Alcoa Reaches Agreement to Sell Sherwin Alumina Refinery

Alcoa Inc., Pittsburgh, PA, has reached an agreement to sell the Sherwin alumina refinery located near Corpus Christi, Texas, to BPU Reynolds, Inc., a private investment company. Alcoa acquired the Sherwin refinery as part of its acquisition of Reynolds Metals Company in May 2000. The refinery has a production capacity of 1.6 million tons per year and its sale is required under the U.S. Department of Justice (DOG) regulatory approval that cleared Alcoa's acquisition of Reynolds. The sale to BPU Reynolds must be approved by the DOJ and is expected to close by November 30, 2000.