Exhibit 99

Editorial Contact:   Kevin G. Lowery
                     Alcoa Inc.
                     412-553-1424

Investor Relations:  Charles D. McLane, Jr.
                     Alcoa Inc.
                     212-836-2674


Alcoa Completes Acquisition of Ivex Packaging Corporation; Move Broadens Alcoa's
Position in the Foodservice and Consumer Packaging Industry

           PITTSBURGH, July 1, 2002--Alcoa Inc. announced today that it has
completed its previously announced agreement to acquire Chicago-based Ivex
Packaging Corporation. Shareholders of Ivex will receive $21.50 per share in
cash. The acquisition excludes Ivex's 48.2% interest in Packaging Dynamics
Corporation, which will be distributed to Ivex's shareholders.

           Ivex is a leading manufacturer of specialty plastic packaging for the
food, electronic, medical, and retail markets with revenues totaling $643
million in 2001. Ivex has approximately 3,700 employees primarily in North
America, as well as Europe and Southeast Asia. It will become part of Alcoa's
global packaging and consumer business, which had 2001 revenues of $2.7 billion
and after-tax operating income of $185 million.

          Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina, and is active in all major aspects of the industry. Alcoa
serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design, engineering,
production and other capabilities of Alcoa's businesses as a single solution to
customers. In addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and
Baco(R) household wraps. Among its other businesses are vinyl siding, closures,
precision castings, and electrical distribution systems for cars and trucks. The
company has 129,000 employees in 38 countries.

                                     # # #
Alcoa (NYSE: AA)