Exhibit 99.1

FOR IMMEDIATE RELEASE

Investor Contact	Media Contact
William F. Oplinger	Kevin G. Lowery
(212) 836-2674	(412) 553-1424

Net Income Rises 135 Percent over Year-Ago Quarter;

Revenue Highest Since 2001

Highlights:

• Net income was $355 million, up 135% from first quarter of 2003.

• Income from continuing operations was $350 million, up 79% from 2003.

• $108 million in new annual savings toward third-straight $1 billion-plus cost challenge; 230 basis point decline in cost of goods to 77.9% of sales.

• Debt to capital ratio at 34.9%, within the company’s targeted range.

• Five of six segments showed double-digit increases in profitability year over year; engineered products up 88% and flat rolled products up 25%.

• Substantial completion of divestiture program with sale of specialty chemicals and other businesses.

New York, NY – April 6, 2004 — Alcoa today reported first quarter net income of $355 million, or $0.41 per diluted share, more than double the $151 million, or $0.17, in the first quarter of 2003, and up 22 percent from $291 million, or $0.33, in the previous quarter.

Income from continuing operations was $350 million, or $0.40, up 79 percent from the $195 million, or $0.23, in the first quarter of 2003, and higher than the $340 million, or $0.39, in the previous quarter. The previous quarter’s results included $105 million in pre-tax gains from insurance settlements and a lower effective tax rate. The first quarter benefits from a $58 million after-tax gain on the sale of the chemicals business, half of which was offset by higher costs from a customer bankruptcy, litigation settlements, and restructuring.

“In the quarter, our downstream aluminum businesses strengthened as end markets in Europe and the U.S. expanded,” said Alain Belda, Chairman and CEO of Alcoa. “Demand for aluminum fabricated products was the highest in three years, driving prices higher. In a stronger market, we achieved earnings growth by keeping our focus on both growth and costs, laying the groundwork for further improvements in profitability.”

Market Overview

Revenue in the quarter was $5.7 billion, the highest in almost three years, and up 11 percent year over year and 3 percent on a sequential basis. Higher aluminum prices and stronger shipments of engineered and flat-rolled products offset the seasonal decline in consumer packaging and lower third-party alumina sales as more alumina was dedicated to internal demand. The strong fabricated aluminum shipments were driven by double-digit increases in sales to the commercial vehicle, automotive, and aerospace markets.

“Looking forward, we expect that the recent, rapid increase in aluminum prices will have a greater impact in the second quarter and contribute to improved profitability,” said Belda. On a year-over-year basis, the alumina, aluminum, and flat-rolled products segments all benefited from more robust pricing.

Costs, Savings, and Management Actions

In the quarter, the company achieved $27 million in new sustainable savings — $108 million on an annualized basis — toward its $1.2 billion cost challenge. Those savings overcame higher employee benefit costs, and contributed to a 230 basis-point reduction in cost of goods sold to 77.9 percent of sales. In addition, energy costs were $40 million higher than in the fourth quarter.

On the sale of its specialty chemicals business, the company earned $58 million after-tax, half of which was offset in the quarter by costs associated with litigation settlements in the U.S., debt allowances for a bankrupt customer, and ongoing restructuring to reduce costs. The reduction of the effective tax rate was driven by the chemicals sale and is included in the $58 million gain figure.

Stronger Balance Sheet

The company’s debt-to-capital ratio declined to 34.9 percent, putting it within the company’s targeted range. The company has reduced its debt by approximately $1.5 billion in the past 12 months, lowering its debt-to-capital ratio by 850 basis points. In addition to the sale of the chemicals business, the company substantially completed its divestiture program by selling two foil mills, and the automotive fasteners and packaging equipment businesses.

The company continued to manage capital effectively as days of working capital decreased in the quarter. In the quarter, capital expenditures were $192 million, 69 percent of depreciation.

Positioning the Company for Future Growth

Alcoa continues to make long-term investments to improve its world-class refining position. Alcoa World Alumina and Chemicals, Alcoa’s global alliance with Alumina Ltd., received approval for an upgrade at its Pinjarra refinery. Along with a newly completed expansion at its Jamaica refinery and on-going expansion at its Suriname facility, that project will add 1.1 million metric tons per year to alumina capacity. The company is in varying stages of planning and designing alumina expansions in Brazil, Jamaica, and Australia. Final decisions on those projects are expected in the second half of the year.

Discussions on Brazilian and Canadian smelter projects continue, and infrastructure construction for the new smelter in Iceland is proceeding on schedule. The company also announced plans to build a new low-cost extrusion plant in Romania to serve the building and construction market in Europe.

