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March 9, 2001

Alcoa Announces Dividend

PITTSBURGH--March 9, 2001-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 15 cents per common share. The dividend is payable May 25, 2001 to shareholders of record at the close of business on May 4, 2001.

The directors also voted a regular dividend of $0.9375 per share on Alcoa's $3.75 cumulative preferred stock, payable July 1, 2001 to shareholders of record on June 8, 2001.

Alcoa's Dividend Policy

Editor's note: Under Alcoa's common stock dividend policy, the company pays a base quarterly dividend, currently 12.5 cents per common share, and a variable dividend linked directly to financial performance. The variable dividend is 30% of Alcoa's annual earnings that exceed $1.50 per share. Basic earnings per share for 2000 were $1.83.

The variable dividend of 10 cents per share is paid in four equal quarterly installments of 2.5 cents per share during 2001. The payment and record dates are the same as for base quarterly dividends.

Editorial Contact:
Joyce A. Saltzman
1 412 553 4467