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February 20, 2003

Alcoa Increases Investment in Packaging; Alcoa Closure Systems International Expansion Supports Global Packaging Profitable Growth Strategy

PITTSBURGH--(BUSINESS WIRE)--Feb. 20, 2003--Alcoa (NYSE:AA) today announced plans to expand its plastic closure (bottle cap and lid) manufacturing capacity in North America and China.

The capacity expansion will support numerous high-growth market segments, ranging from closures for bottled water to adult beverages. The combined capacity investment will total more than $20 million, with almost all of the expansion already under contract with major customers.

"This capital investment will allow our closure systems business to continue to be one of the company's high-growth sectors," said Sandra Beach Lin, president of Alcoa Closure Systems Inc., (Alcoa CSI). "Our focus on customers and implementation of the Alcoa Business System (ABS) have helped us achieve strong growth. When combined with a stream of innovative new products in the dairy, food and bottled water markets, this capacity expansion should position us for continued profitable growth."

Over the past two years, Alcoa CSI has increased its presence in Nepal, Costa Rica, Mexico, Korea, the Philippines, China and Japan. Alcoa CSI currently operates 22 plants in 15 countries.

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 127,000 employees in 39 countries. For more information go to www.alcoa.com.

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 of Alcoa 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 the company's inability to achieve profitable growth targets or productivity improvements anticipated by management, including possible increases in the cost of doing business resulting from war or terrorist activities; and other risk factors summarized in Alcoa's SEC reports.