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REYNOLDS METALS DIVIDEND REDUCED

 RICHMOND, Va., May 21 /PRNewswire/ -- The board of directors of Reynolds Metals Company (NYSE: RLM) today reduced the company's quarterly dividend on its common stock to 25 cents per share, from 45 cents. The dividend is payable July 1 to stockholders of record June 4.
 "The board took this action because we believe it is prudent in the face of current business conditions and our outlook for the next 12 to 18 months. Significant improvement appears unlikely until we see more robust world economic conditions," said Richard G. Holder, chairman and chief executive officer. "Reynolds second-quarter results have not improved as much as we had expected over the first quarter, and we foresee a loss for the year," he said.
 "At the same time, we are making progress toward our goal of improving performance by $250 million on an annualized basis by the end of the year. In addition, strong growth opportunities in our major markets, such as automotive and packaging, leave us optimistic about the long-term prospects for aluminum," said Holder.
 "The board will continue to review the dividend policy on a quarterly basis and will look to increase the dividend as soon as improved conditions warrant," he said.
 -0- 5/21/93
 /CONTACT: Andrew M. Lybrook II of Reynolds Metals Company, 804-281-3262 or, after hours, 804-360-5736/
 (RLM)


CO: Reynolds Metals Company ST: Virginia IN: MNG SU: DIV

TW-DC -- DC014 -- 1240 05/21/93 13:45 EDT
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Publication:PR Newswire
Date:May 21, 1993
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