Providing Solutions to Customers

The company leveraged its technology and manufacturing excellence to provide innovative solutions for customers in transportation markets. In the automotive market, Alcoa worked in partnership with General Motors to commercialize GM’s new forming process for aluminum body and closure panels featured on the lift gate for the 2004 Chevrolet Malibu Maxx. This advance will help extend luxury, aluminum styling to higher-volume vehicles, accelerating the deployment of aluminum in automotive applications.

Alcoa Fastening Systems signed new three-year agreements with Mitsubishi and Kawasaki to supply the Japanese manufacturers with over 350 different fasteners for various commercial aircraft programs.

Alcoa Wheels and Forged Products signed a 3-year contract with Heil Trailer, makers of tankers and trailers, to supply 12,000 to 15,000 wheels per year to its factories in the U.S., U.K., Argentina and Thailand. In the Australian and New Zealand markets, AFL Automotive was named the full service electrical distribution supplier for Sterling Trucks.

Quarterly Analyst Workshop

Alcoa’s quarterly analyst workshop will be at 4:00 p.m. EDT on Thursday, April 22, 2004. The meeting will be web cast via alcoa.com. Call information and related details will be available at www.alcoa.com under “Invest.”

About Alcoa

Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum and alumina. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing its expertise in design, engineering, and production to customers. Alcoa also markets consumer brands including Reynolds Wrap® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. Alcoa has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indices since 2001. The company has 120,000 employees in 41 countries. More information can be found at www.alcoa.com

Alcoa Business System

The Alcoa Business System, or ABS, is an integrated set of principles and tools used to manage Alcoa businesses, based on three principles: make to use; eliminate waste; and people linchpin the system. ABS begins with an understanding of customers’ requirements, identifies what is needed to meet them, and then empowers employees to eliminate waste and solve problems through continuous improvements in costs, quality and speed.

Forward Looking Statement

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of Alcoa to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include (a) the company’s inability to complete or to complete in the anticipated timeframe pending divestitures, acquisitions or expansion projects or to realize the projected amount of proceeds from divestitures, (b) the company’s inability to achieve the level of cost savings or productivity improvements anticipated by management, (c) unexpected changes in global economic, business, competitive, market and regulatory factors, and (d) the other risk factors summarized in Alcoa’s 2003 Form 10-K Report and other SEC reports.

Alcoa and subsidiaries

Condensed Statement of Consolidated Income (unaudited)

(in millions, except per-share, share, and metric ton amounts)

	Quarter ended
	March 31 2004			March 31 2003			December 31 2003
Sales	$	5,696		$	5,140		$	5,532
Cost of goods sold		4,438			4,098			4,435
Selling, general administrative, and other expenses		344			297			346
Research and development expenses		45			50			47
Provision for depreciation, depletion, and amortization		303			285			312
Restructuring and other charges		(31	)		(4	)		(26	)
Interest expense		64			88			71
Other income, net		(22	)		(36	)		(139	)
		5,141			4,778			5,046
Income from continuing operations before taxes on income		555			362			486
Provision for taxes on income		155			108			103
Income from continuing operations before minority interests’ share		400			254			383
Less: Minority interests’ share		50			59			43
Income from continuing operations		350			195			340
Income (loss) from discontinued operations		5			3			(49	)
Cumulative effect of accounting change		—			(47	)		—
NET INCOME	$	355		$	151		$	291
Earnings (loss) per common share:
Basic:
Income from continuing operations	$	.40		$	.23		$	.39
Income (loss) from discontinued operations		.01			—			(.06	)
Cumulative effect of accounting change		—			(.06	)		—
Net income	$	.41		$	.17		$	.33
Diluted:
Income from continuing operations	$	.40		$	.23		$	.39
Income (loss) from discontinued operations		.01			—			(.06	)
Cumulative effect of accounting change		—			(.06	)		—
Net income	$	.41		$	.17		$	.33
Average number of shares used to compute:
Basic earnings per common share		869,402,685			845,065,093			866,243,592
Diluted earnings per common share		878,755,125			846,328,622			871,969,592
Common stock outstanding at the end of the period		869,356,569			845,157,381			868,490,686
Shipments of aluminum products (metric tons)		1,312,000			1,198,000			1,320,000

Alcoa and subsidiaries

Condensed Consolidated Balance Sheet (unaudited)

(in millions)

