SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number 1-3610
ALCOA SAVINGS PLANS FOR BARGAINING AND
NON-BARGAINING EMPLOYEES
(Title of Plan)
ALUMINUM COMPANY OF AMERICA
(Name of Issuer of Securities held pursuant to the Plan)
425 Sixth Avenue, Alcoa Building, Pittsburgh, Pennsylvania 15219
(Address of Plan and of principal executive office of Issuer)
ALCOA SAVINGS PLANS FOR BARGAINING AND
NON-BARGAINING EMPLOYEES
INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
_______
Pages
Independent Auditor's Report 2-3
Financial Statements:
Statements of
Net Assets Available for Plan Benefits as of
December 31, 1993 and 1992 4
Statements of Changes in
Net Assets Available for Plan Benefits for the
year ended December 31, 1993 5
Notes to Financial Statements 6-14
Supplemental Schedule:
Schedule of Plan Participation in Master Trust
Investment Accounts as of December 31, 1993 15
Signature 16
Exhibits:
Consent of Independent Certified Public Accountants 17
INDEPENDENT AUDITOR'S REPORT
To the Administrative Committee for
the Alcoa Savings Plans:
We have audited the financial statements of the Alcoa
Savings Plans for Bargaining and Non-Bargaining Employees,
as of December 31, 1993 and 1992 and for the year ended
December 31, 1993 as listed in the accompanying index on
page 1. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our report on the Alcoa Savings Plan for Bargaining
Employees, previously known as the Alcoa Pre-Tax Savings
Plan for Bargaining Employees (see footnote 1) dated April 23,
1993, we did not express an opinion on the 1992 financial
statements and supplemental schedule taken as a whole. As
permitted by 29 CFR 2520.103-8 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under
The Employee Retirement Income Security Act of 1974, the
plan administrator instructed us not to perform, and we did
not perform, any auditing procedures with respect to
information certified by Mellon Bank N.A., the trustee of
the plans. Subsequent to the issuance of this report,
auditing procedures were performed with respect to the
information certified by the trustee. Accordingly, our
present opinion on the 1992 financial statements, as
presented herein, is different from that expressed in our
previous report.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the
individual net assets available for plan benefits as of
December 31, 1993 and 1992, and the individual changes in
net assets available for plan benefits for the year ended
December 31, 1993, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The supplemental schedule of Plan Participation in Master
Trust Investment Accounts as of and for the year ended
December 31, 1993 is presented for purposes of complying
with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 and is not a required part of
the basic financial statements. The supplemental schedule
has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Coopers & Lybrand
Coopers & Lybrand
Pittsburgh, Pennsylvania
May 9, 1994
ALCOA SAVINGS PLANS FOR BARGAINING AND NON-BARGAINING EMPLOYEES
STATEMENT OF INDIVIDUAL PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS
at December 31, 1993 and 1992
_______
<TABLE>
<CAPTION>
1993 1992
---------------------------------------- -----------------------------------------
Alcoa Alcoa Alcoa Alcoa
Non-Bargaining Bargaining Non-Bargaining Bargaining
Plan Plan Total Plan Plan Total
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Accounts receivable
(Note 8):
Employee Contributions - - - $ 2,084,004 - $ 2,084,004
Employer Contributions - - - 1,318,549 - 1,318,549
Investment Income - - - 295,405 - 295,405
------------- ----------- ------------- ------------ ------------ -----------
Total - - - 3,697,958 - 3,697,958
------------- ----------- ------------- ------------ ------------ -----------
