April 10, 2007

1

st

Quarter 2007 Analyst Conference

Exhibit 99.2

[Alcoa logo]

2

Forward Looking Statements

Today’s discussion may include “forward-looking statements”

within the meaning of the Private Securities Litigation Reform

Act of 1995.  Such statements relate to future events and

expectations and involve known and unknown risks and

uncertainties.  Alcoa’s actual results or actions may differ

materially from those projected in the forward-looking

statements.  For a summary of the specific risk factors that

could cause results to differ materially from those expressed

in the forward-looking statements, please refer to Alcoa’s

Form 10-K for the year ended December 31, 2006 filed with

the Securities and Exchange Commission.

[Alcoa logo]

[Alcoa logo]

Vice President and Chief Financial Officer

Chuck McLane

4

[Alcoa logo]

1

st

Quarter 2007 Financial Overview

–

Income from continuing operations of $691m or

$0.79 per share -

$673m or $0.77 per share

including the impact of restructurings

–

Revenues of $7.9b

–

Cash from operations of $527m

–

Debt-to-cap at 30.9%

–

Trailing four quarters ROC of 12.7%

5

[Alcoa logo]

1

st

Quarter 2007 Financial Overview

In Millions

4Q'06

1Q'07

Change

Sales

$7,840

$7,908

$68

Cost of Goods Sold

$6,132

$6,007

($125)

   % of Sales

78.2%

76.0%

(2.2) pts.

SG&A

$367

$357

($10)

   % of Sales

4.7%

4.5%

(0.2) pts.

Restructuring and Other Charges

$554

$26

($528)

Interest Expense

$93

$83

($10)

Other Income, Net

($49)

($44)

$5

Effective Tax Rate

-0.3%

29.8%

30.1 pts.

Minority Interests

$98

$115

$17

GAAP Net Income

$359

$662

$303

(Loss) Income from Discontinued Operations

$101

($11)

($112)

GAAP Income From Continuing Operations

$258

$673

$415

6

[Alcoa logo]

4

th

Quarter vs. 1

st

Quarter Comparison

7

[Alcoa logo]

1Q’07

4Q’06

1Q’06

1,877

2,084

2,023

3

Party Shipments (kmt)

3,655

3,790

3,702

Production (kmt)

645

711

628

3

Party Revenue ($MM)

260

259

242

ATOI ($MM)

Decreased production

Higher prices

Lower shipments

Guinea strike impact

Stronger Australian dollar

Alumina

1

st

Quarter Highlights

2

nd

Quarter Outlook

Prices to follow 2 month lag calculation

Anticipate 4% production increase

sequentially

Anticipate impact of Guinea strike of

approximately $8 million after tax

1

st

Quarter Business Conditions

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

1Q06

2Q06

3Q06

4Q06

1Q07

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

ATOI

Total Revenue

rd

rd

8

[Alcoa logo]

1

st

Quarter Highlights

504

480

445

ATOI ($MM)

2,902

2,766

2,534

3

Party Price ($/MT)

1,633

1,698

1,408

3

Party Revenue ($MM)

1Q’07

4Q’06

1Q’06

518

556

488

3

Party Shipments (kmt)

899

908

867

Production (kmt)

Primary Metals

2

nd

Quarter Outlook

1

st

Quarter Business Conditions

Higher realized pricing

Intalco and Iceland start-up costs

Increased carbon costs

Increased energy costs due to Rockdale

power plant closure

Unfavorable currency

Average March cash LME = $2,761/MT

Iceland start-up costs estimated at $25

million after-tax

Continued higher energy costs at

Rockdale

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

1Q06

2Q06

3Q06

4Q06

1Q07

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$3,300

$3,500

ATOI

Total Revenue

rd

rd

rd

9

[Alcoa logo]

Favorable aerospace volumes and mix

Productivity offset cost inflation

Prior quarter tax benefit not repeated

1Q’07

4Q’06

1Q’06

62

62

66

ATOI ($MM)

2,275

2,127

1,940

3

Party Revenue

($MM)

Flat-Rolled Products

1

st

Quarter Highlights

2

nd

Quarter Outlook

1

st

Quarter Business Conditions

Global aerospace markets remain

strong

Continued productivity gains

Seasonal increases in can sheet and

building & construction markets

Increased volumes out of Russian

facilities

$0

$20

$40

$60

$80

$100

1Q06

2Q06

3Q06

4Q06

1Q07

$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

ATOI

Third Party Revenue

rd

10

[Alcoa logo]

