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                          FORM 10-Q

               SECURITIES AND EXCHANGE COMMISSION
                                
                     Washington, D.C.  20549
                                
                                

     (Mark One)
       / X /   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934

                              OR

       /   /   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter Ended March 31, 1995    Commission File Number 1-3610


                   ALUMINUM COMPANY OF AMERICA
                                
                                
     (Exact name of registrant as specified in its charter)
                                

     PENNSYLVANIA                       25-0317820

(State of incorporation)      (I.R.S. Employer Identification No.)
                                
425 Sixth Avenue - Alcoa Building, Pittsburgh, Pennsylvania 15219-1850
                                
     (Address of principal executive offices)               (Zip Code)
                                

            Office of Investor Relations  412-553-3042
            Office of the Secretary       412-553-4707
                                
       (Registrant's telephone number including area code)
                                
     Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months,
and (2) has been subject to such filing requirements for the past
90 days.

                                        Yes  X    No

     As of May 10, 1995, 178,152,055 shares of common stock, par
value $1.00, of the Registrant were outstanding.




                 PART I - FINANCIAL INFORMATION
Alcoa and subsidiaries
Consolidated Balance Sheet
(in millions)





                                                           (unaudited)        
                                                            March 31,   December 31
ASSETS                                                        1995         1994
                                                           -----------  -----------      
                                                                  
Current assets:                                              
  Cash and cash equivalents (includes cash of $101.9 in 
  1995 and $177.5 in 1994)(a)                               $   718.3    $   619.2
  Short-term investments(a)                                       6.5          5.5
  Receivables from customers, less allowances:                 
    1995-$40.0; 1994-$37.4                                    1,722.9      1,440.6
  Receivable from WMC, net                                        -          366.9
  Other receivables                                             249.2        182.5
  Inventories (b)                                             1,408.3      1,144.2
  Deferred income taxes                                         237.2        235.6
  Prepaid expenses and other current assets                     191.8        158.7
                                                             --------     --------
    Total current assets                                      4,534.2      4,153.2
                                                             --------     --------
                                                             
Properties, plants and equipment, at cost                    14,525.9     14,502.3
Less, accumulated depreciation, depletion and                
  amortization                                                7,925.7      7,812.9
                                                             --------     --------
    Net properties, plants and equipment                      6,600.2      6,689.4
                                                             --------     --------
Other assets                                                  1,595.9      1,510.6
                                                             --------     --------
    Total assets                                            $12,730.3    $12,353.2
                                                             ========     ========
                                                             
LIABILITIES                                                  
Current liabilities:                                         
  Short-term borrowings                                     $   290.7    $   261.9
  Accounts payable, trade                                       799.6        739.3
  Accrued compensation and retirement costs                     326.4        363.9
  Taxes, including taxes on income                              328.2        393.0   
  Provision for layoffs and impairments                          69.1         84.4
  Other current liabilities                                     763.5        557.0
  Long-term debt due within one year                            135.0        154.0
                                                             --------     --------
    Total current liabilities                                 2,712.5      2,553.5
                                                             --------     --------
Long-term debt, less amount due within one year               1,041.7      1,029.8
Accrued postretirement benefits                               1,842.8      1,850.5
Other noncurrent liabilities and deferred credits             1,018.6      1,011.8
Deferred income taxes                                           271.4        220.6
                                                             --------     --------
    Total liabilities                                         6,887.0      6,666.2
                                                             --------     --------
                                                             
MINORITY INTERESTS                                            1,769.9      1,687.8
                                                             --------     --------
                                                             
SHAREHOLDERS' EQUITY                                         
Preferred stock                                                  55.8         55.8
Common stock                                                    178.9        178.7
Additional capital                                              665.3        663.5
Translation adjustment                                          (78.9)       (68.6)
Retained earnings                                             3,286.1      3,173.9
Unfunded pension obligation                                      (5.9)        (4.0)
Treasury stock, at cost                                         (27.9)         (.1)
                                                             --------     --------
Total shareholders' equity                                    4,073.4      3,999.2
                                                             --------     --------
Total liabilities and shareholders' equity                  $12,730.3    $12,353.2
                                                             ========     ========

                        (see accompanying notes)



Alcoa and subsidiaries
Statement of Consolidated Income (unaudited)
(in millions, except per share amounts)




                                                 First quarter ended
                                                       March 31
                                                      ----------     
                                                      
                                                  1995         1994
                                                  ----         ----
                                                      
REVENUES                                               
Sales and operating revenues                   $3,009.8     $2,221.6
Other income                                       19.7          7.5
                                                -------      -------
                                                3,029.5      2,229.1
                                                -------      -------
COSTS AND EXPENSES                                     
Cost of goods sold and operating expenses       2,178.8      1,747.9
Selling, general administrative and other              
  expenses                                        167.8        140.2
Research and development expenses                  32.0         31.7
Provision for depreciation, depletion and              
  amortization                                    170.7        173.4
Interest expense                                   24.9         25.5
Taxes other than payroll and severance                 
  taxes                                            33.0         28.4
Special items (c)                                   -           79.7
                                                -------      -------
                                                2,607.2      2,226.8
                                                -------      -------
                                                       