Investments at value
(Note 7 & 8):
Value of interest in
master trust:
Investment Account
194-009 - - - 184,596,850 - 184,596,850
Investment Account
194-070 _ - - 481,915,017 - 481,915,017
Investment Account
194-093 - - - 111 - 111
Investment Account
195-526 - - - 86,983,134 - 86,983,134
Investment Account
194-358 $ 20,990,549 $ 7,250,599 $ 28,241,148 19,530,347 - 19,530,347
Investment Account
194-598 - - - - $ 134,507,151 134,507,151
Investment Account
195-540 168,662,542 1,671,218 170,333,760 - - -
Investment Account
195-541 507,729,069 135,357,409 643,086,478 - - -
Investment Account
195-542 96,732,898 6,711,236 103,444,134 - - -
Investment Account
195-543 18,966,717 4,591,808 23,558,525 - - -
Investment Account
195-544 18,865,737 5,948,348 24,814,085 - - -
Investment Account
195-545 32,860,062 5,899,414 38,759,476 - - -
----------- ----------- ------------- ----------- ----------- -----------
Total value of interest in
Master Trust 864,807,574 167,430,032 1,032,237,606 773,025,459 134,507,151 907,532,610
----------- ----------- ------------- ----------- ----------- -----------
Total assets 864,807,574 167,430,032 1,032,237,606 776,723,417 134,507,151 911,230,568
----------- ----------- ------------- ----------- ----------- -----------
LIABILITIES
Accounts payable (Note 8):
Purchase pending
settlement - - - 814,985 - 814,985
----------- ----------- ------------- ----------- ----------- -----------
Total - - - 814,985 - 814,985
----------- ----------- ------------- ----------- ----------- -----------
Net assets available for
Plan benefits $864,807,574 $167,430,032 $1,032,237,606 $775,908,432 $134,507,151 $910,415,583
=========== =========== ============= =========== =========== ===========
The accompanying notes are an integral part of the financial statements.
</TABLE>
ALCOA SAVINGS PLANS FOR BARGAINING AND NON-BARGAINING EMPLOYEES
STATEMENT OF CHANGES IN INDIVIDUAL PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS
for the year ended December 31, 1993
_______
<TABLE>
<CAPTION>
Alcoa Alcoa
Non-Bargaining Bargaining
Plan Plan Total
<S> <C> <C> <C>
Additions (Note 8):
Contributions:
Employee $ 40,320,484 $ 27,415,909 $ 67,736,393
Employers 25,607,680 26,231 25,633,911
----------- ----------- -------------
Total 65,928,164 27,442,140 93,370,304
----------- ----------- -------------
Earnings on Investments (Note 8):
Net investment gain (loss)
from Master Trust:
Investment Account 194-358 (1,050,715) - (1,050,715)
Investment Account 195-540 1,146,384 66,524 1,212,908
Investment Account 195-541 38,373,316 10,252,364 48,625,680
Investment Account 195-542 10,446,373 527,728 10,974,101
Investment Account 195-543 1,212,353 284,487 1,496,840
Investment Account 195-544 1,499,810 482,869 1,982,679
Investment Account 195-545 3,437,613 681,585 4,119,198
----------- ----------- -------------
Total gain in Master Trust 55,065,134 12,295,557 67,360,691
----------- ----------- -------------
Total additions 120,993,298 39,737,697 160,730,995
----------- ----------- -------------
Deductions (Note 8):
Benefit payments to participants 34,930,168 6,145,986 41,076,154
----------- ----------- -------------
Total deductions 34,930,168 6,145,986 41,076,154
----------- ----------- -------------
Net increase before transfers 86,063,130 33,591,711 119,654,841
transfers
Transfers to (from) Plans
(Notes 1 & 8) 2,836,012 (668,830) 2,167,182
----------- ----------- -------------
Net increase 88,899,142 32,922,881 121,822,023
Net assets available for Plan
benefits, beginning of year 775,908,432 134,507,151 910,415,583
----------- ----------- -------------
Net assets available for Plan
benefits, end of year $864,807,574 $167,430,032 $1,032,237,606
=========== =========== =============
The accompanying notes are an integral part of the financial statements.
