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July 9, 2004

Alcoa Announces Dividend

PITTSBURGH--(BUSINESS WIRE)--July 9, 2004--The Board of Directors of Alcoa today declared (a) a quarterly common stock dividend of 15 cents per share payable August 25, 2004 to shareholders of record at the close of business on August 6, 2004 and (b) a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock payable October 1, 2004 to shareholders of record at the close of business on September 10, 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 to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, 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 120,000 employees in 41 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com