SECURITIES AND EXCHANGE COMMISSION
                                
                     Washington, D.C.  20549
                                
                                
                                
                            FORM 8-K
                                
                                
                         CURRENT REPORT
                                
                                
                                
                PURSUANT TO SECTION 13 OR 15 (d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                                
                                
Date of Report (date of earliest event reported): November 11, 1994
                                
                  
                  ALUMINUM COMPANY OF AMERICA
                                
                                
     (Exact name of registrant as specified in its charter)
                                
                                
                                
        PENNSYLVANIA               1-3610          25-0317820
                                
(State or other jurisdiction  (Commission File  (I.R.S. Employer
     of incorporation)            Number)      Identification No.)
                                
                                
                                
  425 Sixth Avenue, Alcoa Building, Pittsburgh, PA  15219-1850
                                
    (Address of principal executive offices)        (Zip Code)
                                
                                
       Office of Investor Relations           412-553-3042
         Office of the Secretary           412-553-4707
                                
       (Registrant's telephone number including area code)

Item 5.  Other Events.

The Registrant issued the following press release on November 11, 
1994:


Stock Split;  Base Quarterly Dividend Increased

     Pittsburgh, November 11, 1994 -- The Board of Directors of
Alcoa today declared a two-for-one split of Alcoa's common stock.
The new stock will be distributed on February 25, 1995 to
shareholders of record at the close of business on February 3,
1995.
     The stock was split to encourage a wider distribution of
Alcoa common stock.
     The Board also approved two changes in the company's common
stock dividend policy:  an increase in the company's base
quarterly dividend and a change in the payment schedule for the
extra dividend above the base dividend.  The base quarterly
dividend is being increased to 22.5 cents per common share on a
post-split basis (the base dividend was 40 cents per share, pre-
split).  The extra dividend payment of 30% of the company's
annual earnings when the company's earnings exceed a threshold of
$3.00 per share (post-split basis) will be paid in the following
year in equal quarterly installments with the base quarterly
dividends instead of in a single payment.
     "The increase in the base dividend reflects our confidence
in the future," said Chairman O'Neill.  "We know that financial
results will vary from quarter to quarter, but we are optimistic
about Alcoa's long-term trend.  Our cost structure has improved,
and economies in most countries are doing well, with relatively
low inflation.  We wanted to reward shareholders for their
investment in Alcoa."
     In addition, Alcoa will from time to time buy back shares of
the company's outstanding common stock with open-market purchases
under a program approved by the Board of Directors in July of
1989.  The stock will be used for employee benefits plans and
other general corporate purposes.
     The original program authorized the purchase of 20 million
shares (post-split basis), of which 8.6 million (post-split) had
been purchased by the fourth quarter of 1990.
     Following the stock split, Alcoa will have approximately
179 million common shares outstanding.



                           SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the following authorized officer.


                               ALUMINUM COMPANY OF AMERICA



November 11, 1994              By/s/ Jan H. M. Hommen
Date                                 Jan H. M. Hommen
                                 Executive Vice President and
                                 Chief Financial Officer
                                 (Principal Financial Officer)