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August 4, 2003

Alcoa World Alumina & Chemicals, BHP Billiton to Expand Suriname Alumina Refinery by 250,000 Metric Tonnes

PITTSBURGH--(BUSINESS WIRE)--Aug. 4, 2003--Alcoa Inc. (NYSE:AA) announced today that Alcoa World Alumina & Chemicals (AWAC), a global alliance between Alumina Limited (40%) and Alcoa (60%), will expand capacity at its Paranam alumina refinery in Suriname by 250,000 metric tonnes per year, an increase of approximately 12 percent. The expansion has also been approved by BHP Billiton, the parent company of Alcoa's joint venture partner in Suriname. Affiliates of Alcoa and BHP Billiton own 55% and 45%, respectively, of the Paranam facility.

The $65 million dollar expansion will begin immediately and should be finished by July 2005. Upon completion, the Paranam alumina facility will have the capacity to produce approximately 2.2 million metric tonnes of alumina per year. The investment and its resulting output will provide significant benefits to the overall economy of Suriname.

Alcoa's presence in Suriname extends back to 1916. The business, now known as Suriname Aluminum Company, L.L.C. (Suralco), originally focused on mining bauxite. In 1958, Suralco signed an agreement with the government of Suriname to develop the country's hydropower and bring the aluminum industry to the country. Suralco is owned by Alcoa World Alumina and Chemicals (AWAC).

As with all its operations, Alcoa will take steps to ensure the expansion project meets the company's high standards for sustainable development.

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