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September 10, 1999

Dividend Announced

PITTSBURGH--September 10, 1999-- Alcoa today announced that its Board of Directors declared a quarterly common stock dividend of 20.125 cents per common share. The dividend is payable November 25, 1999 to shareholders of record at the close of business on November 5, 1999.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock payable January 1, 2000 to shareholders of record on December 10, 1999.

The common stock dividend is comprised of a base quarterly dividend, currently 18.75 cents per share, and a quarterly installment of 1.375 cents per share for a previously reported variable dividend.