EXHIBIT 10.43

                     STOCK OPTION AGREEMENT


          THIS AGREEMENT, dated August 30, 1996, between REYNOLDS
METALS COMPANY, a Delaware corporation ("Reynolds"), and Jeremiah
J. Sheehan "Optionee").

          WHEREAS, the Committee designated to administer the
Reynolds Metals Company 1996 Nonqualified Stock Option Plan
("Plan") has selected Optionee as a key employee of Reynolds to
whom an option is to be granted under the Plan, and has
recognized that through Optionee's efforts and because of
Optionee's responsibilities, Optionee is in a position to
contribute substantially to the overall success and growth of
Reynolds;

          NOW, THEREFORE, the parties agree as follows:

               1.  Reynolds grants to Optionee an option to
          purchase from Reynolds 150,000 shares of its Common
          Stock, no par value, at a price of $53.50 per share,
          and otherwise in accordance with the terms and
          conditions stated in the Plan.

               2.  Subject to the terms of the Plan and of this
          Agreement (including paragraph 3 below), the option
          granted hereunder shall be exercisable in whole or
          part, from time to time, on and after August 30, 1997,
          but in no event later than the earlier of (a) March 31,
          2000 or (b) the date specified in the Plan relating to
          Optionee's termination of employment with Reynolds and
          its subsidiaries.  No option may be exercised for less
          than 100 shares of Common Stock unless the Optionee is
          electing to exercise all the remaining options then
          exercisable under this Agreement.

          3.  The option granted hereunder shall be exercisable
          only if (a) on or before September 30, 1999, the Fair
          Market Value (as defined in the Plan) of the Common
          Stock equals or exceeds 150% of the exercise price for
          a period of 30 consecutive calendar days and (b)
          Optionee becomes Chief Executive Officer of Reynolds
          and remains in that position through the date the
          condition set forth in clause (a) is satisfied.  For
          purposes of applying the 150% ratio in clause (a) of
          the previous sentence, proportionate adjustments shall
          be made as appropriate in accordance with Section 6.02
          of the Plan in the event of a recapitalization.

               4.  This Agreement is at all times subject to the
          terms and conditions of the Plan, which terms and
          conditions are incorporated herein by reference.

               5.  All notices to Reynolds must be in writing,
          addressed to the Director, Employee Financial Services,
          Reynolds Metals Company, 6601 West Broad Street,
          Richmond, Virginia 23230-1701, and are effective upon
          receipt.

               6.  The effectiveness of this Agreement and of any
          grant of an option hereunder are subject to compliance
          with all applicable laws and regulations and to receipt
          of any governmental approvals necessary for the
          performance by the parties of their obligations
          hereunder, including but not limited to compliance with
          and approvals under all applicable exchange control and
          securities laws.

          IN WITNESS WHEREOF, Reynolds and Optionee have executed
this Agreement in duplicate as of the date first above written.


                                   REYNOLDS METALS COMPANY


                                   Richard G. Holder

                                   By   Richard G. Holder


                                   Jeremiah J. Sheehan

                                   ______________________________
                                              Optionee