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July 14, 1998

Alcoa Announces 2001 Cost-Cutting Goal of $1.1 Billion

PITTSBURGH--July 14, 1998-- Alcoa Chairman Paul O'Neill speaking to security analysts today announced that the company had set a new target: to cut costs by $1.1 billion by January 1, 2001.

"Our goal is to generate $800 million in operating improvements in our existing businesses," said Mr. O'Neill. "In addition, we expect to achieve $300 million in savings from efficiency opportunities as a result of our merger with Alumax."

Each of Alcoa's business units will have specific objectives with a target of achieving an annual running rate by the end of the year 2000. Compensation incentives are linked to reaching these targets.

"This aggressive, turn of the century target to reduce costs by $1.1 billion will require us to step up the pace of our performance, and integrate and leverage our global franchise while working with our customers to maximize the value we bring to the marketplace," continued Mr. O'Neill. "The contributions of Alcoa employees worldwide - their energy, their ideas, their ingenuity - are needed to meet this challenge. This is not a people reduction initiative."

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. The company has 250 locations in 30 countries.