NYSE:AA) today announced the completion of a US$83 million, (Euro 70 million), major modernization investment project at Alcoa-Köfém, its operations in Székesfehérvár, Hungary. The project began in November 2005.

The core of the investment is the modernization of Alcoa European Mill Products, which involves expanding brazing sheet capability to offer a full range of gauges. Brazing sheet is used primarily in the automotive and heat exchanger markets.

In addition, Köfém, which has been producing forged aluminum wheels since 1997, began production of Dura-Bright® aluminum wheels in Hungary. Dura-Bright® is a patented surface treatment that penetrates the wheels and helps keep them bright and shiny, reduces overall labor costs and downtime, and protects the wheels from oxidation and corrosion. Dura-Bright® wheels are available for a broad range of applications including trucks, trailers and buses. This state-of-the-art technology is deployed by Alcoa only in its Hungarian operation, outside the American continent.

The third leg of the investments is the opening of a new manufacturing operation for airfoil castings, supporting the Alcoa Power & Propulsion business unit’s growing jet aircraft and industrial gas turbine business in Europe.

"The modernization project yields in shifting Köfém’s product-mix to a range of higher value-added products, thereby underpinning its competitive operation. It strengthens Alcoa's presence in Europe and its long-term strategic investment in Hungary," said Bela Forgo, Country Manager Hungary and General Manager, Alcoa-Köfém.

The investments received non-refundable government support and created nearly 200 new jobs.

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 is the sixth largest investor in Hungary and the second largest among U.S. investors in the country. It ranks 14th based on revenues, and 17th as employer, with 5,000 jobs.

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, Alcoa also markets Alcoa® wheels, fastening systems, and precision castings. The company has 107,000 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