EARNINGS                                               
   Income before taxes on income                  422.3          2.3
Provision for taxes on income (d)                 143.3           .8
                                                -------      -------
   Income from operations                         279.0          1.5
Less: Minority interests' share                   (85.2)       (41.9)
                                                -------      -------
Income (loss) before extraordinary loss           193.8        (40.4)
Extraordinary loss on debt prepayment,                 
  net of $40.4 tax benefit (e)                      -          (67.9)
                                                -------      -------
                                                       
NET INCOME (LOSS)                              $  193.8     $ (108.3)
                                                =======      =======
                                                       
Earnings (loss) per common share: (f)                  
   Before extraordinary loss                   $   1.08     $   (.23)
   Extraordinary loss                               -           (.38)                                             
                                                -------      -------
Earnings (loss) per common share               $   1.08     $   (.61) 
                                                =======      =======

Dividends paid per common share                $   .225     $    .20
                                                =======      =======
                                
                    (see accompanying notes)



Alcoa and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)




                                                              Three months ended
                                                                   March 31
                                                                   --------
                                                              1995          1994
                                                           ---------     ----------
                                                                   
CASH FROM OPERATIONS                                         
Net income                                                $   193.8      $   (108.3)
Adjustments to reconcile net income to cash from 
operations:
  Depreciation, depletion and amortization                    172.0           177.5
  Reduction of assets to net realizable value                   -              32.8
  Increase (reduction) in deferred income taxes                39.8           (97.0)
  Equity (income) losses before additional taxes, net of                                  
    dividends                                                 (15.1)             .5
    Provision for special items                                 -              46.9
  (Gains) from financing and investing activities              (3.1)           (1.4)
  Book value of asset disposals                                 5.2             6.1
  Extraordinary loss                                            -              67.9
  Minority interests                                           85.2            41.9
  Other                                                         4.2            16.7
  Increase in receivables                                    (241.3)          (51.5)
  (Increase) reduction in inventories                        (279.0)            5.0
  Increase in prepaid expenses and other current assets       (34.5)           (9.0)
  Increase (reduction) in accounts payable and accrued                                          
    expenses                                                  183.4           (46.9)
  Reduction in taxes, including taxes on income               (61.4)          (45.7)
  Payment of amortized interest on deep discount bonds          -              (8.6)
  Net change in noncurrent assets and liabilities              (5.1)            9.2
                                                           --------       ---------
    CASH FROM OPERATIONS                                       44.1            36.1
                                                           --------       ---------
                                                             
FINANCING ACTIVITIES                                         
Net changes in short-term borrowings                           29.3           (30.7)
Common stock issued and treasury stock sold                     2.0            23.9
Repurchase of common stock                                    (27.8)            -
Dividends paid to shareholders                                (41.0)          (36.0)
Dividends paid to minority interests                           (5.1)          (20.2)
Additions to long-term debt                                    47.2           357.1
Payments on long-term debt                                    (54.8)         (291.1)
                                                           --------       ---------
    CASH FROM (USED FOR) FINANCING ACTIVITIES                 (50.2)            3.0
                                                           --------       ---------
                                                             
INVESTING ACTIVITIES                                         
Capital expenditures                                         (151.3)         (117.5)
Additions to investments                                       (7.1)           (1.3)
Net change in short-term investments                            (.9)           13.0
Changes in minority interests                                  36.6            (2.5)
Loan to WMC                                                  (121.8)            -
Net proceeds from Alcoa/WMC transaction                       366.9             -
Other - receipts                                                4.0             1.8
      - payments                                              (16.0)          (15.2)
                                                           --------       ---------
    CASH USED FOR INVESTING ACTIVITIES                        110.4          (121.7)
                                                           --------       ---------
                                                             
EFFECT OF EXCHANGE RATE CHANGES ON CASH                        (5.2)            6.6
                                                           --------       ---------
CHANGES IN CASH                                              
Net change in cash and cash equivalents                        99.1           (76.0)
Cash and cash equivalents at beginning of year                619.2           411.7
                                                           --------       ---------
    CASH AND CASH EQUIVALENTS AT END OF PERIOD            $   718.3      $    335.7


                        (see accompanying notes)
   


           Notes to Consolidated Financial Statements
               (in millions, except share amounts)
   
   Notes:
   
   (a)  Summarized consolidated financial data for Alcoa
        Aluminio S.A. (Aluminio) and Alcoa of Australia 
        Limited (AofA) begin on page 13.
   
