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July 14, 2000

Alcoa Announces Dividend

PITTSBURGH--July 14, 2000-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 12.5 cents per common share. The dividend is payable August 25, 2000 to shareholders of record at the close of business on August 4, 2000.

The directors also voted a regular dividend of $0.9375 per share on Alcoa's $3.75 cumulative preferred stock, payable October 1, 2000 to shareholders of record on September 15, 2000.

Editor's Note: As a result of the two-for-one stock split, the quarterly dividend of 25 cents is now 12.5 cents per common share.

Alcoa (NYSE: AA)

Editorial Contact: Joyce A. Saltzman
1 412 553 4467

Investor Relations: Charles D. McLane
1-412-553-2231