X0201 42004-01-15 0000004281 ALCOA INC AA 0001127285 BELDA ALAIN J P 201 ISABELLA STREET PITTSBURGH PA 15212 1100Chairman and CEOEmployee Stock Option (right to buy)35.6552004-01-154A0434900A2010-01-15Common Stock434900434900DThe option vests in three equal annual installments beginning January 15, 2005.Employee stock options are granted without payment of consideration.In the aggregate, a total of 4,848,561 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.Brenda Hart (Assistant Secretary), by power of attorney2004-01-20