   (b)  Inventories consisted of:
                                    March 31      December 31
                                      1995           1994
                                  -----------     -----------            
        Finished goods             $  304.5        $  249.6
        Work in process               557.2           456.1
        Bauxite and alumina           217.8           195.2
        Purchased raw materials       211.5           131.0
        Operating supplies            117.3           112.3
                                    -------         -------
                                   $1,408.3        $1,144.2
                                    =======         =======
   
        Approximately 55.7% of total inventories at March 31,
        1995 was valued on a LIFO basis.  If valued on an 
        average cost basis, total inventories would have been 
        $726.9 and $691.9 higher at March 31, 1995 and 
        December 31, 1994, respectively.
   
   (c)  The special charge of $79.7 in the 1994 first quarter 
        was for closing a forgings and extrusion plant in 
        Vernon, California.  The charge included $32.8 for 
        asset write-offs and $46.9 related mostly to 
        severance costs.
   
   (d)  The income tax provision for the period is based on
        the effective tax rate expected to be applicable
        for the full year.  The difference between the 1995
        estimated effective tax rate of 34% and the U.S.
        statutory rate of 35% is primarily due to lower
        taxes on income earned outside of the U.S.
   
   (e)  The extraordinary loss in the 1994 first quarter of 
        $67.9, or 38 cents per common share, resulted from 
        the early redemption of $225 face value of 7% deep 
        discount debentures due 2011.
   
   (f)  The following formula is used to compute primary
        earnings per common share (EPS):
   
        EPS = Net income - preferred dividend requirements
              --------------------------------------------
              Weighted average number of common shares
              outstanding for the period
   
        The average number of shares used to compute primary 
        earnings per common share was 178,669,937 in 1995 
        and 177,247,646 in 1994.  Fully diluted earnings per 
        common share are not stated since the dilution is 
        not material.
   
        Per share amounts for 1994 have been restated to
        reflect the two-for-one stock split which occurred 
        in February, 1995.
   
    In the opinion of the Company, the financial statements
    and summarized financial data in this Form 10-Q report
    include all adjustments, including those of a normal
    recurring nature, necessary to fairly state the results
    for the periods.  This Form 10-Q report should be read
    in conjunction with the Company's annual report on Form
    10-K for the year ended December 31, 1994.
   
    The financial data required in this Form 10-Q by Rule
    10-01 of Regulation S-X have been reviewed by Coopers &
    Lybrand L.L.P., the Company's independent certified
    public accountants, as described in their report on
    page 7.
   
Independent Auditor's Review Report
   
To the Shareholders and Board of Directors
Aluminum Company of America (Alcoa)
   
   
     We have reviewed the unaudited consolidated balance
sheet of Alcoa and subsidiaries as of March 31, 1995, the
unaudited statements of consolidated income for the three-
month periods ended March 31, 1995 and 1994, and
consolidated cash flows for the three-month periods ended
March 30, 1995 and 1994, which are included in Alcoa's
Form 10-Q for the period ended March 31, 1995.  These
financial statements are the responsibility of Alcoa's
management.
   
     We conducted our review in accordance with standards
established by the American Institute of Certified Public
Accountants.  A review of interim financial information
consists principally of applying analytical procedures to
financial data and making inquiries of persons
responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion
regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
   
     Based on our review, we are not aware of any material
modifications that should be made to the consolidated
financial statements referred to above for them to be in
conformity with generally accepted accounting principles.
   
     We have previously audited, in accordance with
generally accepted auditing standards, the consolidated
balance sheet of Alcoa and subsidiaries as of December 31, 
1994, and the related statements of consolidated income, 
shareholders' equity, and cash flows for the year then 
ended (not presented herein).  In our report dated
January 11, 1995, we expressed an unqualified opinion on
those consolidated financial statements.  In our opinion,
the information set forth in the accompanying condensed
consolidated balance sheet as of December 31, 1994, is
fairly stated, in all material respects, in relation to
the consolidated balance sheet from which it has been
derived.

/s/ COOPERS & LYBRAND L.L.P.

COOPERS & LYBRAND L.L.P.
   
Pittsburgh, Pennsylvania
April 7, 1995
   
   
Management's Discussion and Analysis of the
Results of Operations and Financial Condition
(dollars in millions, except share amounts)

Results of Operations

Principal income and operating data follow.
                                               


                                               First quarter ended
                                                    March 31
                                                    --------
                                                1995        1994
                                                ----        ---- 
                                                  
 Sales and operating revenues                $3,009.8   $2,221.6
 Income before extraordinary loss               193.8      (40.4)
 Net income                                     193.8     (108.3)
 Earnings per common share (1)                           
    Before extraordinary loss                    1.08       (.23)
    Net income                                   1.08       (.61)
 Shipments of aluminum products (2)               654        600



(1) Per share amounts for 1994 have been restated to reflect the two-
    for-one stock split which occurred in February, 1995.

(2) In thousands of metric tons



Overview
Alcoa earned $193.8, or $1.08 per common share, for the first
quarter of 1995.  This compares with a loss of $108.3 or 
61 cents per share, in the 1994 first quarter, which included 
after-tax charges of $117.9, or 66 cents per share.  Revenues 
reached a quarterly record of $3,010 compared with $2,222 for 
the 1994 quarter, while shipments increased 9% to 
654,000 metric tons (mt).

The two charges included in the 1994 first quarter were: a
special charge of $50.0 ($79.7 pretax), or 28 cents per share,
for closing a forgings and extrusion plant in Vernon, Cali-
fornia; and an extraordinary loss of $67.9, or 38 cents per 
share, for the early redemption of $225 of 7% debentures due 
2011 that carried an effective interest rate of 14.7%.  The 
Vernon charge included $20.6 for asset write-offs; most of 
the remaining $29.4 was for severance costs.

Alcoa of Australia Limited's (AofA) pretax income from 
operations of $120 for the quarter increased 42% from the 
comparable 1994 period primarily because of higher shipments 
and prices for ingot and flat-rolled products and higher 
prices for alumina.

In Brazil, Alcoa Aluminio's (Aluminio) first quarter 1995 
pretax income from operations was $59.6, an increase of 
$48.4 over the 1994 period.  Revenues grew by 78% due to 
higher prices for all aluminum products.  Also, higher ship-
ments for packaging and non-aluminum conductor products 
contributed to the strong increase in revenues and profits.

Revenue and shipment data for Alcoa's operations, divided 
into three segments, follow.

 

 
 First quarter ended March 31           Revenues       Shipments (000 metric tons)
 ----------------------------           --------       ---------------------------
 Segment                            1995        1994       1995        1994
 -------                            ----        ----       ----        ----
 
                                                           
 1. Alumina and chemicals (1)      $  399      $  361      1,453       1,598
                                   ------      ------      -----       -----

 2. Aluminum processing:                                
      Flat-rolled products          1,081         723        374         321
      Engineered products             598         389        125          92
      Aluminum ingot                  256         211        140         167
      Other aluminum products          80         106         15          20
                                    -----       -----      -----       -----
                                    2,015       1,429        654         600
                                    -----       -----      -----       -----
                                                        
 3. Non-Aluminum                      596         432
                                    -----       -----
                                                        
 Total                             $3,010      $2,222               
                                   ======      ======


(1) Shipment figures represent alumina only.



A discussion of each segment follows.

1. Alumina and Chemicals Segment
Total revenues for this segment was $399 in the 1995 first
quarter, an increase of 11% from the comparable 1994 quarter.
Alumina shipments were 9% lower than those in the 1994 first
quarter.  The decline in shipments was offset by a 14% 
increase in prices.  Alumina price increases have been 
spurred by increases in the price and demand for primary 
aluminum.

In December 1994, Alcoa and Western Mining Corporation 
Limited (WMC) entered into a transaction to combine ownership 
of their respective worldwide bauxite, alumina and inorganic 
chemicals businesses into a group of companies (the Enter-
prise) owned 60% by Alcoa and 40% by WMC.  As part of the 
agreement, Alcoa acquired an additional 9% interest in AofA, 
bringing its total interest to 60%.  During the 1995 first 
quarter, the Enterprise produced 2,390 mt of alumina.  Of 
this amount, 1,453 was shipped to third-party customers. 

Revenues from chemicals products rose 30% from the 1994 
first quarter, principally due to higher overall prices and 
increased shipments in Europe and Latin America.

2. Aluminum Processing Segment
Flat-rolled products - Total flat-rolled products revenue 
was up 50% from the 1994 first quarter.  The improvement was 
due to a 28% rise in prices combined with a 17% increase in 
shipments.  The majority of revenues and shipments for flat-
rolled products are derived from sales of rigid container 
sheet (RCS) for beverage cans.  RCS revenues were up 68% over 
the 1994 first quarter, due to a 37% increase in prices, 
which had been severely depressed over the last several 
years, and a 23% increase in shipments.  The shipment 
increase is a result of growth in the use of the aluminum 
beverage can.  Consumer demand for aluminum cans in 1994 
increased 8.2% over 1993 levels, driven by increased sales 
of soft drinks.

Sheet and plate shipments and prices rose 19% and 13%,
respectively, from the 1994 period.  As a result, revenues 
grew by 35% .

Revenues from other flat-rolled products, including sheet and
foil used in a variety of industrial applications, rose 12% 
from the first three months of 1994.  Prices increased 22%, 
while shipments fell 8%.

Engineered products - Engineered products include extrusions 
used in the transportation and construction markets, aluminum
forgings, and wire, rod and bar.  Revenues from the sale of
engineered products increased 54% in the 1995 first quarter 
on a 36% increase in shipments.  Average prices increased
approximately 13% for the quarter.