</TABLE>
ALCOA SAVINGS PLANS FOR BARGAINING AND NON-BARGAINING EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
_______
1. Description of Plans:
General:
The Alcoa Savings Plan for Non-Bargaining Employees and the Alcoa
Savings Plan for Bargaining Employees (Plans) are trustee defined
contribution savings plans maintained pursuant to a Master Trust
agreement between Aluminum Company of America (Alcoa or the
Company) and the Trustee, Mellon Bank, N.A. In general, the
Plans provide various investment options for amounts withheld
from employees' salaries and for employer contributions. Various
Plan documents, as described in Note 2, which include a
description of eligibility and vesting requirements, are
available to participants upon request.
Alcoa Savings Plan for Non-Bargaining Employees:
Effective January 1, 1993, the Alcoa Savings Plan for Salaried
Employees was amended and restated in its entirety and renamed
the Alcoa Savings Plan for Non-Bargaining Employees. This Plan
was merged with the Alcoa Savings Plan for Subsidiaries and
Affiliated Locations and the Alcoa Recycling Company Inc. 401(k)
Savings Plan. The Alcoa Savings Plan for Non-Bargaining
Employees remains as the survivor plan.
Effective January 1, 1993, three additional investment options
were made available to participants. The Plan has added the
American Balanced Fund, the AMCAP Fund and the New Perspective
Fund. Each of these funds is managed by Capital Research and
Management Company, an investment advisor for the American Funds
group and a subsidiary of The Capital Group.
Effective January 1, 1993, the Company and participating
subsidiaries may contribute up to one dollar for each dollar
contributed by a participant up to 6% of the employee's eligible
compensation as defined in the Plan document. In prior years,
Company contributions were based upon service.
Alcoa Savings Plan for Bargaining Employees:
Effective January 1, 1993, the Alcoa Pre-Tax Savings Plan for
Bargaining Employees was amended and restated in its entirety and
renamed the Alcoa Savings Plan for Bargaining Employees.
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
1. Description of Plans, continued:
Alcoa Savings Plan for Bargaining Employees, continued:
Effective January 1, 1993, five new investment funds were offered
to participants. These funds consist of a stock fund and four
mutual funds. The stock fund consists of shares of Alcoa common
stock. The mutual funds are the Investment Company of America
(ICA) Fund, the AMCAP Fund, the American Balanced Fund, and the
New Perspective Fund. These mutual funds are managed by Capital
Research and Management Company.
Effective January 1, 1993, participant loan and after-tax
contribution provisions were added to the plan.
Eligibility and Vesting:
The Plans are available to eligible employees of the Company and
certain subsidiary locations which have adopted the Plans.
Employees of locations which participate in the Alcoa Savings
Plan for Non-Bargaining Employees are immediately eligible for
plan participation. The Alcoa Savings Plan for Bargaining
Employees is available to hourly employees of the Company covered
by collective bargaining agreements which provide this benefit.
Hourly employees must also complete a stated probationary period
under the collective bargaining agreement. The participants are
fully vested in the value of their contributions at all times.
Applicable Company contributions vest after 5 years of
employment.
Company contributions and earnings forfeited by a terminating
participant are used to reduce future Company cash contributions
to the Plan. Total forfeitures that reduced employer
contributions in 1993 were $262,126.
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
2. Major Features of the Plans:
With the exception of the company match provision, both Plans have
identical features.
Effective January 1, 1993, eligible employees may elect to defer up
to 10% of eligible compensation as pre-tax and up to 14% as after-
tax contributions, with a maximum of 14% in the aggregate, to the
Plans. Elections can be changed effective for the first full
payroll period following the election.
Participants can elect to have their contributions invested, in
multiples of 10%, in any one of the following investment funds:
Fixed Income Fund - The Fixed Income Fund invests in insurance
company and bank investments contracts as well as short-term
bonds. The fund is managed by Fidelity Institutional Retirement
Services Company.
Balanced Fund - The American Balanced Fund invests in a portfolio
of stocks and bonds. The fund is managed by Capital Research and
Management Company.
Growth and Income Fund - The Investment Company of America Fund
invests in a portfolio of stocks of larger corporations. The
fund is managed by Capital Research and Management Company.
