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March 10, 2000

Alcoa Announces Dividend; Share Repurchase Authorized

PITTSBURGH--March 10, 2000-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 25 cents per common share. The dividend is payable May 25, 2000 to shareholders of record at the close of business on May 5, 2000.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable July 1, 2000 to shareholders of record on June 9, 2000.

Share Repurchase Authorized
In addition, the Board authorized the repurchase of 20 million shares of Alcoa common stock. This action replaces a similar authorization approved by the Board in July 1999. About 12 million shares were repurchased under the prior authorization. Alcoa has approximately 364 million shares outstanding.

The company will from time to time buy back shares of its outstanding common stock with open-market purchases. The stock will be used for employee benefit plans and other corporate purposes.

For additional information, please contact:
Joyce A. Saltzman