Sales of extruded products continued their upward trend with 
a 27% increase in shipments and a 22% increase in prices from 
the 1994 quarter.  Revenues were up 55% from the 1994 quarter, 
with notable improvement by Alcoa Kofem and Aluminio.

Shipments of forged aluminum wheels for both trucks and
automobiles continued at strong levels with an increase of 
17% over the 1994 period.  Demand is especially high within 
the truck market.  Wheel revenues were up 21% from the 1994 
first quarter.

Wire, rod and bar revenues and prices increased 33% and 20%,
respectively, from the 1994 first quarter.  An 11% increase 
in shipments also had a favorable impact on revenue.

Aluminum ingot - Ingot revenues and prices were up 21% and 
45%, respectively, from the 1994 first quarter.  The increase 
in prices was offset by a 17% drop in shipments.  Alcoa is 
currently operating its U.S. smelters at approximately 70% of 
nameplate capacity, and has no current plans to restart idled 
capacity.  As a result, ingot shipments have declined.  
Aluminum ingot prices ended the quarter at approximately 
85 cents per pound on the London Metal Exchange (LME).  
Alcoa's average realized price per pound for aluminum ingot 
in the 1995 first quarter was 83 cents compared with 57 cents 
in the 1994 quarter.

Other aluminum products - The major products in this category
include aluminum closures and the sale of aluminum scrap.
Revenue decreased 25% in the 1995 first quarter, primarily 
due to a 20% decrease in closure prices and a 6% decline in 
shipments.  Scrap revenues were up 8%, reflecting increased 
prices partially offset by a 44% decrease in shipments as 
more scrap was used for internal purposes.

3. Non-Aluminum Segment
Revenues for the Non-Aluminum segment were $596 in the 1995 
first quarter, up 38% from the 1994 quarter.  The increase is 
due to higher sales at Alcoa Fujikura Limited (AFL), which 
includes Michels GmbH, a producer of automotive electrical 
system components,  beginning in January 1995.  Michels 
added $41 in sales to the AFL group during the first quarter 
of 1995.  Also, sales at Alcoa Electronic Packaging, a 
producer of computer components, increased 58% over the 1994 
first quarter.  Sales of building products and plastic 
closures also showed strong growth over the 1994 quarter.

Cost of Goods Sold
Cost of goods sold increased $430.9, or 25%, from the 1994 
first quarter. The increase reflects higher volumes for most 
products, particularly flat-rolled and engineered products.  
Higher costs for purchased aluminum and raw materials, partly 
offset by improved cost performance, were also factors.  Cost 
of goods sold as a percentage of revenues in the 1995 first 
quarter was 72.4% versus 78.7% in the 1994 first quarter.  The 
lower ratio in 1995 is primarily due to higher prices and 
their impact on revenues.

Other Income & Expenses
Other income was up $12.2 from the 1994 first quarter 
primarily due to increased equity and interest income, partly 
offset by an increase in trading and exchange losses.  Equity 
income increased due to strong results at Norsk Alcoa.  
Interest income increased 33% over the 1994 first quarter due 
to an increase in funds available for investment and an 
increase in interest rates.  Exchange losses increased from 
$5.9 in the first quarter of 1994 to $10.4 in the 1995 
period.  Most of the increase was due to continuing exchange 
losses from Alcoa's Mexican operations due to the continued 
devaluation of the peso relative to the U.S. dollar.

Selling, general and administrative expenses increased $27.6, 
or 20%, from the year-ago quarter due to higher salary and 
benefits expenses and higher advertising costs for building 
products.  A comparison of the 1995 first quarter to the 1994 
fourth quarter reflects a 4% decrease in these costs.  The 
decrease was due to higher year-end costs, along with reduced 
travel and consulting charges in the 1995 period.

Interest expense was down $.6 from the 1994 first quarter, 
due to lower borrowings by AofA, partially offset by higher 
borrowing by AFL, the proceeds of which were used to finance 
the Michels acquisition.

The estimated effective tax rate for 1995 is 34%.  The 
difference between this rate and the U.S. statutory rate of 
35% is primarily due to taxes on foreign income.

Minority interests' share of income from operations rose 
103% from the 1994 first quarter.  The increase is due 
primarily to improved earnings, particularly at AofA, 
Aluminio and Alcoa Kofem.

Commodity Risks
Alcoa is a leading global producer of aluminum ingot and
fabricated products.  Aluminum ingot is an internationally
priced, sourced and traded commodity.  The principal trading
market for ingot is the LME.  Alcoa participates in this 
market by buying and selling forward portions of its aluminum
requirements and output.

