SELECTED OPERATIONAL AND FINANCIAL INFORMATION
                                   (Unaudited)
              (In millions of dollars, except shipments and prices)
                                                            Quarter Ended
                                                              March 31,
                                                     --------------------------
                                                            2001           2000
-------------------------------------------------------------------------------
Shipments: (000 tons)
     Alumina (1)
       Third Party                                         664.0          437.5
       Intersegment                                        182.9          277.6
                                                     -----------     ----------
           Total Alumina                                   846.9          715.1
                                                     -----------     ----------
     Primary Aluminum(2)
       Third Party                                          63.9           79.4
       Intersegment                                          1.5           47.9
                                                     -----------     ----------
           Total Primary Aluminum                           65.4          127.3
                                                     -----------     ----------
     Flat-Rolled Products(2)                                25.0           51.8
                                                     -----------     ----------
     Engineered Products(2)                                 32.9           47.3
                                                     -----------     ----------
Average Realized Third Party Sales Price:
     Alumina (per ton)                               $       194     $      218
     Primary Aluminum (per pound)                    $       .73     $      .79
Net Sales:
     Bauxite and Alumina (1)
       Third Party (includes net sales of bauxite)   $     137.6     $    107.6
       Intersegment                                         36.0           56.8
                                                     -----------     ----------
           Total Bauxite & Alumina                     173.6          164.4
                                                     -----------     ----------
     Primary Aluminum(2)
       Third Party                                         103.0          138.0
       Intersegment                                          2.5           82.1
                                                     -----------     ----------
           Total Primary Aluminum                          105.5          220.1
                                                     -----------     ----------
     Flat-Rolled Products                                   95.9          157.9
     Engineered Products                                   120.6          163.7
     Commodities Marketing                                  (2.6)         (16.1)
     Minority Interests                                     25.8           24.6
     Eliminations                                          (38.5)        (138.9)
                                                     -----------     ----------
           Total Net Sales                           $     480.3     $    575.7
                                                     ===========     ==========
Operating Income (Loss): 
     Bauxite & Alumina (3)                       $      (6.8)    $     27.5
     Primary Aluminum                                        4.5           42.0
     Flat-Rolled Products                                    3.2            3.1
     Engineered Products                                     2.7           13.3
     Commodities Marketing                                  (2.0)         (27.6)
     Eliminations                                            3.8           (4.1)
     Corporate and Other                                   (18.2)         (15.3)
     Other Non-Recurring Operating Items (Note 9)          228.2           (2.0)
                                                     -----------     ----------
           Total Operating Income                    $     215.4     $     36.9
                                                     ===========     ==========
Net Income                                           $     119.6     $     11.7
                                                     ===========     ==========
Capital Expenditures                                 $      44.0     $     16.7
                                                     ===========     ==========


SUMMARY 
The Company reported net income of $119.6 million, or $1.50 of basic income per common share, for the quarter ended March 31, 2001, compared to net income of $11.7 million, or $.15 of basic income per common share, for the same period of 2000. However, results for the quarters ended March 31, 2001 and 2000 included material special items as summarized below: 



                                                                                Quarter Ended
                                                                                  March 31,
                                                                             -------------------
                                                                                  2001      2000
                                                                             -------------------
As reported, earnings per common share                                       $   1.50   $   .15
Less material special (gains) losses:
     Net gains from power sales                                                 (1.75)         -
     Excess overhead and other fixed costs associated with
         curtailed Northwest smelting operations                                  .04          -
     Mark-to-market gains                                                        (.12)     (.11)
     Asbestos-related charges                                                     .06          -
     Abnormal Gramercy start-up costs                                             .15          -
     Corporate restructuring charge                                                 -       .01
                                                                             --------   --------
                                                                             $   (.12)  $   .05
                                                                             ========   ========

Net sales in the first quarter of 2001 totaled $480.3 million compared to $575.7 million in the first quarter of 2000.