CLEVELAND–Alcoa
(AA) announced today that members of the United Auto Workers Local 1050
at the company’s Cleveland Works facility have ratified a two-year
extension of their current labor agreement with the Company.

Alcoa sought a contract extension as a key component of its efforts to
secure funding to rebuild its 50,000-ton press, located at the Cleveland
plant. The plant was forced to idle the press in September 2008 when it
suffered catastrophic cracking in its lower base castings. An investment
of nearly $70 million is necessary to refurbish the press before safely
returning it to service and that investment would be predicated on a
stable work environment.

“This is a great collaborative day for Cleveland Works,” said Gena
Lovett, plant manager, Cleveland. “This new agreement reflects a spirit
of flexibility and the desire among our local union leaders, union
members and Alcoa’s management team for a successful outcome to
refurbish our 50,000-ton press, which is so critical to the long-term
stability of this plant and the security of our jobs.”

The company has been working closely and communicating regularly with
customers, state and local officials and employees about plans to
refurbish the press during a time of constrained capital funding.
Today’s successful vote to ratify the extension is contingent upon
obtaining funding to rebuild the press. Alcoa hopes to have a
comprehensive funding plan in place in the near future. Alcoa’s
50,000-ton press produces large forgings for commercial and military
aerospace applications. Since September, Alcoa has been able to meet
customer requirements using a 35,000-ton press also located at the
Cleveland plant.