Growth Fund - The AMCAP Fund invests in a portfolio of stocks of
larger corporations. The fund is managed by Capital Research and
Management Company.
Global Fund - The New Perspective Fund invests in international
securities and emphasizes larger, established companies. The
fund is managed by Capital Research and Management Company.
Alcoa Stock Fund - The Alcoa Stock Fund invests in Alcoa common
stock. The Fund is managed by Mellon Bank, N.A.
Effective January 1, 1993 participating locations which have adopted a
Company match may elect matching contributions in an amount equal to
twenty, forty, sixty, eighty, ninety or 100% of the participants'
contributions to the Non-Bargaining Plan. Company match for
contributions to the Bargaining Plan is based upon the various
collective bargaining agreements. All matching contributions are
invested in the Alcoa Stock Fund.
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
2. Major Features of the Plans, continued:
The Plans provide for a loan feature, subject to specified
limitations, only to active employees and only against that
portion of their account that is vested. Loans are collateralized
by the vested portion of the participant's account and repayments
are made by standard payroll deductions.
All loans granted after October 18, 1989, bear interest at market
rates for similar commercial loans. All loans prior to October
18, 1989, were at interest rates earned on the Fixed Income
Investment Fund as of October 1 of the previous year.
Reference should be made to the basic prospectus dated October,
1992 and to the Summary Plan Description of each Plan for a
summarization of the important features of the Plan including
eligibility, employee and company contributions, loans,
withdrawals and compliance with the Employee Retirement Income
Security Act of 1974 (ERISA).
3. Summary of Significant Accounting Policies:
The financial statements have been prepared in conformity with
generally accepted accounting principles. The following are the
significant accounting policies followed by the Plans:
Plan Investment Valuation:
The individual Plans participate in the operation of the funds
within the Master Trust through the purchase and sale of fund
units.
The Plans' interest in the various Master Trust investment
accounts are based on the underlying fair market value of
investments in those funds. The net investment gain for Master
Trust represents the investment income and the net appreciation
(depreciation) in the respective fund.
Investment Valuation of Master Trust Assets:
Investments within the Fixed Income Fund are valued at fair
value. Fair value represents cost plus reinvested earnings for
guaranteed investment contracts and quoted market prices for
publicly traded fixed interest obligations.
Investments within the Alcoa Stock Fund are valued at the closing
stock price. Dividend income is recorded based on the ex-
dividend date.
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
3. Summary of Significant Accounting Policies, continued:
Investment Valuation of Master Trust Assets, continued:
Investments within the various mutual funds are based upon the
closing unit value of the respective mutual fund.
Administrative Expenses:
Fixed income investment management fees are paid by the Master
Trust. These amounts are included in the net gain or loss in the
Master Trust. All other fees are paid by the Company.
4. Tax Status:
The Plans are intended to qualify under Section 401(a) of the
Internal Revenue Code of 1986, as amended, and the regulations
issued thereunder, and the Master Trust is thereby tax exempt
within the meaning of Section 501(a) of the Internal Revenue Code.
The Alcoa Savings Plan for Non-Bargaining Employees received a
favorable Determination Letter from the Internal Revenue Service on
July 29, 1986. The Alcoa Savings Plan for Bargaining Employees
received a favorable determination letter from the IRS on August
21, 1989.
5. Form 5500 Current Value Method Information:
Assets of the Plans are invested in a Master Trust which is
excluded from the current value disclosure of realized and
unrealized gains and losses as permitted by Department of Labor
regulations. These amounts are included in the net gain (loss) of
each Plan's interest in the Master Trust.
6. Reclassification:
Certain amounts in previously issued financial statements were
reclassified to conform to 1993 presentation.
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments:
The value of interest in Master Trust as presented in the Statement
of Individual Plan Net Assets Available for Plan Benefits is
comprised of the following units and unit values.
