TK Aluminum Ltd. notes this morning's press speculation in Italy with regard to a possible disposal of certain assets. TK Aluminum Ltd. announced today that it is exploring various asset sales and is in discussions with potential buyers. The Company has not entered into any definitive arrangements in respect of any potential transactions, and there can be no assurance that any transaction would be concluded at all, or of the terms on which any such transaction may be concluded. Furthermore, completion of any such transaction, if entered into, likely would be subject to satisfaction of a number of conditions.

About Teksid Aluminum

Teksid Aluminum is a leading independent manufacturer of aluminum engine castings for the automotive industry. Our principal products include cylinder heads, engine blocks, transmission housings and suspension components. We operate 15 manufacturing facilities in Europe, North America, South America and Asia.

Until September 2002, Teksid Aluminum was a division of Teksid S.p.A., which was owned by Fiat. Through a series of transactions completed between September 30, 2002 and November 22, 2002, Teksid S.p.A. sold its aluminum foundry business to a consortium of investment funds led by equity investors that include affiliates of each Questor Management Company, LLC, JPMorgan Partners, Private Equity Partners SGR SpA and AIG Global Investment Corp. As a result of the sale, Teksid Aluminum is owned by its equity investors through TK Aluminum Ltd., a Bermuda holding company.