	March 31 2004			December 31 2003
ASSETS
Current assets:
Cash and cash equivalents	$	459		$	576
Receivables from customers, less allowances: $116 in 2004 and $105 in 2003		2,854			2,521
Other receivables		275			350
Inventories		2,816			2,524
Deferred income taxes		240			267
Prepaid expenses and other current assets		656			502
Total current assets		7,300			6,740
Properties, plants, and equipment, at cost		24,930			24,797
Less: accumulated depreciation, depletion, and amortization		12,459			12,240
Net properties, plants, and equipment		12,471			12,557
Goodwill		6,567			6,549
Other assets		5,563			5,316
Assets held for sale		198			549
Total assets	$	32,099		$	31,711
LIABILITIES
Current liabilities:
Short-term borrowings	$	38		$	56
Accounts payable, trade		2,230			1,976
Accrued compensation and retirement costs		953			948
Taxes, including taxes on income		680			703
Other current liabilities		923			878
Long-term debt due within one year		490			523
Total current liabilities		5,314			5,084
Long-term debt, less amount due within one year		6,782			6,692
Accrued postretirement benefits		2,213			2,220
Other noncurrent liabilities and deferred credits		3,249			3,389
Deferred income taxes		851			804
Liabilities of operations held for sale		39			107
Total liabilities		18,448			18,296
MINORITY INTERESTS		1,357			1,340
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Preferred stock		55			55
Common stock		925			925
Additional capital		5,792			5,831
Retained earnings		8,074			7,850
Treasury stock, at cost		(1,986	)		(2,017	)
Accumulated other comprehensive loss		(566	)		(569	)
Total shareholders’ equity		12,294			12,075
Total liabilities and equity	$	32,099		$	31,711

Alcoa and subsidiaries

Segment Information (unaudited)

(in millions, except metric ton amounts and realized prices)

	1Q03			2Q03			3Q03			4Q03			2003			1Q04
Consolidated Third-Party Revenues:
Alumina and Chemicals	$	449		$	491		$	526		$	536		$	2,002		$	463
Primary Metals		732			805			816			876			3,229			878
Flat-Rolled Products		1,152			1,200			1,176			1,287			4,815			1,450
Engineered Products		1,390			1,455			1,369			1,375			5,589			1,523
Packaging and Consumer		749			836			812			818			3,215			744
Other		668			710			636			640			2,654			638
Total	$	5,140		$	5,497		$	5,335		$	5,532		$	21,504		$	5,696
	1Q03			2Q03			3Q03			4Q03			2003			1Q04
Consolidated Intersegment Revenues:
Alumina and Chemicals	$	240		$	248		$	258		$	275		$	1,021		$	338
Primary Metals		840			690			740			828			3,098			1,038
Flat-Rolled Products		20			15			17			14			66			23
Engineered Products		9			5			5			5			24			4
Packaging and Consumer		—			—			—			—			—			—
Other		—			—			—			—			—			—
Total	$	1,109		$	958		$	1,020		$	1,122		$	4,209		$	1,403
	1Q03			2Q03			3Q03			4Q03			2003			1Q04
Consolidated Third-Party Shipments (Kmt):
Alumina and Chemicals		1,794			1,939			1,982			1,956			7,671			1,718
Primary Metals		453			495			488			516			1,952			469
Flat-Rolled Products		434			453			450			482			1,819			515
Engineered Products		223			221			222			213			879			234
Packaging and Consumer		36			42			40			49			167			38
Other		52			56			62			60			230			56
Total Aluminum		1,198			1,267			1,262			1,320			5,047			1,312
Alcoa’s average realized price-Primary	$	0.69		$	0.68		$	0.71		$	0.73		$	0.70		$	0.79
	1Q03			2Q03			3Q03			4Q03			2003			1Q04
After-Tax Operating Income (ATOI):
Alumina and Chemicals	$	91		$	89		$	113		$	122		$	415			127
Primary Metals		166			162			163			166			657			192
Flat-Rolled Products		53			56			59			53			221			66
Engineered Products		29			46			47			33			155			62
Packaging and Consumer		53			57			52			52			214			35
Other		9			17			8			17			51			18
Total	$	401		$	427		$	442		$	443		$	1,713		$	500
	1Q03			2Q03			3Q03			4Q03			2003			1Q04
Reconciliation of ATOI to consolidated net income:
Total ATOI	$	401		$	427		$	442		$	443		$	1,713		$	500
Impact of intersegment profit adjustments		7			(4	)		2			4			9			23
Unallocated amounts (net of tax):
Interest income		5			6			7			6			24			7
Interest expense		(57	)		(52	)		(49	)		(46	)		(204	)		(41	)
Minority interests		(59	)		(75	)		(54	)		(43	)		(231	)		(50	)
Corporate expense		(57	)		(81	)		(65	)		(84	)		(287	)		(74	)
Restructuring and other charges		4			(2	)		(1	)		25			26			31
Discontinued operations		3			(1	)		(2	)		(49	)		(49	)		5
Accounting change		(47	)		—			—			—			(47	)		—
Other		(49	)		(2	)		—			35			(16	)		(46	)
Consolidated net income	$	151		$	216		$	280		$	291		$	938		$	355