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July 19, 2002

Alcoa, Government of Iceland and Landsvirkjun, Iceland's National Power Company, Sign Memorandum of Understanding on New Smelter in Eastern Iceland

PITTSBURGH--(BUSINESS WIRE)--July 19, 2002--Alcoa Inc. announced today that it has signed a Memorandum of Understanding (MOU) with the Government of Iceland and Landsvirkjun, Iceland's national power company, formalizing their cooperation on a 295,000-metric-ton-per-year, low-emission aluminum smelter to be built in eastern Iceland. The MOU was signed this morning in Reykjavik, Iceland.

The parties began working on this project under a Joint Action Plan, which began on April 19, 2002, and was extended through this week.

Under the new MOU, Landsvirkjun will begin development of a 500-megawatt hydropower facility in eastern Iceland, and Alcoa will complete environmental and engineering studies of the smelter near Reydarfjordur in eastern Iceland. The MOU also encompasses a harbor facility at Mjoeyri as well as related infrastructure improvements in eastern Iceland.

Upon completion, the project would represent one of the largest private-sector investments in Iceland's history and one of the cleanest aluminum production facilities in the world. This sustainable development project is designed to create hundreds of new, permanent jobs in eastern Iceland helping to put the economy there on a more solid foundation. A stronger economy in the region will allow for improvements in transportation, education, healthcare and culture.

As the process continues, Alcoa will work to meet the company's high standards for sustainable development.

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 serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 38 countries.

Alcoa (NYSE:AA)

Forward Looking Statement

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements related to this memorandum of understanding to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include Alcoa's inability to achieve the returns necessary to implement the project, economic or competitive factors in Iceland and other risk factors summarized in Alcoa's Form 10-K for the year ended December 31, 2001.