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ALCOA FOURTH QUARTER EARNINGS $25.6 MILLION BEFORE CHARGE OF $217 MILLION

 ALCOA FOURTH QUARTER EARNINGS $25.6 MILLION
 BEFORE CHARGE OF $217 MILLION
 PITTSBURGH, Jan. 15 /PRNewswire/ -- Alcoa (NYSE: AA) today reported earnings of $25.6 million, or 30 cents per common share, for the fourth quarter of 1991 before an aftertax charge of $217 million to cover environmental and restructuring costs reported earlier.
 For the fourth quarter of 1990, the company reported earnings of $134.6 million, or $1.58 per share, before an aftertax charge of $275 million for similar costs.
 After the charges, a loss of $191.4 million, or $2.26 per share, was reported for the fourth quarter of 1991, and a loss of $140.4 million, or $1.61 per share, for the fourth quarter of 1990.
 For all of 1991, Alcoa had net income of $279.7 million, or $3.27 per share, before the charge, compared with $570.2 million, or $6.59 per share, for 1990, also before the charge in that year. After charges, earnings were $62.7 million, or 71 cents per share, for 1991 and $295.2 million, or $3.40 per share, for 1990.
 For the fourth quarter, revenues were $2.4 billion vs. $2.7 billion last year. Revenues for all of 1991 were $10.0 billion, compared with $10.9 billion for 1990.
 Alcoa reported that prices dropped across virtually all products during 1991, reducing profit margins on shipments that were up 4 percent from a year ago. The gain in shipments came as a result of strong worldwide demand for aluminum used in packaging.
 Shipments for the fourth quarter of 1991 were 773,000 metric tons (mt) compared with 725,000 mt in the year-ago quarter. Shipments during 1991 totaled 2,836,000 mt, compared to 1990 shipments of 2,724,000 mt.
 Fourth quarter 1991 earnings include translation and exchange losses of $9.4 million, compared with losses of $2.9 million in the year-ago quarter. Included in earnings for all of 1991 are translation and exchange gains of $1.6 million, while 1990 earnings included losses of $8.0 million.
 Excluding the charges, return on shareholders' equity for 1991 was 5.5 percent, compared with 10.9 percent in 1990.
 Alcoa is the world's largest producer of aluminum. The company has 148 operating and sales locations in 20 countries with 63,500 employees.
 The financial tables for Alcoa and subsidiaries follow.
 FINANCIAL REPORT
 Alcoa and subsidiaries
 (in millions, except share and ton amounts)
 (UNAUDITED)
 For the fourth quarter ended December 31 1991 1990
 Sales and operating revenues $2,434.9 $2,706.4
 Other income 10.3 47.8
 2,445.2 2,754.2
 Cost of goods sold and operating expenses 1,880.5 1,977.0
 Selling, general administrative and
 other expenses 153.6 154.5
 Research and development expenses 72.2 64.8
 Provision for depreciation and depletion 180.3 178.7
 Interest expense 35.5 43.9
 Taxes other than payroll and severance taxes 34.6 19.9
 Special items (A) 330.9 414.4
 2,687.6 2,853.2
 Income (loss) from operations before
 taxes on income (242.4) (99.0)
 Provision (credit) for taxes on income (69.6) (59.0)
 Income (loss) from operations (172.8) (40.0)
 Less: Minority interests' share (18.6) (100.4)
 NET INCOME (LOSS) $ (191.4) $(140.4)
 Earnings (loss) per common share $ (2.26) $ (1.61)
 Translation and exchange adjustments included
 in net income $ (9.4) $ (2.9)
 Shipments of aluminum
 products (metric tons) 773,000 725,000
 (A) Equivalent to $217.0 aftertax for 1991 and $275.0 for 1990.
 FINANCIAL REPORT
 Alcoa and subsidiaries
 (in millions, except share and ton amounts)
 For the year ended December 31 1991 1990
 Sales and operating revenues $9,884.1 $10,710.2
 Other income 97.1 160.3
 9,981.2 10,870.5
 Cost of goods sold and operating expenses 7,444.8 7,606.2
 Selling, general administrative
 and other expenses 579.8 592.3
 Research and development expenses 251.9 220.3
 Provision for depreciation and depletion 697.9 689.9
 Interest expense 153.2 184.7
 Taxes other than payroll and severance taxes 122.3 115.5
 Special items (A) 330.9 414.4
 9,580.8 9,823.3
 Income from operations
 before taxes on income 400.4 1,047.2
 Provision for taxes on income 181.7 393.8
 Income from operations 218.7 653.4
 Less: Minority interests' share (156.0) (358.2)
 NET INCOME $ 62.7 $ 295.2
 Earnings per common share $ 0.71 $ 3.40
 Shares outstanding 85,082,319 84,842,350
 Average number of shares used to compute
 earnings per common share 84,983,749 86,204,179
 Translation and exchange adjustments included
 in net income $ 1.6 $ (8.0)
 Shipments of aluminum
 products (metric tons) 2,836,000 2,724,000
 Return on average
 shareholders' equity (pct.) 1.2 5.7
 (A) Equivalent to $217.0 aftertax for 1991 and $275.0 for 1990.
 -0- 1/15/92
 /CONTACT: A.T. Posti of Alcoa, 412-553-4465/
 (AA) CO: Aluminum Company of America ST: Pennsylvania IN: MNG SU: ERN


DM -- PG002 -- 9950 01/15/92 11:14 EST
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Date:Jan 15, 1992
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