Alcoa Completes Acquisition of AFL Automotive Business

NEW YORK--March 31, 2005--Alcoa today announced that it has completed its previously announced (January 4, 2005) transaction with Fujikura, Ltd. of Japan in which Alcoa has obtained complete ownership of the AFL automotive business based in Detroit, and Fujikura has obtained complete ownership of the AFL telecommunications business, based in Nashville, TN. Alcoa and Fujikura had previously held a 51-49 percent respective ownership of both through the Alcoa Fujikura Limited joint venture. The transaction moving Alcoa to complete ownership of AFL Automotive was completed through a share exchange by Fujikura of all of its AFL shares for all shares in a new telecommunications subsidiary, and a cash balancing contribution by Alcoa of approximately $176 million.

AFL Automotive is a world leader in the design, development and production of high quality electrical and electronic distribution systems for personal and commercial vehicles. AFL connects with vehicle manufacturers and their sub-suppliers in the major automotive centers of the world, including China, Japan, Asia, Europe and the USA. AFL Automotive has approximately 34 locations in 15 countries and 33,500 associates around the world.

For financial reporting purposes, Alcoa AFL Telecommunications has been included in discontinued operations since the fourth quarter, 2004. Alcoa will announce first quarter 2005 results on April 6, after the close of trading on the NYSE.

Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com