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April 23, 2003

Alcoa To Reduce Production At Its 2 Massena, NY Smelters; High Power Market, Raw Material Prices Lead to Reduction of 60,000 Metric Tons.

PITTSBURGH--(BUSINESS WIRE)--April 23, 2003--Alcoa (NYSE:AA) announced today that it was temporarily reducing production at its two Massena, New York primary aluminum facilities. The reductions will affect 60,000 metric tons per year of production at the two smelters, or approximately 24% of the combined capacity of 255,000 metric tons per year there.

The rising power market and high prices for raw materials made it advisable to scale back aluminum production at the plant. No significant changes to the workforce are planned. The facilities will continue to employ more than 1,300 workers. The curtailment will take place at both locations later this week. The capacity reductions will last as long as market conditions warrant.

"While we have worked extensively and successfully with our workforce to improve our efficiency, the escalating power market and raw material prices made it necessary to lower production, but the plants will continue to operate," said Nelson Dube, Massena Primary Metals Operations Manager. " It remains very important to work with the New York Power Authority and state and federal governments to find the best scenario for the long-term future of primary metals in Massena. In the meantime, we need to continue to lower our operating costs by focusing on things that are within our control. Because of the hard work of our people, much progress has been made recently, but opportunities still exist to do even better."

Once these actions are completed, and if the curtailment at Alcoa's Ferndale, WA "Intalco" facility announced separately today proceeds, Alcoa will have approximately 675,000 mtpy of idled capacity on a base primary aluminum capacity of 3.9 million mtpy.

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 40 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 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 Alcoa's inability to achieve the cost-savings for the facility, power costs, economic incentives and other risk factors summarized in Alcoa's Form 10-K for the year ended December 31, 2002.