Server: Microsoft-IIS/3.0 Date: Thu, 20 Nov 1997 22:31:35 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Thu, 20 Nov 1997 15:20:50 GMT Content-Length: 2607 Alumax Inc. News Release 11/20/97
ALUMAX INC. News Release

Alumax Repurchases 1.46 Million Common Stock Shares

Atlanta, Ga., November 20, 1997 -- Alumax Inc. (NYSE: AMX; Toronto: AXI) today announced that it has recently repurchased a total of 1.46 million shares of its outstanding common stock, or 2.6 percent of all Alumax shares outstanding on September 30, 1997, for approximately $48 million, or an average of $32.87 per share.

Commenting on the stock repurchases, Allen Born, chairman and chief executive officer, said:

``Alumax's share price, relative to the company's present financial condition and results, makes the stock purchase program an attractive investment opportunity and one that will help us achieve our goal of improving both near-term and long-term stockholder value.''

The recent share purchases were the first under a stock purchase program authorizing the company to buy back up to 2.5 million shares of its common stock. The program authorizes Alumax to purchase the shares from time to time, either on the open market or in negotiated transactions, at price levels deemed desirable by the company.

Reflecting the recent stock repurchase activity, Alumax currently has approximately 53.68 million common stock shares outstanding. As of September 30, 1997, the company had 55.12 million shares outstanding.

Alumax Inc. is a world leader in aluminum with assets of $3.4 billion and 1996 revenues of more than $3.1 billion.

The company produces and markets primary aluminum ingot, billet and slab and is a major fabricator of value-added aluminum products for the transportation, distributor, building and construction, packaging and consumer durables markets.


Contact:
   Alumax
   Thomas R. Hagley (Media)
   404/846-4642  Fax: 404/846-4691
   or
   R. Daniel Loh (Investors)
   404/846-4752  Fax: 404/846-4691

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