Alcoa to Oppose Renewal of Elkem's Authority to Repurchase Shares

    PITTSBURGH--May 10, 2002--Alcoa will vote its shares in opposition to the proposal by Elkem's board to renew its authority to acquire its own shares. That proposal will be voted upon at the Annual General Meeting of Elkem shareholders to be held on Tuesday, May 14, 2002.
    In February 2002, Elkem sold all its treasury shares, citing the need to strengthen its capital base. At this time, Alcoa sees no need to renew the board's authority to acquire shares.
    According to Norwegian corporate law, the provision to renew this authority requires approval by two-thirds of shareholders represented at the meeting. Alcoa currently owns 40.2% of Elkem's outstanding shares.