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):
                          March 3, 1999
                                
                                
                     REYNOLDS METALS COMPANY
                     -----------------------
     (Exact name of registrant as specified in its charter)
                                
                                
                                
                                
   Delaware                  1-1430                 54-0355135
   --------                  ------                 ----------
(State of Incorporation)  (Commission             (IRS Employer
                          File Number)        Identification Number)




                     6601 West Broad Street
                         P.O. Box 27003
                  Richmond, Virginia 23261-7003
                  -----------------------------
            (Address of Principal Executive Offices,
                       including zip code)
                                
                                
                         (804) 281-2000
      (Registrant's Telephone Number, including area code)

 2
Item 5.  Other Events.

     The Registrant today announced that, assuming more 
favorable pricing for the balance of the year, its
outlook for the full year 1999 remains in the range of 1998
results, which were $3.47 per share from operations.  For the
first quarter, however, extremely low primary aluminum prices
will adversely affect results and will make even more pronounced
the Registrant's historically weak first-quarter performance.
     
     "Later in the year, we will benefit from increased sales of
our packaging and consumer products, with the fourth quarter
being the strongest due to the holiday season," said Jeremiah J.
Sheehan, Chairman and Chief Executive Officer of the Registrant.
"For the full year 1999, if primary aluminum prices move up to 
the average level we realized in 1998, we have the potential to
report results that are more in line with the full year 1998 
than the first quarter would indicate," he said.
     
     The Registrant reported income from operations for the
1998 first quarter of $58 million.  The current LME price
estimate for the quarter of 55 cents per pound is 13 cents lower
than the year ago quarter.  This is an all-time low adjusted for
inflation and a five-year low on a nominal basis.  While the
Registrant expects to offset part of the effect of low prices
with improved costs, lower interest expense and higher value-
added primary aluminum sales, operating earnings for the 1999
first quarter will be about breakeven.
     
     In addition, the Registrant's 35%-owned can manufacturing
operations in Brazil have been affected by the currency
devaluation.  While it is too early to forecast the final impact
on first-quarter operating results, the Registrant believes it
could be $10 million, or 15 cents per share.
     
     Statements in this report concerning future expectations
constitute forward-looking statements.  Such statements involve a
number of risks and uncertainties.  Among other factors that
could cause actual results to differ materially from those
projected are:  (1) continued low primary aluminum prices; (2)
adverse changes in cyclical demand conditions or material costs;
(3) failure to successfully complete the remainder of the
Registrant's portfolio review process, to achieve its cost and
interest expense reduction goals or to successfully implement its
strategic growth programs; (4) failure to complete the
Registrant's major capital projects as scheduled and within
budget; (5) further or continued adverse economic conditions in
Brazil and other emerging markets where the Registrant does
business; (6) unanticipated material legal proceedings or
investigations; (7) loss of or a significant downturn in the
business of a key customer; (8) failure of the Registrant or
critical third parties with which Reynolds does business to be
Year 2000 compliant; and (9) the other risk factors summarized in
the Registrant's SEC reports, including but not limited to those
summarized in Management's Discussion and Analysis in its Form 10-
Q Report for the third quarter of 1998.

 3
                           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 undersigned hereunto duly authorized.


                                   REYNOLDS METALS COMPANY



                                   By:  /s/ Allen M. Earehart
                                        -----------------------
                                          Allen M. Earehart
                                          Senior Vice President
                                           and Controller

Dated:  March 3, 1999