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November 1, 2001

Alcoa and BHP Billiton Complete Merger of North American Metals Distribution Businesses

PITTSBURGH and MELBOURNE, AUSTRALIA--November 1, 2001-- Alcoa Inc. and BHP Billiton today announced that they have completed the merger of Alcoa's metals distribution business, Reynolds Aluminum Supply Company (RASCO), and BHP Billiton Group's North American metals distribution business, Vincent Metal Goods in the U.S. and Atlas Ideal Metals in Canada.

As a result of the merger, a new, independently managed company has been formed -- Integris Metals (pronounced "in-TEG-ris"). Alcoa and BHP Billiton each own 50 percent. The new combined company will have approximately 3,000 employees at more than 60 locations in 32 states and throughout Canada. Revenues for Integris Metals are projected to exceed $2 billion annually based on 2001 year-to-date results.

"Although our name is new, Integris Metals is built on a solid foundation of shared values and proud traditions from each of our former companies," said Harry Jones, president and CEO of Integris Metals. "We will continue to build on those legacies as we look forward with great optimism."

Integris Metals will serve more than 35,000 customers in markets such as transportation, general manufacturing, machinery and equipment, and building and construction. The company provides aluminum, stainless steel, carbon steel, copper, brass and nickel alloys in a variety of forms such as sheet, plate, bar, shapes, tube and pipe. Integris Metals also offers a full range of processing services including cut-to-length leveling, precision blanking, high-definition plasma cutting, slitting, polishing and heat treating.

"The formation of Integris Metals creates a stronger company with greater product and service offerings and extended geographic coverage with more locations," said Mr. Jones. "We intend to create value by finding opportunities to leverage our strengths and gain synergies while integrating our operations in a seamless transition."

Senior officers of the new company will be located at a corporate center in Minneapolis, Minn.