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May 22, 2001

Alcoa Signs Memorandum Of Understanding To Acquire Dooray Air Metal's Extrusion Business

PITTSBURGH AND SEOUL--May 22, 2001-- Alcoa Inc. of the U.S. and Dooray Air Metal Co. Ltd. of Korea jointly announced today that they have signed a memorandum of understanding for Alcoa to acquire Dooray Air Metal’s extrusion business located in Changwon, Korea. The Changwon facility produces hard alloy extrusions for use primarily in industrial, transportation and defense applications. The transaction, which is subject to completion of due diligence and customary regulatory and other approvals, is expected to close in late 2001. Terms of the deal were not disclosed.

Dooray Air Metal Co. Ltd. produces aluminum wheels, castings and extrusion parts for automotive, aerospace, and defense applications in the Korean domestic and export markets. It operates four manufacturing facilities in Korea.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It is active in all major aspects of the industry -- technology, mining, refining, smelting, fabricating and recycling. It has 142,000 employees in 37 countries.

Editorial Contacts:
Joyce A. Saltzman
Alcoa Inc.
412-553-4467

Sung Hee Jung
Dooray Air Metal
82-2-767-4708

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