(6)

(4)

(5)

Other

73

61

16

4Q’06

Total

Investment Castings,

Forgings,  Fasteners

AFL, Auto Castings and

Structures

83

93

(5)

1Q’06

93

107

(8)

1Q’07

North America Class 8 truck builds off 25%

year over year –

partially offset by share gains

and new product sales

Weakness continued in the North American

automotive customer base

Prior quarter tax benefit not repeated

Increased global aerospace sales despite

A380 delays -

underpinned by share gains

and new product sales

Strong productivity across Fasteners,

Forgings and Investment Castings

Engineered Solutions

ATOI ($MM)

1

st

Quarter Business Conditions

2

nd

Quarter Outlook

Global aerospace markets remain strong

Decline in Class 8 truck to continue at an

accelerated rate –

45% year over year

North American auto production cuts continue

on specific platforms

$0

$20

$40

$60

$80

$100

$120

1Q06

2Q06

3Q06

4Q06

1Q07

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

ATOI

Third Party Revenue

11

[Alcoa logo]

22

13

(7)

Alcoa Custom Extruded

Solutions, US Industrial

and Other

1Q’07

4Q’06

1Q’06

34

27

-

Total

12

14

7

Global Hard Alloy

Extrusions, Building &

Construction Systems

and Russia

Solid markets in building & construction

and aerospace

Lower volume in North American

automotive and Class 8 truck markets

Extruded and End Products

ATOI ($MM)

1

st

Quarter Business Conditions

2

nd

Quarter Outlook

Seasonal increase in building &

construction and soft alloy extrusion

demand

Aerospace and Industrial markets

remain strong

Expected to finalize soft alloy extrusions

joint venture

$0

$5

$10

$15

$20

$25

$30

$35

1Q06

2Q06

3Q06

4Q06

1Q07

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

ATOI

Third Party Revenue

12

[Alcoa logo]

(1)

(1)

(1)

Other

26

(9)

36

4Q’06

Total

Reynolds Food Packaging

and Flexible Packaging

Closure Systems and

Consumer Products

8

(11)

20

1Q’06

19

(3)

23

1Q’07

Packaging & Consumer

ATOI ($MM)

1

st

Quarter Business Conditions

2

nd

Quarter Outlook

Seasonal increase in Closures and

Consumer businesses

Continued productivity improvements

across all businesses

Anticipate resin price stability

–

Normal seasonal decline in the

Consumer business

–

Year over year productivity

improvements

–

Stable resin cost environment

$0

$10

$20

$30

$40

$50

$60

1Q06

2Q06

3Q06

4Q06

1Q07

$500

$600

$700

$800

$900

ATOI

Third Party Revenue

13

[Alcoa logo]

1

st

Quarter 2007 Cash Flow Review

$ In Millions

1Q'06

1Q'07

Net Income

$608

$662

DD&A

307

304

Change in Working Capital

(915)

(457)

Other Adjustments

(136)

68

Pension Contributions

(77)

(50)

Cash From Operating Activities

(213)

527

Dividends to Shareholders

(131)

(148)

Change in Debt

830

509

Dividends to Minority Interests

(115)

(158)

Contributions from Minority Interests

0

114

Other Financing Activities

(14)

(107)

Cash From Financing Activities

570

210

Capital Expenditures

(592)

(783)

Other Investing Activities

(75)

(45)

Cash From Investing Activities

($667)

($828)

14

[Alcoa logo]

Strong Performance Trends

15

[Alcoa logo]

2007 Financial Targets

[Alcoa logo]

Chairman and Chief Executive Officer

Alain J.P. Belda

17

[Alcoa logo]

Taking Action on Climate Change

0

30

1990

2006

2010 Target Level 25%

Direct CO

2

Reduction

26% Reduction in GHG Emissions

Leader in Public Policy

Founding Member USCAP

Alcoa is Favorably Positioned to Help Customers with GHG Emissions

18

[Alcoa logo]

Safety Performance

19

[Alcoa logo]

Global Environment

Aluminum Consumption Growth Rates

Source:  Alcoa analysis

20

[Alcoa logo]

Source:  Alcoa analysis

Global Environment

Supply / Demand Projections

21

[Alcoa logo]

