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May 8, 1998

Alain Belda To Succeed O'Neill As Alcoa Chairman In 2000

PITTSBURGH--May 8, 1998-- Alcoa Chairman Paul O'Neill announced today at the company's Annual Meeting of Shareholders that Alain J. P. Belda, 54, currently president and chief operating officer, will become chairman of Alcoa when Mr. O'Neill retires in December 2000.

Mr. Belda will be elected to Alcoa's Board of Directors in September 1998 and will become president and chief executive officer in May 1999. At that time, Mr. O'Neill will relinquish the position of chief executive officer and will become non-executive chairman. In December 2000 Mr. Belda will become chairman of Alcoa when Mr. O'Neill retires from the company and from the Alcoa Board of Directors.

In making the announcement, Mr. O'Neill said: "Mr. Belda is an accomplished leader. He can lead, inspire and counsel other people in their responsibilities, and, as he assumes new duties, he will be a great chief executive officer and chairman of Alcoa's Board."

Biographical information on Alain Belda:
Mr. Belda, as president and chief operating officer of Alcoa, has responsibility for all operating activities of the company. He was named to his present position in January 1997. He had been vice chairman of Alcoa, responsible for most of Alcoa's business units.

Mr. Belda joined Alcoa in 1969 at Alcoa Aluminio, Alcoa's majority owned Brazilian affiliate. He held a number of financial and planning positions there until being named president of Alcoa Aluminio in 1979. In 1982, Mr. Belda was elected a vice president of Alcoa. In 1989, he took on the additional responsibility as vice president of Latin America, and subsequently, he became president - Latin America and president of Alcoa Aluminio. Mr. Belda moved to Pittsburgh in 1994 when he was named executive vice president. He was elected vice chairman in 1995. He is a member of the Board of Directors of Citicorp and Coopers Industries.

Mr. Belda was born in Meknes, French Morocco and became a Brazilian citizen in 1982. He studied in Brazil and Canada and graduated from MacKenzie University with a degree in business administration.