CORRECTING and REPLACING Alcoa Names Managing Director of Fjardaal - New Iceland Aluminum Production Facility.

Business Editors

CORRECTION...by Alcoa Inc.

PITTSBURGH & REYKJAVIK--(BUSINESS WIRE)--Feb. 2, 2004

In BW5555 issued Feb. 2, 2004: Due to incorrect spellings of Fjardaal (sted Fjaroaal), Sigurdsson (sted Sigurosson) and Nordural (sted Noroural) the release has been revised.

The corrected release reads:

ALCOA NAMES MANAGING DIRECTOR OF FJARDAAL - NEW ICELAND ALUMINUM PRODUCTION FACILITY

Alcoa announced today that effective March 1, 2004, Tomas Mar Sigurdsson, 36, has been named managing director of Fjardaal, Alcoa's planned new 322,000-metric-ton-per-year primary aluminum plant in East Iceland. Alcoa's Fjardaal aluminum facility is part of the most extensive single investment in the history of Iceland and is being designed to be one of the most environmentally friendly aluminum production facilities in the world. Construction is scheduled to begin in 2005 and production is expected to start in 2007.

Mr. Sigurdsson joins Alcoa from Nordural (Nordic Aluminum), a primary aluminum manufacturer in Iceland, where he was technical and environmental manager.

"Fjardaal is an important element of Alcoa's growth strategy in primary metals. Tomas brings start-up and project management experience to the job having been involved in both expansion and new construction projects at Nordural that included environmental assessments, power and raw materials contracts, and community engagement. We are pleased to have Tomas take a leading, active role in establishing one of the most efficient smelters in the world," says Mike Baltzell, president of Primary Development for Alcoa.

Following is biographical information on Mr. Sigurdsson:

Tomas Sigurdsson has been technical and environmental manager at Nordural (Nordic Aluminum) since 1997, responsible for engineering, environment, power and utilities, production services, quality control, and maintenance areas for this primary aluminum producer based in Akranes, Iceland. From 1995 to 1997, he worked primarily on environmental impact assessments and project planning as an engineer/project manager for Honnun Ltd. Consulting Engineers. Early in his career, he was an engineer for the Icelandic Public Road Administration.

Mr. Sigurdsson has a bachelor's degree in civil and environmental engineering from the University of Iceland, Reykjavik. He received a master's degree in Development Planning in 1995 from Cornell University, located in Ithaca, New York in the United States. While attending graduate school, Mr. Sigurdsson was a teaching assistant in the Civil and Environmental Engineering Department at Cornell and later worked as a transportation analyst for Ithaca Tompkins, the County Transportation Council. He returned to Iceland in 1995 and taught courses on environmental impact assessments at the University of Iceland before joining Nordural.