Exhibit 99


Editorial Contact:         Jake Siewert
                           212-836-2733

Investor Relations:        Charles D. McLane Jr.
                           212-836-2674

Alcoa Completes Strategic Review; Will Take Charge in Fourth Quarter

         PITTSBURGH, November 19, 2001 -- Alcoa announced today that the company
has completed the strategic review of its fabricating businesses that will
result in an after tax charge of $200 to $250 million in the fourth quarter
2001. This charge includes facilities and work force reductions in the Americas
and Europe.

          "As a result of these decisions, Alcoa will emerge stronger, more
competitive and better aligned to meet the needs of our customers," said Alcoa
Chairman and CEO Alain Belda.

         This restructuring is a direct result of the strategic review to
optimize Alcoa's manufacturing system after a recent series of acquisitions. The
2001 fourth quarter charge will affect approximately 6,500 employees at 40
locations. It is expected that approximately half of the charges will be related
to the rationalization of assets, with the remainder principally associated with
employee severance costs. These actions will enable Alcoa to more efficiently
serve customers in the building and construction, automotive, aerospace,
commercial transportation, industrial products and packaging markets.

         Alcoa expects to complete these actions by the end of 2002.

         Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum, and alumina. It has 140,000 employees at more than 500 locations in 38
countries.

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Certain statements in this release relate to future events and expectations and
as such constitute forward-looking statements involving known and unknown risks
and uncertainties that may cause actual results, performance or achievements of
Alcoa to be different from those expressed or implied in the forward-looking
statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include the company's
inability to achieve the level of cost savings or productivity improvements
anticipated by management, including possible increases in the cost of doing
business resulting from war or terrorist activities; and other risk factors
summarized in Alcoa's SEC reports.