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January 16, 2004

Alcoa Announces Dividend

PITTSBURGH--(BUSINESS WIRE)--Jan. 16, 2004--The Board of Directors of Alcoa (NYSE:AA) today declared (a) a quarterly common stock dividend of 15 cents per share payable February 25, 2004 to shareholders of record at the close of business on February 6, 2004 and (b) a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock payable April 1, 2004 to shareholders of record at the close of business on March 12, 2004. Alcoa has paid a quarterly dividend on its common stock for more than 60 years.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 41 countries. For more information go to www.alcoa.com.