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March 9, 2000

Alcoa Officers, Directors Increase Their Ownership in Alcoa

PITTSBURGH--March 9, 2000-- Form 4 reports for the month of February 2000 were filed today by nine Alcoa officers and three Alcoa directors.

All nine officers reported employee stock option transactions. The officers exercised options for 1.1 million shares and sold 853,629 of the shares - principally to pay the option exercise price and related tax withholdings. These officers increased their directly held share ownership in Alcoa by 233,275 shares (or 27%) from January. They now directly own 1,090,826 shares.

The Alcoa employee stock ownership plan includes a reload feature that encourages early option exercise to increase share ownership. One-half of the net (after-tax) shares received in the option exercise must be held by the officers for five years or the remainder of his/her career with Alcoa, whichever is shorter. The grant of new "reload" options at current market prices permits the participants to continue to share in future increases in the stock's value.

The three director filings reported share purchases.

For additional information, please contact:
Joyce A. Saltzman