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June 22, 2001

Alcoa Shuts Down Northwest Alloys Magnesium Smelter

PITTSBURGH--June 22, 2001-- Alcoa Inc. today announced that it will shut down Northwest Alloys, its magnesium smelter in Addy, Washington, as of October 1, 2001 due to high production costs and unfavorable market conditions.

Northwest Alloys’ planned operating rate in 2001 has been 30,000 metric tons per year (mtpy); total capacity is 45,000 mtpy. The plant employs 325 people. Approximately 300 workers will be laid off between October 1 and December 31, 2001.

Magnesium is used in aluminum alloying, desulfurization of steel and, in alloy form, for die-casting of magnesium parts for automotive use. Alcoa will source its North American requirements through contracts with a number of worldwide suppliers.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It provides customers in the packaging, consumer, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. Alcoa has over 350 operating locations in 37 countries.

(Alcoa NYSE: AA)

Editorial Contact:
Bonita A. Cersosimo

Investor Relations Contact:
Charles D. McLane, Jr.

Certain statements relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks, uncertainties and other factors that may cause actual results 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 uncertainties regarding the outcome of the energy crisis in the Western United States and the other risk factors summarized in Alcoa's SEC reports.