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Alcoa and Union Reach Labor Agreement

Press release from the issuing company

RICHMOND, Va.--Nov. 7, 2006--Alcoa Packaging and the Graphic Communications Conference of the International Brotherhood of Teamsters have reached an agreement on a new 3-year labor contract covering approximately 308 Alcoans at the company's Bellwood Printing Plant in Chesterfield County, Virginia. The new agreement, ratified by GCC/IBT members on Sunday, November 5, 2006, addresses key issues identified by both sides during negotiations which began in September. The agreement creates a framework that: -- Preserves the current standard of living for current employees through a competitive wage and benefits package; -- Includes a health care plan that has cost sharing similar to other Alcoa locations; and -- Gives the flexibility to make decisions together with the GCC/IBT that can make the facility more competitive, which improves employment security for all.

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