Global Environment

Days of Consumption

Source:  IAI, Reuters and LME

22

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Global Market Dynamics

23

[Alcoa logo]

Global Market Dynamics

24

[Alcoa logo]

Global Market Dynamics

25

[Alcoa logo]

Momentum Builders

–

Record 2006 Financial Performance

–

Disciplined Capital Management

•

Debt restructuring

•

Increased dividend

•

10% share buyback program

•

2007 peak capital spending year

26

[Alcoa logo]

Momentum Builders

–

Continued Portfolio Management

•

Sale of Alcoa Home Exteriors

•

Creation of a soft alloy extrusions joint venture

•

November 2006 downstream restructuring

•

Continued review of the packaging assets

27

[Alcoa logo]

Momentum Builders

–

Realization of the Growth Projects

•

Pinjarra refinery expansion

•

50% aerospace capacity increase

•

Russia and China rolling assets

•

Sao Luis refinery expansion

•

Juruti bauxite mine development

•

Iceland smelter

28

[Alcoa logo]

Momentum Builders

29

[Alcoa logo]

Momentum Builders

–

Continued Improvement in Downstream Performance

•

Consistent quarter over quarter improvement

•

Proprietary technology and unique equipment

•

Continued new product development

•

Significant investments in productive assets

•

Unique and proprietary products for growing end markets

30

[Alcoa logo]

Momentum Continues

31

[Alcoa logo]

Tony Thene

Director, Investor Relations

Alcoa

390 Park Avenue

New York, N.Y. 10022-4608

Telephone:  (212) 836-2674

Facsimile:  (212) 836-2813

www.alcoa.com

For Additional Information, Contact:

32

[Alcoa logo]

A

33

[Alcoa logo]

A

APPENDIX

34

[Alcoa logo]

$  662

$2,248

$  359

$  537

$  744

$  608

Consolidated net income

(10)

104

10

(7)

51

50

Other

(11)

87

101

(3)

(5)

(6)

Discontinued operations

(18)

(379)

(386)

2  

6  

(1)

Restructuring and other charges

(86)

(317)

(82)

(64)

(82)

(89)

Corporate expense

(115)

(436)

(98)

(109)

(124)

(105)

Minority interests

(54)

(250)

(61)

(66)

(63)

(60)

Interest expense

11

58

14

23

10

11

Interest income

(27)

(170)

(66)

(19)

(49)

(36)

Impact of LIFO (1)

Unallocated amounts (net of tax):

$  972

$3,551

$  927

$  780

$1,000

$  844

Total segment ATOI

1Q07

2006

4Q06

3Q06

2Q06

1Q06

(1)

Certain amounts for the first and second quarter of 2006 have been reclassified to Other so that this line reflects only the impact of

LIFO.  Presenting the Impact of LIFO as a separate line in the Reconciliation of ATOI started in the third quarter of 2006.

Financial information for the first and second quarter of 2006 has been reclassified to reflect the movement of the home exteriors

business to discontinued operations in the third quarter of 2006.

Reconciliation of ATOI to

Consolidated Net Income

35

[Alcoa logo]

Return on Capital (ROC) is presented based on Bloomberg Methodology which calculates ROC based on trailing four quarters.

Reconciliation of Return on Capital

1Q'07

4Q'06

3Q'06

2Q'06

1Q'06

4Q'05

3Q'05

2Q'05

1Q'05

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

(In Millions)

Method

Method

Method

Method

Method

Method

Method

Method

Method

Net income

$2,302

$2,248

$2,113

$1,865

1,581

$1,233

$1,270

$1,271

$1,215

Minority interests

$446

$436

$418

$368

304

$259

$230

$239

$252

Interest expense (after-tax)

$281

$291

$272

$268

$274

$261

$263

$234

$206

Numerator (sum total)

$3,029

$2,975

$2,803

$2,501

$2,159

$1,753

$1,763

$1,744

$1,673

Average Balances

Short-term borrowings

$441

$386

$349

$306

$342

$279

$155

$152

$185

Short-term debt

$360

$451

$449

$55

$53

$58

$272

$273

$269

Commercial paper

$972

$1,192

$1,678

$1,501

$1,652

$771

$581

$553

$815

Long-term debt

$5,767

$4,861

$4,915

$5,333

$5,243

$5,309

$5,746

$5,920

$6,023

Preferred stock

$55

$55

$55

$55

$55

$55

$55

$55

$55

Minority interests

$1,669

$1,583

$1,416

$1,340

$1,280

$1,391

$1,332

$1,253

$1,263

Common equity

$14,621

$13,947

$14,120

$13,834

$13,611

$13,282

$13,045

$12,761

$12,766

Denominator (sum total)

