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March 28, 2002

Alcoa Completes Acquisition of Dooray Air Metal's Extrusion Business

PITTSBURGH--(BUSINESS WIRE)--March 28, 2002--Alcoa Inc. announced today that it has completed its acquisition of the aluminum extrusion assets of Dooray Air Metal Co., Ltd., in Changwon, Korea. Terms of the deal were not disclosed.

The Changwon facility produces hard alloy aluminum extrusions, rod, bar, extruded shapes and tubing for use primarily in industrial, transportation, defense and aerospace applications. It is the only facility in Korea capable of producing aerospace hard alloy extrusion products. The Changwon facility employs approximately 200 people.

Dooray Air Metal Co., Ltd., which will continue to exist as a listed company on the Korea Stock Exchange, currently produces aluminum wheels, castings and other products in the Korean domestic and export markets from its remaining manufacturing facilities in Korea.

Alcoa is the world's leading producer of primary and fabricated aluminum and alumina. It is active in all major aspects of the industry -- technology, mining, refining, smelting, fabricating and recycling. Alcoa revenues totaled $22.9 billion in 2001 and it operates in 38 countries.