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December 18, 1998

Aluminum Company of America Changes Name to Alcoa; New Identity Reflects Global Scope

PITTSBURGH--December 18, 1998-- Alcoa announced today that its Board of Directors has approved a change of the corporate name from Aluminum Company of America to Alcoa Inc. effective January 1, 1999. The company's stock symbol remains AA.

"The new identity reflects the global scope of Alcoa. We operate at 250 locations in 30 countries around the world and more than half of our employees are based outside of the U.S.," said Alcoa Chairman Paul O'Neill. "The name 'Alcoa' has been used around the world since 1929 to identify the company's products, services, literature and advertising. We are now making it our official name, too."

Founded in 1888, Alcoa is the world's leading producer of aluminum and alumina and a major participant in all segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa serves customers worldwide in the packaging, automotive, aerospace, construction and other markets with a great variety of fabricated and finished products.