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May 13, 2008

Greenland Parliament Agrees to 2nd Phase of Joint Studies on Potential Smelter and Hydropower Project

NEW YORK--Alcoa (NYSE:AA) today welcomed the decision taken by the Greenland parliament to advance into a second phase of joint studies with Alcoa into the feasibility of establishing a world class sustainable aluminum industry in Greenland.

The parliament strongly endorsed Greenland Home Rule government’s recommendation that the proposed 340,000 metric ton per year smelter should be sited at Maniitsoq and allocated significant funding to support the joint studies. These studies, which will extend through 2009, will delve in detail into the economic, social, and environmental aspects of the proposed facility. The parliament is expected to convene again in 2009 to consider Greenland’s ownership position in this project.

Bernt Reitan, Alcoa Executive Vice President, and President, Primary Products paid tribute to the diligence and thoroughness of the Greenland Home Rule Government, and the Greenlandic parliament in considering this project.

“We are being warmly welcomed and involved in a process that the government and the parliament are leading with exceptional care. It provides us with a great deal of comfort that our Greenlandic partners are firmly committed to the studies required to determine the feasibility of this proposed project,” said Reitan. “We are together building the foundation for not only a new industrial base for the Greenlandic economy, but also the beginnings of a long and mutually rewarding friendship.”

The Greenland Home Rule Government has been considering diversification into manufacturing industry to strengthen the Greenlandic economy for some time and has actively been investigating the aluminum industry in general and specifically Alcoa as a potential partner since mid-2006.

The proposed smelter would combine Greenland’s abundant renewable hydropower potential with Alcoa’s 100+ years of experience in developing and operating aluminum smelters around the world in a manner that is sustainable, sensitive to the environment, and valued by the communities in which the company operates.

The now endorsed site for the proposed smelter was selected after extensive collaborative studies involving Alcoa, the Greenland Home Rule government, and the communities of Nuuk, Sisimiut, and Maniitsoq, all of which have expressed strong support for the project.

If feasibility is proven, production at the new smelter would be anticipated to begin 2014-2015.

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation 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, and building systems. The Company has 97,000 employees in 34 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.