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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
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