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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.