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October 12, 2001

Alcoa Announces New Five-Year Labor Agreement with USWA

PITTSBURGH--October 12, 2001--
Alcoa announced today a new five-year labor agreement with the United Steelworkers of America (USWA). The new contract is retroactive to June 1, 2001 and runs through May 31, 2006. It includes a reopener provision in May 2005. The pact was ratified today. It covers 12,000 employees in 19 U.S. operating locations.

The previous master contract was scheduled to expire May 31, 2002. In 1996, Alcoa and the USWA negotiated an unprecedented six-year labor agreement with defined economics for the first five years and a reopener provision in the fifth year. The reopener took place last May, but no agreement was reached.

Under terms of the contract, the last, best and final offers from the company and the union was given to an arbitrator. The two sides met in Pittsburgh in late-September and forged a new agreement before the arbitration decision was made.

The Alcoa plants are located in Arkansas, Indiana, Iowa, Kentucky, Louisiana, New York, North Carolina, Pennsylvania, Oregon, Tennessee, Texas, Virginia, and Washington.

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.

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

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