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December 11, 2001

Alcoa Signs Agreement To Acquire Dooray Air Metal's Extrusion Business

PITTSBURGH AND SEOUL--December 11, 2001-- Alcoa Inc. and Dooray Air Metal Co. Ltd. jointly announced today that they have signed a definitive asset purchase agreement for Alcoa to acquire Dooray's aluminum extrusion assets located in Changwon, Korea. The two companies signed a memorandum of understanding earlier this year for Alcoa to acquire the Dooray assets.

The Changwon facility produces hard alloy extrusions, rod and bar, extruded shape and tubing for use primarily in industrial, transportation, defense and aerospace applications. It is the only facility in Korea capable of producing aerospace hard alloy extrusion products. Changwon employs approximately 200 people. The transaction, which is subject to customary regulatory approvals from the Korean government, is expected to close in early 2002. Terms of the deal were not disclosed.

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

Alcoa is the world's leading producer of primary and fabricated aluminum and alumina. It is active in all major aspects of the industry -- technology, mining, refining, smelting, fabricating and recycling. Its aluminum products and components are used worldwide in aircraft, automobiles, beverage cans, buildings, chemicals, and a variety of industrial and consumer applications. Alcoa revenues totaled $22.9 billion in 2000 and it operates in 38 countries. The company's worldwide performance standard is the Alcoa Business System, a set of system and tools that provide a common language and transfer of knowledge across businesses and geographies.

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