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April 7, 1999

Alcoa Earnings at $221.1 Million Top Last Year

PITTSBURGH--April 7, 1999-- Alcoa today reported net income of $221.1 million (60 cents per common share) for the first quarter of 1999 compared with net income of $209.9 million (62 cents per share) for the 1998 first quarter. (Common shares outstanding increased from 336 million to 367 million due to the Alumax acquisition.)

The Alcoa Business System and our growth initiatives created value in the first quarter sufficient to offset what otherwise would have been a $110 million reduction in year-to-year income due to falling prices and the economic slowdown in Brazil, said Chairman and CEO Paul H. O'Neill.

Revenues for the 1999 first quarter were $4.0 billion compared with $3.4 billion for the 1998 first quarter. Aluminum product shipments were 1,132,000 metric tons (mt) compared with 778,000 mt in the year- ago quarter.

Return on shareholders' equity for the first three months of 1999, annualized, was 14.1%, compared with 17.9% for the year-ago period.

Founded in 1888, Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and a major participant in all segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa serves customers worldwide in the packaging, automotive, aerospace, construction and other markets with a great variety of fabricated and finished products. The company has 215 operating locations in 31 countries.

Financial and operating data for Alcoa and its subsidiaries follow.