Alain Belda Savings Quotations

Global manufacturing weakness has persisted longer than we anticipated, ... In particular, aerospace, industrial gas turbine and telecommunication markets remained soft, reinforcing the need to increase the scope of our cost savings and restructuring initiatives.

Despite significantly higher energy prices which offset more favorable metal prices, we achieved solid cost savings results from the restructuring undertaken over the last two years...,

We are not satisfied with these results, ... We are confident that the restructuring of our primary and fabricating businesses, coupled with our continued focus on implementing the Alcoa business system and our commitment to grow the company, will enable us to resume sustainable savings and profitable growth in 2002 and beyond.