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July 24, 2002

Alcoa Appoints Mario Longhi President and CEO of Howmet Castings; James R. Stanley to Retire; Raymond B. Mitchell Named President of Alcoa Wheel and Forged Products

PITTSBURGH--(BUSINESS WIRE)--July 24, 2002--Alcoa Inc. (NYSE:AA) announced today that it has appointed Mario Longhi Filho, 48, as president and chief executive officer of Howmet Castings, a producer of high-grade investment castings for aerospace and industrial gas turbines, which Alcoa acquired in 2000. He succeeds James R. Stanley, 60, who will step down from his current position on August 1, 2002, and formally retire on January 1, 2003. Mr. Longhi is currently president of Alcoa Wheel and Forged Products based in Cleveland, Ohio. He is also a vice president of Alcoa.

Succeeding Mr. Longhi as president of the Alcoa Wheel and Forged Products business is Raymond B. Mitchell, 44, who is currently chief financial officer of Alcoa Europe based in Geneva, Switzerland.

Following is biographical information:

Mario Longhi Filho

Mario Longhi began his Alcoa career at Alcoa Aluminio in Brazil, where he held management positions in both the smelting and refining areas at the Alumar consortium in Sao Luis and at the Pocos de Caldas Operations. He also was director of rolling and extrusions at Recife, Brazil, director of the castings division at Alcoa Aluminio, and subsequently, castings and rolling division director. He was named vice president and general manager of Alcoa Wheels International in 1998, located in Cleveland, Ohio. Mr. Longhi was elected a vice president of Alcoa and named president of Alcoa Wheel and Forged Products in 2001.

Mr. Longhi holds a metallurgical engineering degree, with a specialty in nonferrous metallurgy, from Escola de Engenharia Maua in Sao Paulo, Brazil.

Raymond B. Mitchell

Raymond B. Mitchell is chief financial officer for Alcoa Europe, a position he has held for the past three years. Mr. Mitchell joined Alcoa in Pittsburgh in 1994 as manager of Corporate Development, responsible for some of the company's joint ventures, acquisitions and corporate divestitures activities. He was named assistant controller, Financial Analysis and Planning for Alcoa in 1997 before moving to Europe in his present position.

Prior to joining Alcoa in 1994, he was director of finance, Large Scale Computing Division for IBM Corporation in Poughkeepsie, New York. He held numerous financial and business planning positions during his twelve years at IBM.

Mr. Mitchell is a graduate of Dickinson College where he obtained a bachelor's degree in economics and mathematics in 1980. He received an M.B.A. degree in 1982 from the Amos Tuck School of Business at Dartmouth College.

James R. Stanley

James R. Stanley was elected a vice president of Alcoa in November 2001. He has been president of Howmet Castings since June 2000, when Alcoa acquired Howmet as part of its acquisition of Cordant Technologies. Mr. Stanley joined Howmet in 1992 as senior vice president and chief operating officer.

Previous to his employment at Howmet, Mr. Stanley was the vice president and general manager of customer support and marketing at the Textron Turbine Engine Division of Textron, Inc., from 1990 to January 1992. He also held the position of vice president of operations for Textron Lycoming and held numerous managerial positions for nearly 20 years at General Electric Company's Aircraft Engine business group.