Alcoa to Rebuild, Enhance Forging Press in Cleveland

November 5, 2009

Refurbishment Solidifies Alcoa’s Cleveland Works as a Premier Forging

CLEVELAND–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

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

“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