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April 4, 1997

Upward Earnings Trend Continues

PITTSBURGH--April 4, 1997-- Alcoa today announced earnings of $159.1 million, or 92 cents per common share, for the first quarter of 1997. This compares with earnings of $178.2 million, or $1.01 per share, in the 1996 first quarter.

Revenues in the 1997 quarter were $3.2 billion compared with revenues of $3.1 billion in the 1996 first quarter. Aluminum shipments were 720,000 metric tons (mt) compared with 656,000 mt in the year-ago quarter.

Return on shareholders' equity for the 1997 quarter, annualized, was 13.7% compared with 15.2% in the 1996 first quarter.

Excluding special items, improved performance produced pre-tax operating income of $335 million in the current quarter compared with $273 million in the third quarter of 1996 and $284 million in the 1996 fourth quarter.

Included in first quarter 1997 results was a net after tax loss of $1.1 million (a pre-tax gain of $4.6 million) that resulted from previously announced asset sales that were offset by an increase to environmental reserves.

Alcoa is the world's largest producer of aluminum. The company has 178 operating locations in 28 countries.