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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
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)
Joyce A. Saltzman
Charles D. McLane Jr.