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PITTSBURGH--October 6, 1999--
Alcoa today reported net income of $259.1 million (71 cents per basic
share) for the third quarter of 1999 compared with net income of $217.7
million (61 cents per share) for the 1998 third quarter. For the 1999
nine-month period, net income was $720.2 million, or $1.96 per share,
compared with $634.7 million, or $1.84 per share, for the comparable
"I am pleased that this is Alcoa's fifth consecutive quarter of improved
earnings," said Alain Belda, Alcoa CEO. "In particular, the rollout of
the Alcoa Production System through our manufacturing operations
worldwide is yielding significant cost savings."
Revenues for the first nine months of 1999 were $12.1 billion compared
with $11.1 billion for the first nine months of 1998, while shipments
were 3,349,000 mt compared with 2,777,000 mt.
Return on shareholders' equity for the 1999 nine-month period,
annualized, was 15.7%, compared with 17.1% for the year-ago period.
Alcoa also stated that, at the end of the 1999 third quarter, the
company had achieved $636 million in annualized cost savings towards its
$1.1 billion target. Announced in mid-1998, this aggressive target is to
be achieved by January 1, 2001. The quarterly run rate at the end of the
1999 third quarter was $159 million, compared with $130 million for the
1999 second quarter.
Founded in 1888, Alcoa is the world's leading producer of 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.