Alumax Named One of World's 100 Best-Managed Companies.

ATLANTA--(BUSINESS WIRE)--Aug. 26, 1997--Atlanta-based aluminum producer Alumax Inc. (NYSE: AMX; Toronto: AXI) recently was recognized as a global model of outstanding management and leadership by IndustryWeek magazine editors and outside experts.

Alumax was the only aluminum producer chosen as one of the "World's 100 Best-Managed Companies" and is profiled in the August 18 issue of IndustryWeek.

The company received the honor after a rigorous selection process and review by a panel of more than 50 international experts and all IndustryWeek editors. The panel of business leaders, academicians and industry analysts gave Alumax superior marks in financial performance and global strategy.

Alumax Chairman and Chief Executive Officer Allen Born said:

"Receipt of this award is gratifying recognition of the effectiveness of our four-part strategy focusing on producing low-cost primary aluminum, expanding our participation in the transportation market, increasing our downstream value-added products, and pursuing emerging global markets."

Alumax was one of only two Georgia companies selected by IndustryWeek.

The company employs 14,000 people in more than 70 plants and other manufacturing and distribution facilities in 22 states, Canada, Western Europe, Mexico, Australia, the People's Republic of China and Poland.

Alumax became a publicly-owned company in November 1993. Since then, the company's results show:

-- a stock price increase from less than $18 per share to a high in the mid $40s;

-- market capitalization that has roughly tripled, from almost $800 million to approximately $2.4 billion; and

--a balance sheet stronger than ever with total debt-to-capital ratio at 29 percent, down from more than 47 percent in late 1993.

Alumax's move in June to a new headquarters in the Buckhead section of Atlanta has the attention of area leaders.

Sam A. Williams, president of Metro Atlanta Chamber of Commerce, said:

"The addition of a proven global leader and performer like Alumax to the greater Atlanta business community serves to further strengthen the city's position as the top location in the world to do business. We congratulate Alumax on its award and look forward to the company's continued success."

Alumax is a world leader in aluminum with assets of more than $3.3 billion and 1996 revenues of more than $3.1 billion.

The company produces and markets primary aluminum ingot, billet and slab and is a major fabricator of value-added aluminum products for the transportation, distributor, building and construction, packaging and consumer durables markets.

CONTACT: Alumax

Thomas R. Hagley (Media)

404/846-4642 Fax: [phone]

or

R. Daniel Loh (Investors)

404/846-4752 Fax: [phone]