In 1994, the company had entered into longer-term contracts 
with a variety of customers in the U.S. for the supply of
approximately 1.5 million mt of aluminum products over the 
next several years.  As a hedge against the economic risk 
associated with these contracts, Alcoa entered into long 
positions using principally futures and options contracts.  
At both December 31, 1994 and March 31, 1995, these contracts 
totaled approximately 1.4 million mt.  These contracts limit 
the unfavorable effect of price increases on metal purchases 
and likewise limit the favorable effect from price declines.  
The futures and options contracts are with creditworthy 
counterparties and are further supported by cash, treasury 
bills, or irrevocable letters of credit issued by carefully 
chosen banks, as appropriate.

In addition, Alcoa had 14,000 mt of LME contracts outstanding 
at year-end 1994 that cover fixed-price commitments to supply
customers with metal from internal sources.  At March 31, 
1995, such contracts totaled 108,000 mt.  Accounting 
convention requires that these contracts be marked-to-market.

Alcoa purchases other commodities, such as natural gas and
copper, for its operations and enters into forward contracts 
to eliminate volatility in the prices of such products.  
None of these contracts are material.

Environmental Matters
Alcoa continues to participate in environmental assessments
and cleanups at a number of locations, including operating
facilities and their adjoining property; at previously owned
or operated facilities; and at Superfund and other waste
sites.  Alcoa records a liability for environmental
remediation costs and/or damages when a cleanup program or
liability becomes probable and the costs/damages can be
reasonably estimated.

As assessments and cleanups proceed, these liabilities are
adjusted based on progress in determining the extent of
remedial actions and the related costs and damages.  The
liability can change substantially due to factors such as the
nature or extent of contamination, changes in remedial
requirements and technological improvements.

For example, there are certain matters, including several
related to alleged natural resource damage or alleged off-
site contaminated sediments, where investigations are
ongoing.  It is not possible to determine the outcomes or to
estimate with any degree of certainty the ranges of potential
costs for these matters.

Alcoa's remediation reserve balance at the end of the 1995
first quarter was $310 and reflects Alcoa's most probable
cost to remediate identified environmental conditions for
which costs can be reasonably estimated.  Approximately 28%
of the reserve relates to Alcoa's Massena, N.Y. plant site.
Remediation expenditures charged to the reserve during the
1995 three-month period were $11.  Expenditures included
those currently mandated as well as those not required by any
regulatory authority or third party.

Included in ongoing operating expenses are the recurring
costs of managing hazardous substances and pollution.  Alcoa
estimates that these costs will be about 2% of cost of goods
sold in 1995.

Liquidity and Capital Resources

Cash from Operations
Cash from operations during the 1995 first quarter totaled 
$44.1, a slight increase from the 1994 level.  Earnings,  
including non-cash items, provided $451; however, higher 
receivables and inventories more than offset the increased 
earnings.

Financing Activities
Financing activities used $50.2 of cash in the first quarter.
This includes $27.8 used to repurchase 721,600 shares of the
company's common stock as Alcoa reactivated its stock purchase
program during the quarter.  Dividends paid to shareholders 
were $41.0 in the 1995 three month period, an increase of 
$5.0 over the 1994 period due to an increase in the common 
stock dividend of two and one-half cents per share.

Payments on long-term debt in the first three months of 1995
exceeded additions by $7.6.  Also, an increase in short-term
borrowings for general corporate purposes provided cash of 
$29.3.  Debt as a percentage of invested capital of 15.1% was 
comparable with the 15.3% recorded at year-end 1994.

Investing Activities
Capital expenditures for the 1995 period were $151.3, up from
$117.5 in the 1994 first quarter.  Capital expenditures were
mostly for sustaining operations.  Alcoa continues to focus 
on improving its manufacturing processes with a minimum of 
capital spending.  As a result of the formation of a world-
wide bauxite, alumina and alumina-based chemicals business, 
WMC paid Alcoa a net amount of $366.9 in January 1995.  Alcoa 
in turn loaned WMC $121.8 in January 1995.  The loan is due 
on demand and carries an interest rate of LIBOR plus 10 basis 
points.

Alcoa and subsidiaries

Summarized consolidated financial data for Aluminio, a 
Brazilian subsidiary effectively owned 59% by Alcoa, follow.



                                     
                                                (unaudited) 
                                                March 31     December 31
                                                --------     -----------
                                                  1995          1994
                                                  ----          ----
                                                
                                                       
Cash and short-term investments               $    93.7      $    34.5
Other current assets                              369.6          376.4
Properties, plants and equipment, net (1)         796.9          929.0
Other assets                                      117.8          161.8
                                                -------        -------
                                                
      Total assets                              1,378.0        1,501.7
                                                -------        -------
                                                
Current liabilities                               358.2          415.2
Long-term debt (2)                                203.6          222.2
Other liabilities                                  31.6           33.3
                                                -------        -------
                                                
      Total liabilities                           593.4          670.7
                                                -------        -------
                                                
            Net assets                        $   784.6      $   831.0
                                                =======        =======


