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April 6, 1998

Alcoa Net Income Up 32% From Year-Ago Quarter On Strong Operating Performance

PITTSBURGH--April 6, 1998-- Alcoa today announced net income of $209.9 million, or $1.25 per common share, for the first quarter of 1998. This compares with net income of $159.1 million, or 92 cents per share, in the 1997 first quarter.

First quarter 1998 earnings were $229.7 million, or 44% above the 1997 first quarter, before marking to market certain aluminum commodity contracts. Of the $19.8 million mark-to-market loss (12 cents per share), $17.3 million, or 10 cents per share, is related to fabricated product sales contracts that will be shipped in future quarters.

"Operating performance produced excellent earnings in the first quarter," said Paul O'Neill, chairman and CEO. "Being able to perform at this level with low metal prices validates our belief and determination that we can be a high-performance growth company in a cyclical industry."

Revenues in the 1998 quarter were $3.4 billion compared with revenues of $3.2 billion in the 1997 first quarter. Aluminum shipments were 778,000 metric tons (mt) compared with 720,000 mt in the year-ago quarter.

Return on shareholders' equity for the 1998 quarter, annualized, was 17.9% compared with 13.7% in the 1997 first 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 187 operating locations in 28 countries.

Financial and operating data for Alcoa and its subsidiaries follow: