Pricing Supplement No. 32 Filing under Rule 424(b)(3)
Dated October 2, 1995 Registration File No. 33-43443
(To Prospectus dated November 5, 1991 and
Prospectus Supplement dated November 6, 1991)
U.S. $1,250,000,000
REYNOLDS METALS COMPANY
Medium-Term Notes
Principal Amount: $10,000,000 Floating Rate Note: N/A
Interest Rate (if fixed rate): 6.00% Interest rate basis: N/A
Stated Maturity: December 10, 1996 -Commercial Paper Rate
Specified Currency: U.S. dollars -Prime Rate
Applicable Exchange Rate (if any): N/A -LIBOR
U.S. $1.00 = -Treasury Rate
Issue price (as a percentage of -CD Rate
principal amount): 100% -Federal Funds Rate
Selling Agent's commission (%): N/A -Other:
Purchasing Agent's discount Index Maturity: N/A
or commission (%): .150% Spread: N/A
Net proceeds to the Company (%): 99.850% Spread Multiplier: N/A
Settlement date (original Maximum Rate: N/A
issue date): October 5, 1995 Minimum Rate: N/A
Redemption Commencement Initial Interest Rate: N/A
Date (if any): N/A Interest Reset Date(s): N/A
Put Right of Holders upon Interest Determination
a Designated Event and Date(s): N/A
a Rating Decline: Applicable Calculation Date(s): N/A
Book-Entry Note: Applicable Interest Payment Date(s): A/S
CUSIP No.: 76176L EY3 Regular Record Date(s): A/S
As of the date of this Pricing Supplement, (i) the aggregate
principal amount of Debt Securities (as defined in the
Prospectus) which have been sold (including the Notes to which
this Pricing Supplement relates) is $1,470,000,000 and (ii)
the aggregate initial public offering price (or its equivalent in
other currencies) of the Debt Securities which have been sold
(including the Notes to which this Pricing Supplement relates) is
$1,469,750,000.
"N/A" as used herein means "Not Applicable". "A/S" as used
herein means "As stated in the Prospectus Supplement referred to
above".
GOLDMAN, SACHS & CO.
MERRILL LYNCH & CO.