$23,885

$22,475

$22,982

$22,424

$22,236

$21,144

$21,185

$20,967

$21,376

Return on Capital

12.7%

13.2%

12.2%

11.2%

9.7%

8.3%

8.3%

8.3%

7.8%

36

[Alcoa logo]

Return on capital, excluding growth investments is a non-GAAP financial measure.  Management believes that this measure is

meaningful

to

investors

because

it

provides

greater

insight

with

respect

to

the

underlying

operating

performance

of

the

company’s

productive assets.  The company has significant growth investments underway in its upstream and downstream businesses, as

previously noted, with expected completion dates over the next several years.  As these investments generally require a period of

time before they are productive, management believes that a return on capital measure excluding these growth investments is more

representative of current operating performance.

Reconciliation of Adjusted Return on Capital

1Q'07

4Q'06

3Q'06

2Q'06

1Q'06

4Q'05

3Q'05

2Q'05

1Q'05

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

(In Millions)

Method

Method

Method

Method

Method

Method

Method

Method

Method

Numerator (sum total)

$3,029

$2,975

$2,803

$2,501

$2,159

$1,753

$1,763

$1,744

$1,673

Russia, Bohai, and Kunshan

net losses

($79)

($74)

($85)

($78)

($86)

($71)

($48)

($41)

($12)

Adjusted numerator

$3,108

$3,049

$2,888

$2,579

$2,245

$1,824

$1,811

$1,785

$1,685

Average Balances

Denominator (sum total)

$23,885

$22,475

$22,982

$22,424

$22,236

$21,144

$21,185

$20,967

$21,376

Capital projects in progress and

Russia, Bohai, and Kunshan

capital base

$3,945

$3,655

$2,540

$2,330

$2,139

$1,913

$1,776

$1,478

$1,403

Adjusted denominator

$19,940

$18,820

$20,442

$20,094

$20,097

$19,231

$19,409

$19,489

$19,973

Return on capital, excluding

growth investments

15.6%

16.2%

14.1%

12.8%

11.2%

9.5%

9.3%

9.2%

8.4%

37

[Alcoa logo]

Reconciliation of Income and EPS, excluding

Restructuring Charges & Discrete Tax Items

Income

from

continuing

operations

–

excluding

restructuring

and

other

charges

and

discrete

tax

items

is

a

non-GAAP

financial

measure. 

Management

believes

that

this

measure

is

meaningful

to

investors

because

management

reviews

the

operating

results

of

Alcoa

excluding

the

impacts

of

restructuring

and

other

charges

and

discrete

tax

items.

There

can

be

no

assurances

that

additional

restructuring

and

other

charges

and

discrete

tax

items

will

not

occur

in

future

periods.

To

compensate

for

this

limitation,

management

believes

that

it

is

appropriate

to

consider

both

income

from

continuing

operations

determined

under

GAAP

as

well

as

income

from

continuing

operations

–

excluding

restructuring

and

other

charges

and

discrete

tax

items.

0.66

0.79

$   575

$   691

Income from continuing

operations   –

excluding

restructuring and other

charges and discrete tax

items

386

18

Restructuring and other

charges

(69)

–

Discrete tax items

0.29

0.77

258

673

Income from continuing

operations

101

(11)

(Loss) income from

discontinued operations

$  0.41

$  0.75

$   359     

$   662     

Net income

4Q06

1Q07

4Q06

1Q07

Quarter ended

Quarter ended

Diluted EPS

Net Income

38

[Alcoa logo]

51.5

49.9

51.1

Days of Working Capital

$   7,908

$   7,840

$   7,111

Sales

$   4,524

$   4,252

$   4,038

Working Capital

2,570

2,680

2,449

Less: Accounts payable, trade

3,780

3,805

3,524

Add: Inventories

$   3,314

$   3,127

$   2,963

Receivables from customers, less allowances

March 31,

2007

December 31,

2006

March 31,

2006

Quarter ended

Days of Working Capital = Working Capital divided by (Sales/number of days in the quarter)

Days of Working Capital