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October 2, 2002

Alcoa Initiates Tender Offer for 3.5 Million Elkem Shares

PITTSBURGH and OSLO, Norway--(BUSINESS WIRE)--Oct. 2, 2002--Alcoa (NYSE:AA) announced today that it has initiated a cash tender offer for 3.5 million shares in Elkem (OSE:ELK) at 175 Norwegian kroner per share. Alcoa, which currently owns 46.3% of Elkem's outstanding shares, will buy the shares on a "first come, first served" basis. To protect smaller shareholders, Alcoa will also accept all tenders from holders of 1000 shares or less.

"We believe that Elkem is a solid long-term investment, and we would like to be in a position to set the company's future direction," said Alain Belda, Chairman and CEO of Alcoa.

The tender offer will formally open on October 3, 2002 at 10:00 a.m. and close on October 15, 2002 at 4:00 p.m. (Oslo time.)

The offer document will be available as follows:

  • Distributed to all Elkem shareholders registered in the VPS share registry as of October 2, 2002 by mail.
  • On the web-site of ABG Sundal Collier at www.abgsc.com; and
  • By phone from ABG Sundal Collier at +47 22 01 59 94.


Payment will be settled after the close of the tender offer.

Elkem, through its 50/50 partnership with Alcoa, is the second largest producer of aluminum in Norway. Elkem Aluminium has a primary production capacity of 210,000 metric tons per year. Elkem is also the world's largest supplier of silicon metal.

Alcoa has a nearly 40-year history of operating in Norway through joint ventures with Elkem. Together, Elkem and Alcoa own and operate aluminum plants in Lista and Mosjoen, and have made significant commitments to modernizing both facilities. Alcoa also invested NOK 500 million ($56 million) in the state-of-the-art Scandinavian Casting Center in Lista, Norway to produce structural components for cars.

Note:

The offer is not being made and will not be made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate commerce or foreign commerce of, or any facilities of a national securities exchange of, the United States of America. This includes, but is not limited to, facsimile transmission, electronic mail, telephone and the internet. Copies of any offering documents are not being, and must not be, mailed or otherwise transmitted or distributed into the United States of America. Any purported acceptance of the offer resulting directly or indirectly from a violation of these restrictions will be invalid. This document is not an offer to purchase or a solicitation of an offer to sell in the United States of America.