Alcoa Inc., Pittsburgh, Pa., finalized agreements with the Government of Iceland and Landsvirkjun, Iceland's national power company, to build the 322,000 metric tons per year Fjardaal aluminum facility in Eastern Iceland. Cost of the new facility will be approximately $1.1 billion over the next four years. The Fjardaal facility is scheduled to begin production in 2007 and will provide a total of approximately 750 new jobs.