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May 7, 1999

Alain J. P. Belda Elected Alcoa Chief Executive Officer

PITTSBURGH--May 7, 1999-- Alcoa's Board of Directors elected Alain J.P. Belda, 55, President and Chief Executive Officer of the company. He succeeds Paul H. O'Neill, 63, who continues as chairman of the Board. As announced at last year's annual meeting of shareholders, Mr. Belda will become chairman in December 2000 when Mr. O'Neill retires from the company and from Alcoa's Board of Directors.

Commenting on the announcement, Mr. O'Neill said: "Alain Belda will be an exceptional chief executive officer taking Alcoa into the 21st century. He has extraordinary energy, strong values, is globally astute, and is committed to continuing the strong operating performance of Alcoa."

Mr. Belda joined Alcoa in 1969 at Alcoa Aluminio, the company's Brazilian affiliate. He held a series of financial and planning positions there until being named president of Alcoa Aluminio in 1979. He later assumed the additional responsibility for all of Alcoa's Latin American operations. In 1982, Mr. Belda was elected a vice president of Alcoa. He moved to Pittsburgh in 1994 as Executive Vice President, subsequently was elected Vice Chairman in 1995, and to his most recent position as president and chief operating officer in 1997 with responsibility for all operating activities of the company.

Mr. Belda serves on the Board of Directors for Citigroup Inc. and Cooper Industries, Inc. Mr. Belda, who is a Brazilian citizen, studied in Brazil and Canada and graduated from MacKenzie University in Sao Paulo with a degree in business administration.