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October 6, 1999

Alcoa Earnings Jump 19% from Year-Ago Quarter

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 1998 period.

"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.