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July 13, 2001

Alcoa Board of Directors Authorize Share Repurchase

PITTSBURGH--July 13, 2001-- The Board of Directors of Alcoa today authorized the repurchase of 50 million shares of Alcoa common stock. This action replaces a similar authorization approved by the board in March 2000. About 32.2 million shares were repurchased under the prior 40-million-share (post-split) authorization. Alcoa has approximately 858 million common shares outstanding.

The company will from time to time buy back shares of its outstanding common stock and preferred stock with open-market purchases. The common stock will be used for employee benefit plans and other corporate purposes; preferred stock will be retired.

Repurchase of all outstanding $3.75 cumulative preferred shares, $100 par value was previously authorized by the Board. Alcoa has approximately 558,000 preferred shares outstanding, having repurchased approximately 102,000 since 1989.

Alcoa (NYSE: AA)

Editorial Contact:
Joyce A. Saltzman

Investor Relations:
Charles D. McLane Jr.