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ALCOA, REYNOLDS, USWA, ABG REACH NEW LABOR AGREEMENTS

 CLEVELAND, June 1 /PRNewswire/ -- New three-year labor agreements with Aluminum Company of America (NYSE: AA) (ALCOA)and Reynolds Metals Company (NYSE: RLM) have been ratified by the local union presidents of United Steelworkers of America (USWA) and the Aluminum, Brick and Glass Workers International Union (ABG) National Bargaining Council, it was announced today.
 The agreements will be submitted this week to membership ratification votes by approximately 17,000 of the companies' employees at 27 locations in 17 states.
 Previous agreements between the companies and the unions expired Monday night and were extended until the proposed new contracts were reached at 4 a.m. this morning. Employees had been working under a 12-month extension to the original 43-month contracts, which went into effect November 1, 1988.
 Major provisions of the new agreements include:
 -- A 25-cent increase in base hourly wage rates effective June 7, 1993; and, an additional 25-cent an hour increase in the rate June 5, 1995;
 -- Change to a new managed health care program, including medical, prescription drug and mental health networks designed to provide high quality, reasonably priced health benefits;
 -- A "Pay for Performance" plan that aligns gain-sharing, or variable pay, with labor-management location goals and with overall corporate financial performance;
 -- A $2.00 increase in the factor used to calculate pensions in addition to the $2.00 increase in the pension factor included in the 1992 extension agreement;
 -- Employees who retire during the term of the 1993 labor agreement and who are at least 55 years of age and have 30 years service are eligible to retire with an additional supplemental pension that provides a monthly pension of up to $1250 until they reach age 62;
 -- Insurance improvements that add $10,000 in life insurance;
 -- Increases in sickness and accident coverage June 7, 1993, and again on June 5, 1995;
 -- Continuation of existing cost-of-living provisions and dental and vision care plans; and
 -- Adoption of principles to guide the development of a joint, location-specific, business-based contracting out business process and employee participation programs.
 /delval/
 -0- 6/1/93
 /CONTACT: Al Posti of Alcoa, 412-553-4465; Drew Lybrook of Reynolds Metals, 804-281-3262; Gary Hubbard of USWA, 412-562-2442; or John Murphy of ABG, 216-771-7600/
 (AA RLM)


CO: Aluminum Company of America; Reynolds Metals Company; United
 Steelworkers of America; Glass Workers International Union ST: Pennsylvania, Ohio IN: MNG SU:


KC -- PG009 -- 4040 06/01/93 14:37 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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