Alcoa and VSMPO-AVISMA Sign Memorandum of Understanding for Technical and Commercial Collaboration

June 17, 2011

Companies to cooperate on design, production of new, advanced forgings and extruded products

ST. PETERSBURG, Russia & NEW YORK--Alcoa (NYSE:AA) and VSMPO-AVISMA Corporation, the world’s largest titanium producer, announced today they have signed a Memorandum of Understanding (MoU) to cooperate in the design and production of innovative light alloy die forgings and extrusions for the commercial transportation market, including solutions for light-weight rail car production.

“Alcoa and VSMPO-AVISMA are both world leaders in the development of advanced technologies, and by working together we can create exceptional products of superior quality,” said Alcoa Chairman and CEO Klaus Kleinfeld. “We fully expect that this collaboration will let us leverage our existing product portfolios and research in a mutually beneficial manner. I am excited to have VSMPO-AVISMA as a partner, as it shares Alcoa’s commitment to environmental stewardship and sustainable manufacturing practices.”

Commenting on the Memorandum signing, Sergei Chemezov, Chairman of the Board of Directors, VSMPO-AVISMA and Head of ‘Rustechnology’, said: “This document confirms our striving for mutually beneficial cooperation. This means joining efforts with the world-wide technological leader of the aluminum industry in the development and production of light-alloy high-tech products for commercial transport. Those products are in high demand both in Russia and in the world because their application provides significant savings and meets the latest environmental requirements. I believe joint work will generate innovative solutions that will find use in various branches of industry.”

Mikhail Voevodin, General Director, VSMPO-AVISMA Corporation said: “I am confident that cooperation between VSMPO-AVISMA and Alcoa will result in significant accomplishments, yielding new solutions in the commercial transportation industry.”

One result of the MoU may be the development of wide (up to 700 mm or 27.5 inches) and long (up to 26 meters or 85 feet) extrusions made of advanced aluminum alloys designed for passenger and freight cars, including next- generation high-speed rail for the Russian market. These aluminium products will increase the energy efficiency and reduce the carbon footprint of rail cars through light-weighting and the infinite recyclability of aluminum.

Alcoa and VSMPO-AVISMA will form working teams to coordinate the execution of projects resulting from this MoU. The MoU does not signal the establishment of a joint venture, partnership or any other formal business entity between the parties.

About Alcoa

Alcoa is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world.

Alcoa first entered Russia in 1993. In 2005 the company acquired two fabricating facilities in Samara and Belaya Kalitva. Since 2005 Alcoa has invested over $750 million to upgrade its Russian facilities.

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About VSMPO-AVISMA Corporation

VSMPO-AVISMA is the world's largest manufacturer of titanium ingots and semifinished titanium alloys. It also produces large-size extruded products made of aluminum alloys, semifinished products made of alloyed steel and nickel-base heat-resistant alloys.

Partners of VSMPO-AVISMA are the leading world aircraft manufacturers, including Boeing, Airbus, SNECMA, Rolls Royce and Pratt&Whitney. In total, more than 300 firms in 48 worldwide countries. VSMPO-AVISMA has more than 300 international certificates on quality management systems, manufacturing plans and inspection plans, and various kinds of titanium and other alloy products.

VSMPO-AVISMA is deeply integrated into the world aerospace industry and is the basic strategic supplier of titanium products to many companies.

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