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Alcoa Continues To Limit Use of Independent Accounting Firm; Did Not Pay For Any Non-Audit Related Services in 2002 PITTSBURGH--(BUSINESS WIRE)--Feb. 28, 2003--Alcoa today announced
that, consistent with the company's corporate governance guidelines,
it continued to strictly limit the non-audit work of its independent
accounting firm, PricewaterhouseCoopers (PWC), in 2002.
As reported in the company's 2002 proxy statement filed today, the
company paid PWC $7.1 million for audit and audit-related services in
2002; $6.5 million for tax fees; and did not pay the firm for any
non-audit related services in 2002. Aside from work on audit and
audit-related work, and tax matters, Alcoa paid PWC no other fees in
either 2002 or 2001.
After reviewing the fees paid for audit services as compared to
fees paid for audit-related and tax services, both the Audit Committee
and management agreed that the fees paid for other services would not
affect the independence of the auditors in performing their role.
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 127,000 employees in 39
countries. More information can be found at 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 and other risk factors
summarized in Alcoa's SEC reports.