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September 10, 2001

Alcoa Announces Dividend

PITTSBURGH--September 10, 2001--
The Board of Directors of Alcoa today declared a quarterly common stock dividend of 15 cents per common share. The dividend is payable November 25, 2001 to shareholders of record at the close of business on November 2, 2001. The stock will trade ex-dividend on October 31, 2001.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable January 1, 2002 to shareholders of record on December 14, 2001. The stock will trade ex-dividend on December 12, 2001.

Editor's Note: Under Alcoa's common stock dividend policy, the company pays a base quarterly dividend, currently 12.5 cents per common share, and a variable dividend linked directly to financial performance. The variable dividend is 30% of Alcoa's annual earnings that exceed $1.50 per share. Basic earnings per share for 2000 were $1.83.

The variable dividend of 10 cents per share is paid in four equal quarterly installments of 2.5 cents per share during 2001. The payment and record dates are the same as for base quarterly dividends.

Alcoa (NYSE: AA)

Editorial Contact:
Joyce A. Saltzman
1 412 553 4467

Investor Relations:
Charles D. McLane Jr.
1 212 836 2674