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| March 5, 2003
Iceland's Parliament Approves Alcoa's Fjardaal Plant
PITTSBURGH & REYKJAVIK, Iceland--(BUSINESS WIRE)--March 5, 2003--
Althingi, Iceland's parliament, today approved legislation that
will allow the conclusion of a contract to construct Alcoa's proposed
Fjardaal primary aluminum smelter in Eastern Iceland. The vote passed
by a strong majority -- 41 votes in favor, 9 votes in opposition and
one abstention.
The Fjardaal aluminum facility in Eastern Iceland is being
designed to be the most environmentally friendly aluminum production
facility in the world. The plant will have an annual capacity of
322,000-metric tons and is expected to cost approximately $1.1 billion
over the next four years.
Welcoming the decision by Althingi, Alcoa Chairman and CEO Alain
Belda said, "Today's vote paves the way for Alcoa to build one of the
most modern and competitive aluminum facilities in the world. We are
gratified by the support for this project from the Icelandic people
and their elected representatives, and we commit to designing the
project to meet and exceed Iceland's stringent environmental
requirements."
Fjardaal is part of one of the most extensive investments ever
undertaken in Iceland. The project is designed to strengthen and
diversify the economy of Iceland, while contributing to the
development of East Iceland. The plant in Iceland is an important
element of the Alcoa's growth strategy in primary metals.
Alcoa's involvement in the project involves construction of the
aluminum plant, Fjardaal, which means "aluminum of the fjords". The
project also involves construction of the Karahnjukar Power Station by
the National Power Company and a harbor facility at Mjoeyri by the
Fjardabyggd Harbor Fund. Construction on Fjardaal will begin in 2005,
and the plant is scheduled to start production in 2007.
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 are summarized in Alcoa's
SEC reports.
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