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ALCOA COMPLETES SALE OF SPECIALTY CHEMICALS BUSINESS

April 12, 2004
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Alcoa Inc. recently announced that Alcoa World Alumina & Chemicals (AWAC), a global alliance between Alumina Limited (40%) and Alcoa (60%), has completed the sale of Alcoa Specialty Chemicals to two private equity firms led by Rhone Capital LLC for approximately $342 million, which includes the assumption of debt and other unfunded obligations. This sale is part of the divestiture program announced by Alcoa in January 2003. The Specialty Chemicals business consists of 11 operating facilities in six countries around the world. In addition to facilities in North America, Europe, Japan, and an equity stake in Australia, Specialty Chemicals operates production and processing centers in China and India. The business' products are sold into a wide range of end markets, including the steel, cement, petrochemical, plastics, automotive, non-ferrous metal production, ceramics, carpet manufacturing and electronics industries. Specialty Chemicals has annual revenues of approximately $360 million and employs approximately 800 people. Under the new ownership, the business will be renamed Almatis and will continue to leverage its leading global market position and excellent growth opportunities.

For more information, visit http://www.alcoa.com .

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