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December 19, 2002

Alcoa Comments on Oslo Stock Exchange Ruling

PITTSBURGH--(BUSINESS WIRE)--Dec. 19, 2002--Alcoa Inc. Chairman and CEO, Alain Belda, today issued the following statement regarding the Oslo Stock Exchange's decision on Elkem:

"We are pleased that the Oslo Stock Exchange ruled that Orkla has been acting in concert with Nordstjernen with respect to Elkem. Alcoa has contended for some time now that Orkla has by-passed the regulations on mandatory tender offers by buying shares through what amounts to a subsidiary. Yesterday's ruling validates that contention and should help create a more level playing field for investors in Elkem going forward."

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 to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, 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. For more information, go to www.alcoa.com