Alcoa Continues Offer to Purchase Remaining Stake in Russian Facility from Minority Shareholders

PITTSBURGH & MOSCOW--Sept. 26, 2005--As previously announced, Alcoa Inc. (Alcoa), through its subsidiary ZAO "Prime-Alum", has begun an offer to purchase all remaining outstanding shares of OJSC "Belaya Kalitva Metallurgical Plant" (BKMPO) that were not acquired by Alcoa from Rusal in January 2005. Alcoa holds an 82 percent supermajority position in the Belaya Kalitva fabricated aluminum facility in Russia, with approximately 43 million shares of BKMPO, or 18 percent of the outstanding shares, held by minority shareholders. Prime-Alum is offering BKMPO shareholders 7.50 rubles (approximately 26 US cents) per share to tender their shares between September 12 and October 12, 2005.

In addition to the information already made available to BKMPO shareholders, Prime-Alum will make available to any BKMPO shareholder, upon request, summary information relating to the valuation of the outstanding BKMPO shares prepared by advisors to Alcoa, United Financial Group and Ernst & Young. To obtain such valuation information, to request assistance with the offer, or to tender shares, BKMPO shareholders may contact Alcoa's agents for the offer:

UFG                Polis Invest                  Polis Invest
10 Povarskaya      Stanislavskovo Street 167/25, Zavodskaya Street 1
Street Moscow      office 603                    Belaya Kalitva 347045
121069
+7 (095) 797 2991  Rostov-on-Don 344022          +7 (86313) 631 78
                   +7 (8632) 634 327

Also as previously announced, Alcoa does not intend to make any additional offers for shares from minority shareholders after the conclusion of the tender period on October 12, 2005.

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 named one of the top three most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com