Alcoa to Rebuild, Enhance Forging Press in Cleveland

Refurbishment Solidifies Alcoa`s Cleveland Works as a Premier Forging Producer
CLEVELAND--(Business Wire)--
Alcoa (NYSE:AA) announced today that funding has been approved for the complete
repair and refurbishment of its 50,000-ton forging press at the company`s
Cleveland Works.

The project will make Cleveland Works the world`s premier producer of large
aluminum and titanium forgings for the defense, aerospace and industrial
markets.

"This could not have happened without the support of our employees, community
leaders and leadership of United Auto Workers Local 1050," said William F.
Christopher, Alcoa executive vice president and president of Alcoa Engineered
Products and Solutions. "When this project is completed, Cleveland Works will be
the home of the most advanced, productive large forging presses in the world."

Combined with earlier approved investments to support production of the F35
Joint Strike Fighter and other efficiency projects, Alcoa plans to invest more
than $110 million in Cleveland Works through 2011.

The press project will be completed by the end of 2011. It will involve the
complete disassembly and renovation of the 50,000-ton press, a 92-foot structure
- with four stories above and below the floor -- that began production in 1955.
In August of 2008, cracks were discovered in the press` base castings. Alcoa
idled the press to assess the situation and, after consulting with world
experts, elected to pursue a complete refurbishment.

Cleveland Works is the home of two large forging presses - the 50,000-ton press
under renovation and a 35,000-ton press currently producing large forgings for
aerospace applications, such as the aluminum bulkheads for the Joint Strike
Fighter.

"With a renovated press, our unique alloys, proprietary segmented die technology
and signature stress relief, Cleveland Works will be unmatched," Christopher
said. "We will now combine our industry leading technology and market expertise
with twice the capacity to serve markets with strong growth opportunities."

Segmented die technology and signature stress relief allow Alcoa to make parts
that are larger, thicker and more complex than can be produced by competitors on
similar-sized forging presses.

Earlier, Alcoa`s board approved interim funding to allow engineering and early
lead time commitments to proceed. The board`s recent action commits the balance
of the funding for the project. Alcoa`s investment will include more than $68
million in the press rebuild, alongside $24 million previously approved for
other improvements associated with Joint Strike Fighter production. The project
is also supported by a package of economic development incentives from the state
of Ohio, city of Cleveland, Cuyahoga County, village of Cuyahoga Heights and
city of Independence.

"We are very grateful to our community partners for their confidence in this
project," Christopher said. "Our revitalized press capacity will allow the
continued presence of manufacturing operations in Cuyahoga County and provide
continued growth and good jobs for years to come at Cleveland Works."

About Alcoa

Alcoa is the world leader in the production and management of primary aluminum,
fabricated aluminum and alumina combined, through its active and growing
participation 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 including flat-rolled products, hard alloy extrusions,
and forgings, Alcoa also markets Alcoa wheels, fastening systems, precision and
investment castings, and building systems. The Company has been named one of the
top most sustainable corporations in the world at the World Economic Forum in
Davos, Switzerland and has been a member of the Dow Jones Sustainability Index
for eight consecutive years. Alcoa employs approximately 63,000 people in 31
countries across the world. More information can be found at www.alcoa.com

Alcoa Inc.
Investor Contact
Matthew E. Garth, 212-836-2674
or
Media Contact
Michael E. Belwood, 812-604-0530
or
Kevin G. Lowery, 412-553-1424
Mobile 724-422-7844

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