                                                       (unaudited)
                                                  First quarter ended
                                                        March 31
                                                  1995           1994
                                                 
Revenues                                      $   313.2      $   176.2
Costs and expenses                               (256.4)        (158.4)
Translation and exchange adjustments                2.8           (6.6)
Income tax expense                                 (7.5)          (1.0)
                                                -------        -------
                                                 
Net income                                    $    52.1      $    10.2
                                                =======        =======
                                                 
Alcoa's share of net income                   $    30.7      $     6.0
                                                =======        =======



(1) Effective January 1, 1995, the portion of Aluminio's operations 
    included in the WMC transaction were transferred to a new Alcoa
    subsidiary which is not included in Aluminio's consolidated 
    financials.  Likewise, Aluminio's closure operations outside of 
    Brazil were transferred to another Alcoa subsidiary effective 
    March 1, 1995.

(2) Held by Alcoa Brazil Holdings Company - $22.5



Alcoa and subsidiaries

Summarized consolidated financial data for AofA, an 
Australian subsidiary, follow.  At January 1, 1995, Alcoa's 
ownership interest in AofA increased from 51% to 60%.

                                             

         
                                           (unaudited)  
                                             March 31     December 31
                                             --------     -----------
                                               1995          1994
                                               ----          ----
                                              
                                                    
Cash and short-term investments             $   101.6     $    88.2
Other current assets                            510.8         484.9
Properties, plants and equipment, net         1,537.8       1,645.3
Other assets                                    103.6         102.5
                                              -------       -------
                                              
      Total assets                            2,253.8       2,320.9
                                              -------       -------
                                              
Current liabilities                             261.2         317.9
Long-term debt                                  169.3         150.2
Other liabilities                               369.3         382.6
                                              -------       -------
                                              
      Total liabilities                         799.8         850.7
                                              -------       -------
                                              
      Net assets                            $ 1,454.0     $ 1,470.2
                                              =======       =======


                                                   (unaudited)
                                               First quarter ended
                                                    March 31
                                                    --------
                                               1995          1994
                                               ----          ----
                                              
Revenues (1)                                $   428.8     $   360.8
Costs and expenses                             (308.8)       (276.4)
Translation and exchange                      
  adjustments                                     -              .9
Income tax expense                              (38.4)        (28.2)
                                              -------       -------
                                              
Net income                                  $    81.6     $    57.1
                                              =======       =======
                                              
Alcoa's share of net income                 $    49.0     $    29.1
                                              =======       =======



(1)  Revenues from Alcoa and its subsidiaries, the terms of which
     were established by negotiations between the parties, follow.

     First quarter ended March 31:    1995 - $9.6, 1994 -  $8.0




                   PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

As previously reported, Alcoa and Alcoa Specialty Chemicals,
Inc., a subsidiary, are defendants in a case filed by 
Aluminum Chemicals, Inc., et al., in the District Court of 
Harris County, Texas.  Plaintiffs allege claims for breach 
of fiduciary duty, fraud, interference with contractual and 
business relations, breach of contract, conversion, misappro-
priation of trade secrets, deceptive trade practices and 
civil conspiracy in connection with a former partnership, 
Alcoa-Coastal Chemicals.  This matter was settled on March 8, 
1995.  All claims were dismissed by an Agreed Order of 
Dismissal with Prejudice entered April 3, 1995.

On March 27, 1995, the United States Department of Justice 
(DOJ) issued a Civil Investigative Demand requesting informa-
tion regarding pricing policies on aluminum rigid container 
sheet in 1994 and 1995.  Alcoa is gathering documents and 
preparing interrogatory answers in order to comply with the 
DOJ request.

Item 6.  Exhibits and Reports on Form 8-K.

(a)  Exhibits
       11.  Computation of Earnings per Common Share
       12.  Computation of Ratio of Earnings to Fixed Charges
       15.  Independent Accountants' letter regarding 
            unaudited financial information
       27.  Financial Data Schedule

(b)  No reports on Form 8-K were filed by Alcoa during the
quarter covered by this report.

                           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 thereunto duly
authorized.
   
   
   
                               ALUMINUM COMPANY OF AMERICA
   
   
   
   
May 11, 1995             By /s/ JAN H. M. HOMMEN
Date                       Jan H. M. Hommen
                           Executive Vice President and
                           Chief Financial Officer
                           (Principal Financial Officer)
   
   
   
   
May 11, 1995             By /s/ EARNEST J. EDWARDS
Date                       Earnest J. Edwards
                           Vice President and Controller
                           (Chief Accounting Officer)
   
   
   
                            EXHIBITS
   
   
                                                         Page
   
11. Computation of Earnings per Common Share              18
12. Computation of Ratio of Earnings to Fixed Charges     19
15. Independent Accountants' letter regarding unaudited   20
    financial information
27. Financial Data Schedule

