Alcoa Inc.

Alcoa 2003 Sustainability Report Underscores Commitment

March 10, 2004

PITTSBURGH, PA – Alcoa (NYSE:AA) today announced it has published its 2003 Sustainability Report, a detailed, databased review of the company’s global environmental, social and economic performance. The report is available online at www.alcoa.com.

The 2003 report underscores Alcoa’s commitment to a sustainable future and reports on the company’s progress and the challenges it still faces. This is the second year the report has been published and the first time it has been released concurrent with Alcoa’s Annual Report.

“Performance rather than talk is Alcoa’s way of demonstrating progress toward a sustainable future,” said Chairman and CEO Alain Belda. “Through our 2020 strategic framework, we have established clear targets to support our vision of becoming the best company in the world. In this report, we offer you a collection of data and information that measures our progress.”

Some highlights from this year’s report include the following:

Alcoa’s total shareholder return for 2003 was more than 71%, meaning US$100 invested (with dividends reinvested) at the beginning of the year would be worth more than US$171 as of December 31, 2003. In comparison, the Dow Jones Industrial Average returned approximately 28% during the same period.

Since publishing its strategic environmental targets in 2000, Alcoa has reduced water use by 16%, land filled waste by 44% and greenhouse gas emissions by 25% (from 1990).

In 2003, Alcoa had the best lost workday and total recordable injury rates in the company’s history. The lost workday rate improved to 0.12 from 0.15 the previous year. The total recordable rate was 1.66, down from 2.22 in 2002.

“This year, the Sustainability Report has been fully integrated into the alcoa.com website to increase user friendliness, promote further exploration of the extensive information contained on alcoa.com, and provide an opportunity to update relevant information throughout the year,” said Anita Roper, Alcoa’s director of sustainability.

Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum and alumina, 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 120,000 employees in 41 countries. More information can be found at www.alcoa.com.