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July 7, 1999

Alcoa's Earnings Momentum Continues

PITTSBURGH--July 7, 1999-- Alcoa today reported net income of $240.0 million (65 cents per common share) for the second quarter of 1999 compared with net income of $207.1 million (62 cents per share) for the 1998 second quarter. (Average common shares outstanding increased about 11% from 332 million to 367 million due to the Alumax acquisition.)

For the first half of 1999, net income was $461.1 million, or $1.25 per common share, compared with $417.0 million, or $1.25 per share, for the comparable 1998 period.

"We are experiencing the bottom-line impact of productivity improvements and the elimination of waste as Alcoa employees around the world continue to learn and apply the Alcoa Business System," said President and CEO Alain Belda.

Return on shareholders' equity for the 1999 first half, annualized, was 14.8%, compared with 18.3% in the first half of 1998.

Aluminum product shipments were 1,117,000 metric tons (mt) for the 1999 second quarter, compared with 866,000 mt in the year-ago quarter. Shipments for the first half of 1999 were 2,249,000 mt compared with 1,644,000 mt in the 1998 period.

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.

Financial and operating data for Alcoa and its subsidiaries follow.