Alcoa and Subsidiaries       EXHIBIT 99


                 Forward-looking Statements


Alcoa and its representatives may make oral or written
statements from time to time that are "forward-looking
statements" within the meaning of the federal securities
laws.  These statements involve a number of risks and
uncertainties.  The company cautions that forward-looking
statements are not guarantees and that actual results could
differ materially from those expressed or implied in the
forward-looking statements.

Important factors that could cause actual results to differ
include, but are not necessarily limited to, those discussed
under the heading "Commodity Risks" in Part I of this report
and under the heading "Risk Factors" in the Results of
Operations section of Alcoa's 1995 Annual Report to
Shareholders, incorporated by reference in Part II, Item 7
of, and filed as an exhibit to, the company's Annual Report
on Form 10-K for the fiscal year ended December 31, 1995.
The text under each of those headings is incorporated herein
by reference.

Other factors include: changes in raw material costs and
availability; cyclical demand and competitive pricing in
principal markets for the company's products; changes in
governmental regulation, particularly those affecting
environmental, health or safety compliance; changes in law
affecting investments or operations outside the United
States; the impact of unfavorable outcomes in litigation
proceedings; the outcome of labor agreement negotiations,
including those scheduled to begin in May 1996 covering a
majority of Alcoa's U.S. production workers; and other
factors which result in increased costs, reduced earnings or
otherwise negatively affect ongoing operations or the
company's financial condition.  In addition, other factors
may be discussed from time to time in the company's filings
with the Securities and Exchange Commission.


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