<TABLE>
<CAPTION>
December 31, 1993
-----------------
Master Trust Account Units Unit Value Current Value
- -------------------- ----- ---------- -------------
<S> <C> <C> <C>
Fixed Income Fund 587,688,062 1.094265 $ 643,086,478
Alcoa Stock Fund 17,327,951 (A) 9.830000 (A) 170,333,760
Investment Company of
America Fund 5,525,862 18.719999 103,444,134
American Balance Fund 1,874,187 12.569997 23,558,525
AMCAP Fund 1,934,067 12.830003 24,814,085
New Perspective Fund 2,582,244 15.009998 38,759,476
Loan Fund - - 28,241,148
----------- --------- -------------
616,932,373 $1,032,237,606
=========== =============
<FN>
(A) The equivalent shares of Alcoa common stock were $2,455,261.40 at
a price of $69.375 per share.
</TABLE>
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments, continued:
The value of interest in Master Trust as presented in the
Statement of Individual Plan Net Assets Available for Plan
Benefits is comprised of the following:
<TABLE>
<CAPTION>
December 31, 1993
----------------------------------------------------------------------------------------------
195-541 195-540 195-542 195-543 195-544 195-545 194-358
Investment American New
Fixed Income Alcoa Company of Balanced AMCAP Perspective Loan
Fund Stock Fund America Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash equivalents 12,586,291 $ 9,825,379 - - - - - $ 22,411,670
Corporate stocks -
common - 160,508,381 - - - - - 160,508,381
U.S. Government
Securities 12,427,579 - - - - - - 12,427,579
Corporate Debt
instruments 10,421,251 - - - - - - 10,421,251
Loans to
participants - - - - - - $28,241,148 28,241,148
Value of unallocated
insurance contracts 607,651,357 - - - - - - 607,651,357
Value of interest
in registered
investment companies - - $103,444,134 $23,558,525 $24,814,085 $38,759,476 - 190,576,220
----------- ----------- ----------- ----------- ---------- ---------- ---------- -------------
$643,086,478 $170,333,760 $103,444,134 $23,558,525 $24,814,085 $38,759,476 $28,241,148 $1,032,237,606
=========== =========== =========== ========== ========== ========== ========== =============
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
7. Investments, continued:
</TABLE>
<TABLE>
<CAPTION>
December 31, 1992
--------------------------------------------------------------------
194-070 194-093
194-598 194-009 195-526 194-358
Investment
Fixed Income Company of Loan
Fund Stock Fund America Fund Fund Total
---- ---------- ------------ ---- -----
<S> <C> <C> <C> <C> <C>
Cash equivalents $ 54,711,325 $ 2,059,540 $ 111 - $ 56,770,976
Corporate stocks
- common - 182,537,310 - - 182,537,310
U.S. Government
Securities - - - - -
Corporate Debt
Instruments - - -
Loans to participants - - - $19,530,347 19,530,347
Value of unallocated
insurance contracts 561,710,843 - - - 561,710,843
Value of interest in
registered invest-
ment companies - - $86,983,134 - 86,983,134
----------- ----------- ---------- ---------- -----------
$616,422,168 $184,596,850 $86,983,245 $19,530,347 $907,532,610
=========== =========== ========== ========== ===========
</TABLE>
Continued
NOTES TO FINANCIAL STATEMENTS, Continued
_______
8. Investments by Fund:
The following table provides activity pertaining to
participant investment funds in the Plans and the
underlying investments held in these funds at
December 31, 1993 and 1992:
<TABLE>
<CAPTION>
Investment American New
Fixed Income Alcoa Company of Balanced AMCAP Perspective Loan
Fund Stock Fund America Fund Fund Fund Fund Fund Total
---- ---------- ------------ ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Receivables and
(payables) at
December 31, 1992:
Employer &
employee contri-
butions $ 1,403,529 $ 1,481,211 $ 517,813 - - - - $ 3,402,553
