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February 22, 2002

Alcoa Acquires 59,388 Additional Elkem Shares; Tender Offer Expires

PITTSBURGH & OSLO, Norway--(BUSINESS WIRE)--Feb. 22, 2002--Alcoa (NYSE:AA) has acquired 59,388 Elkem ASA (OSE:ELK) shares at 155 Norwegian kroner ($17.32) per share through a mandatory tender offer that expired Feb. 21. Alcoa was required under Norwegian law to initiate the tender offer once it raised its equity stake above 40% in January. Alcoa has had a significant minority stake in Elkem for several years and now holds 40.2% of Elkem's shares.

Alcoa continues to believe that Elkem's diversified business is well run by current management, but that current market conditions do not warrant further increasing its ownership level in Elkem at this time.