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January 22, 1998

Alcoa Sells $300 Million of 30-Year Bonds

PITTSBURGH--January 22, 1998-- Alcoa announced today the successful sale of $300 million of 30-year senior unsecured debt.

The 6.75% bonds, due January 15, 2028, were priced to yield 6.803%. Proceeds from the offering will be used for general corporate purposes including the purchase of the major assets of Inespal, Spain's state-owned integrated aluminum producer. The Inespal transaction is expected to close in early February.

Lead underwriter for the transaction was J. P. Morgan Securities, Inc. Co-managers were Credit Suisse First Boston, Goldman Sachs & Co. and Merrill Lynch.