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PITTSBURGH--July 31, 1998--
Alcoa announced today that the stockholders of Alumax Inc. voted to
approve its merger with Alcoa (NYSE: AA) at a special meeting of
stockholders in Atlanta. The merger is effective immediately.
Shares of Alumax stock will cease trading on the New York Stock Exchange
at the close of business today. As a result of the merger, each
outstanding Alumax share was converted into 0.6975 of a share of Alcoa
Alumax stockholders who hold their own stock certificates will receive
notice in the mail regarding the process to exchange their shares for
Alumax stockholders whose shares are held through banks or brokers will
receive information about their holdings from those institutions.