Investment income 13,485 630 - - - - $ 281,290 295,405
Purchase pending
settlement - - (814,985) - - - - (814,985)
----------- ----------- ----------- --------- ---------- ---------- ---------- -------------
1,417,014 1,481,841 (297,172) - - - 281,290 2,882,973
Investments at
December 31, 1992:
Value of interest
in Master Trust
investment
account 616,422,168 184,596,850 86,983,245 - - - 19,530,347 907,532,610
----------- ----------- ----------- --------- ---------- ---------- ---------- -------------
Fund value at
December 31, 1992 617,839,182 186,078,691 86,686,073 - - - 19,811,637 910,415,583
----------- ----------- ----------- --------- ---------- ---------- ---------- -------------
Additions:
Employer &
employee contri-
butions 33,642,451 27,437,307 10,919,179 $ 7,312,239 $ 8,764,641 $ 5,593,769 (299,282) 93,370,304
Earnings on
investments:
Net investment
gain (loss) from
Master Trust 48,625,680 1,212,908 10,974,101 1,496,841 1,982,678 4,119,198 (1,050,715) 67,360,691
----------- ----------- ----------- ---------- --------- --------- ---------- -------------
82,268,131 28,650,215 21,893,280 8,809,080 10,747,319 9,712,967 (1,349,997) 160,730,995
Deductions:
Benefit Payments (26,896,784) (8,518,496) (3,160,702) (581,071) (318,324) (236,934) (1,363,843) (41,076,154)
Transfers:
Net interfund
transfers (31,363,237) (35,975,004) (2,431,366) 14,975,715 14,385,090 29,283,443 11,125,359 -
Net interplan
transfers 1,239,186 98,354 456,849 354,801 - - 17,992 2,167,182
----------- ----------- ---------- ---------- ---------- ---------- ---------- -------------
(30,124,051) (35,876,650) (1,974,517) 15,330,516 14,385,090 29,283,443 11,143,351 2,167,182
Investments at
December 31, 1993:
Value of interest
in Master Trust
terest
in Master Trust
investment
account 643,086,478 170,333,760 103,444,134 23,558,525 24,814,085 38,759,476 28,241,148 1,032,237,606
----------- ----------- ----------- ---------- ---------- ---------- ---------- -------------
Fund value at
December 31, 1993 $643,086,478 $170,333,760 $103,444,134 $23,558,525 $24,814,085 $38,759,476 $28,241,148 $1,032,237,606
=========== =========== =========== ========== ========== ========== ========== =============
</TABLE>
ALCOA SAVINGS PLANS MASTER TRUST
SCHEDULE OF PLAN PARTICIPATION
IN MASTER TRUST INVESTMENT ACCOUNTS
December 31, 1993
________
Master Trust Investment
Plan Accounts in which Plan
Plan Name EIN Number Number Participates
- --------- ---------- ------ -----------------------
Alcoa Savings Plan for 25-0317820 007 194-358,195-540,195-541
Non-Bargaining Employees 195-542,195-543,195-544
195-545
Alcoa Savings Plan for 25-0317820 008 194-358,195-540,195-541
Bargaining Employees 195-542,195-543,195-544
195-545
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee for the Alcoa Savings Plans for
Bargaining and Non-Bargaining Employees has duly caused this Annual
Report to be signed on its behalf by the undersigned hereunto duly
authorized.
ALCOA SAVINGS PLANS FOR BARGAINING
AND NON-BARGAINING EMPLOYEES
By /s/M. A. Gambill
-------------------------------
M. A. Gambill
Chairman of the Administrative Committee
June 13, 1994
EXHIBIT 1
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in the
registration statement of the Alcoa Savings Plans for Bargaining and
Non-Bargaining Employees on Form S-8 (Registration No. 33-24846) of
our report dated May 9, 1994, on our audits of the financial
statements of the Alcoa Savings Plans for Bargaining and Non-
Bargaining Employees as of December 31, 1993 and 1992, and for the
year ended December 31, 1993, which report is included in this Annual
Report on Form 11-K.
/s/Coopers & Lybrand
COOPERS & LYBRAND
600 Grant Street
Pittsburgh, Pennsylvania
June 29, 1994
