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May 16, 2001

Alcoa and BPA Confirm Agreements

PITTSBURGH, Pa. and Portland, Ore.--May 16, 2001-- Alcoa Inc. and the Bonneville Power Administration (BPA) today jointly confirmed that they had reached agreements regarding power allocated to Alcoa’s Ferndale (Intalco) Washington aluminum smelter.

“Throughout negotiations with the BPA, there has been a spirit of looking for the best solution for all stakeholders in the region," said Al Renken, Alcoa Vice President and President of Alcoa Primary Metals. “Alcoa certainly has a goal of running its smelters and doing so with cost-effective power. The energy situation in the Northwest, however, makes this difficult, at best. In light of Alcoa and BPA’s joint intent to find the right answers in this setting, we have negotiated the arrangement outlined in our news release issued earlier today.”

Renken provided the following clarification to two particular points in the earlier announcement: “First, the payments BPA is making to Alcoa are sufficient to cover labor and labor-related costs for employees who would have had continued normal employment under the amount of power provided in the new contract, which is effective October 01. Second, while it is difficult to face not running our smelters at normal levels, we understand the current energy crisis in the Northwest and are working closely with BPA for the best solutions for all involved.”

Alcoa and BPA are optimistic that this agreement will provide the leadership to move the region closer to the energy solutions needed.

Editorial Contacts:
Bonita A. Cersosimo
412-553-4462

Ed Mosey
Bonneville Power Administration
503-230-5131

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