X0201 42004-01-12 0000004281 ALCOA INC AA 0001143958 KELSON RICHARD B 201 ISABELLA STREET PITTSBURGH PA 15212 0100Exec. VP and CFOCommon Stock2004-01-124M07076722.555A420412DCommon Stock2004-01-124F05631736.295D364095DCommon Stock8439IBy Company 401(k) PlanEmployee Stock Option (right to buy)22.5552004-01-124M070767D2004-01-102013-01-10Common Stock70767141533DEmployee Stock Option (right to buy)36.2952004-01-124A053639A2004-07-122013-01-10Common Stock5363953639DEmployee stock options are granted without payment of consideration.In the aggregate, a total of 1,357,919 employee stock options (with various prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.These are reload stock options granted in connection with the reporting person's exercise of outstanding options and payment of the option exercise costs by delivering previously owned shares to the Company as reported herein.Brenda Hart (Assistant Secretary), by power of attorney2004-01-14