<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 18, 1998
REYNOLDS METALS COMPANY
-----------------------
(Exact name of registrant as specified in its charter)
Delaware 1-1430 54-0355135
-------- ------ ----------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification Number)
6601 West Broad Street
P.O. Box 27003
Richmond, Virginia 23261-7003
-----------------------------
(Address of Principal Executive Offices,
including zip code)
(804) 281-2000
--------------
(Registrant's Telephone Number, including area code)
<PAGE> 2
Item 5. Other Events.
The Registrant announced on November 18, 1998 that it and
the other principal shareholders of Latas de Aluminio S.A. -
LATASA ("Latasa") have finalized a review of strategic
alternatives for the South American beverage can manufacturing
company. The Registrant announced that it is not considering
a disposition of shares at this time.
"Reynolds Metals Company has concluded that it is not in the
best interest of its shareholders to sell our interest in Latasa
at a time when adverse economic conditions might prevent
recognition of the strategic value and growth potential of this
asset," said William E. Leahey, Jr., executive vice president and
chief financial officer of the Registrant.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
REYNOLDS METALS COMPANY
By: /s/ Allen M. Earehart
---------------------------------
Allen M. Earehart
Senior Vice President, Controller
Dated: November 19, 1998