Alcoa and subsidiaries                                 EXHIBIT 11



         Computation of Earnings (Loss) per Common Share
               For the three months ended March 31
               (in millions, except share amounts)

                                                        
                                                         1995            1994
                                                     -----------      -----------

                                                                   
 1.  Income (loss) applicable to common stock
        before extraordinary loss *                       $193.3           $(40.9)
                                                                   
 2.  Weighted average number of common shares
        outstanding during the period                178,669,937      177,247,646
                                                                   
 3.  Primary earnings (loss) per common share
        before extraordinary loss (1 divided by 2)         $1.08            $(.23)
                                                                   
 4.  Fully diluted earnings (loss) before
        extraordinary loss (1)                            $193.3           $(40.9)
                                                                   
 5.  Shares issuable under compensation plans             31,113           17,086
                                                        
 6.  Shares issuable upon exercise of dilutive
        outstanding stock options (treasury stock
        method)                                          759,199          643,554
                                                                   
 7.  Fully diluted shares (2 + 5 + 6)                179,460,249      177,908,286
                                                                 
 8.  Fully diluted earnings (loss) per common
        share before extraordinary loss (4
        divided by 7)                                      $1.08            $(.23)



Per share amounts for 1994 have been restated to reflect the two-for-one stock 
split which occurred in February, 1995.


*  After preferred dividend requirement

                                                       EXHIBIT 12

Alcoa and subsidiaries                                 




        Computation of Ratio of Earnings to Fixed Charges
            For the three months ended March 31, 1995
                   (in millions, except ratio)

                                                                 1995
                                                                 ----
                                                            
Earnings:                                        
   Income before taxes on income                               $  422.3
   Minority interests' share of earnings of majority-
      owned subsidiaries without fixed charges                      -
   Equity income                                                  (20.1)
   Fixed charges                                                   32.4
   Proportionate share of income (loss) of 50%-owned 
      persons                                                      20.1
   Distributed income of less than 50%-owned persons                -
   Amortization of capitalized interest                             6.7
                                                                -------

      Total earnings                                           $  461.4
                                                 
Fixed Charges:                                   
   Interest expense:                             
      Consolidated                                             $   24.9
      Proportionate share of 50%-owned persons                      2.0
                                                                -------
                                                                   26.9
                                                                -------

   Amount representative of the interest factor in rents:
      Consolidated                                                  5.4
      Proportionate share of 50%-owned persons                       .1
                                                                -------
                                                                    5.5
                                                                -------
                                                                
   Fixed charges added to earnings                                 32.4
                                                                -------

   Interest capitalized:                         
      Consolidated                                                   .4
      Proportionate share of 50%-owned persons                      -
                                                                -------
                                                                     .4
                                                                -------
                                                                
   Preferred stock dividend requirements of      
      majority-owned subsidiaries                                   4.0
                                                                -------

      Total fixed charges                                      $   36.8
                                                                =======
                                                                
Ratio of earnings to fixed charges                                 12.5
                                                                =======

                                             EXHIBIT 15

                                             April 7, 1995




Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

RE:  Aluminum Company of America

     1.   Form S-8  (Registration No. 33-24846)
          Alcoa Savings Plan for Salaried Employees

     2.   Form S-8  (Registration No. 33-22346)
          Long Term Stock Incentive Plan

     3.   Form S-3  (Registration No. 33-877)
          Aluminum Company of America
          Debt Securities and Warrants to Purchase Debt
          Securities

     4.   Form S-3 (Registration No. 33-49997)
          Aluminum Company of America
          Debt Securities and Warrants to Purchase Debt
          Securities, Preferred Stock and Common Stock

Ladies and gentlemen:

We are aware that our report dated April 7, 1995,
accompanying interim financial information of Aluminum
Company of America (Alcoa) and subsidiaries for the three-
month period ended March 31, 1995, is incorporated by
reference in the registration statements referred to above.
Pursuant to Rule 436 (c) under the Securities Act of 1933,
this report should not be considered as part of a
registration statement prepared or certified by us within
the meaning of Sections 7 and 11 of that Act.

Very truly yours,

/s/  COOPERS & LYBRAND L.L.P.

COOPERS & LYBRAND L.L.P.

  

 5
 1,000
       
                             
                   3-MOS
                          DEC-31-1995
                             JAN-01-1995
                               MAR-31-1995
                                         718,300
                                     6,500
                                1,722,900
                                    40,000
                                  1,408,300
                             4,534,200
                                      14,525,900
                               7,925,700
                              12,730,300
                        2,712,500
                                      1,176,700
                                       178,900
                                0
                                     55,800
                                   3,838,700
                12,730,300
                                      3,009,800
                             3,029,500
                                        2,178,800
                                2,178,800
                               167,800
                                     0
                              24,900
                                422,300
                                   143,300
                            193,800
                                       0
                                      0
                                            0
                                   193,800
                                     1.08
                                     1.08