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May 23, 2002

Alcoa Continues Talks on Iceland Aluminum Production Plant

PITTSBURGH--(BUSINESS WIRE)--May 23, 2002--Alcoa Inc. ("Alcoa") and the Invest in Iceland Agency ("Invest in Iceland") announced today that they have signed an extension of their Joint Action Plan to explore the possibility of constructing a state-of-the-art aluminum production plant in Eastern Iceland.

In the project under review, Alcoa would own and operate a 320,000-metric-ton-per-year aluminum plant, which would receive power from a 500+ Mw hydroelectric power station in Eastern Iceland. That power station would be constructed and operated by Landsvirkjun, the national power company of Iceland.

Alcoa will continue to review the environmental impact assessments associated with both projects to ensure that they meet its high standards for sustainable development.

The Joint Action Plan was originally signed on April 19, 2002, and the extension runs until July 18, 2002. At that time, the parties will make a decision whether to sign a formal Memorandum of Understanding and proceed with the project.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa's aluminum products and components are used worldwide in aircraft, automobiles, beverage cans, buildings, chemicals, sports and recreation, and a wide variety of industrial and consumer applications, including such Alcoa consumer brands as Alcoa(R) wheels, Reynolds Wrap(R) aluminum foil, and Baco(R) household wraps. Among its related businesses are precision castings, vinyl siding, closures, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 38 countries.