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March 23, 2001

Alcoa Expanding Aerospace Plate Capacity

DAVENPORT, IA--March 23, 2001-- Alcoa Inc., a recognized global leader in aluminum aerospace alloy development, announced today that it will increase its productive capacity for aerospace and tooling plate by 30% at its sheet and plate facility here to meet growing world demand.

"This expansion is an investment in the future that will help us meet the current and anticipated demand for our aerospace alloys in the growing global aerospace market," said John W. Collins III, Vice President of Alcoa Inc. and President of Alcoa Mill Products.

According to Collins, "Alcoa will invest nearly $90 million to expand aerospace plate capacity at its Davenport Works facility in Iowa. This expansion strengthens Alcoa's ability to provide these products for growing worldwide aerospace demand."

Nearly every plane builder in the world is using Alcoa technical services to develop and specify alloys to build safer and more fuel-efficient planes. Collins explained, "Alcoa collaborates with airframers providing the most sophisticated technical expertise available in both material and airframe design. As a result, nearly every alloy in the air today was developed by Alcoa and the demand for our products is growing along with the aerospace industry."

At its Davenport, Iowa, facility Alcoa will break ground next month for this additional capacity with a new state-of-the-art horizontal heat treat furnace and quench system, a new plate stretcher and new plate saw. The installation of this equipment should be complete and producing products for customers by the fourth quarter of 2002. "We know global demand is increasing and we are committed to expanding to meet the needs of our customers," added Collins.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It provides customers in packaging, consumer, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. Alcoa has 142,000 employees in 37 countries.

Editorial Contact:
Timothy M. Wilkinson
319-459-3008

Investor Relations:
Charles D. McLane
212-836-2674