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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 September 30, 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 November 10, 1995, 177,210,361 shares of common stock,
par value $1.00, of the Registrant were outstanding.

                             - 1 -

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



                                                           (unaudited)        
                                                          September 30,        December 31
                                                              1995                1994
ASSETS                                                    -------------       -------------
                                                                        

Current assets:                                              
  Cash and cash equivalents (includes cash of $93.4 in 
  1995 and $177.5 in 1994)                                  $   988.9           $   619.2
  Short-term investments                                          7.3                 5.5
  Accounts receivable from customers, less allowance:
    1995-$45.4; 1994-$37.4                                    1,727.5             1,440.6
  Receivable from Western Mining Corporation (WMC), net           -                 366.9
  Other receivables                                             273.1               182.5
  Inventories (b)                                             1,507.7             1,144.2
  Deferred income taxes                                         407.1               235.6
  Prepaid expenses and other current assets                     156.2               158.7
                                                             --------            --------
    Total current assets                                      5,067.8             4,153.2
                                                             --------            --------
                                                             
Properties, plants and equipment, at cost                    15,029.9            14,502.3
Less, accumulated depreciation, depletion and                
  amortization                                                8,207.9             7,812.9
                                                             --------            --------
    Net properties, plants and equipment                      6,822.0             6,689.4
                                                             --------            --------
Other assets                                                  1,805.8             1,510.6
                                                             --------            --------
    Total assets                                            $13,695.6           $12,353.2
                                                             ========            ========
                                                             
LIABILITIES
Current liabilities:
   Short-term borrowings                                    $   350.4           $   261.9
   Accounts payable, trade                                      792.5               739.3
   Accrued compensation and retirement costs                    384.9               363.9
   Taxes, including taxes on income                             346.2               393.0
   Provision for layoffs and impairments                         74.1                84.4
   Other current liabilities                                    320.0               557.0
   Long-term debt due within one year                           161.6               154.0
                                                             --------            --------
     Total current liabilities                                2,429.7             2,553.5
                                                             --------            --------
Long-term debt, less amount due within one year               1,432.0             1,029.8
Accrued postretirement benefits                               1,837.1             1,850.5
Other noncurrent liabilities and deferred credits             1,661.2             1,011.8
Deferred income taxes                                           309.4               220.6
                                                             --------            --------
     Total liabilities                                        7,669.4             6,666.2
                                                             --------            --------
                                                             
MINORITY INTERESTS                                            1,635.7             1,687.8
                                                             --------            --------
                                                             
SHAREHOLDERS' EQUITY
Preferred stock                                                  55.8                55.8
Common stock                                                    178.9               178.7
Additional capital                                              675.6               663.5
Translation adjustment                                          (61.4)              (68.6)
Retained earnings                                             3,609.4             3,173.9
Unfunded pension obligation                                     (10.7)               (4.0)
Treasury stock, at cost                                         (57.1)                (.1)
                                                             --------            --------
     Total shareholders' equity                               4,390.5             3,999.2
                                                             --------            --------
      Total liabilities and shareholders' equity            $13,695.6           $12,353.2
                                                             ========            ========



                        (see accompanying notes)

                             -2-


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





                                                Third quarter         Nine months
                                                    ended                ended
                                                 September 30        September 30
                                                -------------        ------------

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

                                                                
REVENUES                                                        
Sales and operating revenues                 $3,264.8   $2,561.6  $9,391.9  $7,262.5
Other income, principally interest               61.3       55.4     118.9      74.2
                                              -------    -------   -------   -------
                                              3,326.1    2,617.0   9,510.8   7,336.7
                                              -------    -------   -------   -------
COSTS AND EXPENSES
Cost of goods sold and operating expenses     2,434.4    2,037.4   6,926.1   5,762.6
Selling, general administrative and other                                 
  expenses                                      182.4      160.6     519.7     458.3
Research and development expenses                34.1       29.6      98.2      90.7
Provision for depreciation, depletion and                         
  amortization                                  185.4      167.0     529.0     499.9
Interest expense                                 33.1       28.5      84.0      81.5
Taxes other than payroll and severance                             
  taxes                                          27.5       23.7      93.6      74.1
Special items (c)                                 9.4       -          9.4      79.7
                                              -------    -------   -------   -------
                                              2,906.3    2,446.8   8,260.0   7,046.8
                                              -------    -------   -------   -------

EARNINGS                                                        
  Income before taxes on income                 419.8      170.2   1,250.8     289.9
Provision for taxes on income (d)               150.3       48.9     419.9      88.4
                                              -------    -------   -------   -------
  Income from operations                        269.5      121.3     830.9     201.5
Less: Minority interests' share                 (43.1)     (51.2)   (191.3)   (126.4)
                                              -------    -------   -------   -------
Income before extraordinary loss                226.4       70.1     639.6      75.1
Extraordinary loss on debt prepayment,
  net of $40.4 tax benefit (e)                   -           -        -        (67.9)
                                              -------    -------   -------   -------
                                                                
NET INCOME                                   $  226.4   $   70.1  $  639.6  $    7.2
                                              =======    =======   =======   =======
                                                                
Earnings per common share: (f)                                  
  Before extraordinary loss                  $   1.27   $    .39  $   3.58  $    .41
  Extraordinary loss                             -          -         -         (.38)
                                              -------    -------   -------   -------
Earnings per common share                    $   1.27   $    .39  $   3.58  $    .03
                                                                
Dividends paid per common share              $   .225   $    .20  $   .675  $    .60
                                              =======    =======   =======   =======
                                                

                                (see accompanying notes)
                                                                
                                
                                
                             - 3 -   
                                
                    
Alcoa and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
                                                    
                                                    



                                                            Nine months ended
                                                              September 30
                                                             --------------
                                                           1995           1994
                                                         --------       --------
                                                                  
CASH FROM OPERATIONS                                         
Net income                                               $  639.6       $    7.2
Adjustments to reconcile net income to cash from 
operations:
  Depreciation, depletion and amortization                  541.6          511.7
  Reduction of assets to net realizable value                 -             32.8
  Change in deferred income taxes                           (22.5)        (141.6)
  Equity (income) losses before additional taxes, net of
    dividends                                               (25.5)           7.1
  Provision for special items                                 9.4           46.9
  Losses from financing and investing activities             (1.4)          (2.5)
  Book value of asset disposals                              11.3           34.3
  Extraordinary loss                                          -             67.9
  Minority interests                                        191.3          126.4
  Other                                                       3.1           15.1
  Increase in receivables                                  (209.6)         (90.5)
  (Increase) reduction in inventories                      (315.1)          53.5
  Reduction in prepaid expenses and other                    
    current assets                                            3.1          109.8
  Increase (reduction) in accounts payable and accrued
    expenses                                               (262.6)          44.0
  Reduction in taxes, including taxes on income             (48.4)          (9.5)
  Payment of amortized interest on deep discount bonds        -             (8.6)
  Net change in noncurrent assets and liabilities           562.0           (1.6)
                                                          -------        -------
    CASH FROM OPERATIONS                                  1,076.3          802.4
                                                          -------        -------
                                                             
FINANCING ACTIVITIES                                         
Net changes in short-term borrowings                         88.7         (119.5)
Common stock issued and treasury stock sold                 101.4           50.9
Repurchase of common stock                                 (185.7)           -
Dividends paid to shareholders                             (121.6)        (107.6)
Dividends paid to minority interests                        (87.2)         (95.8)
Additions to long-term debt                                 532.0          493.7
Payments on long-term debt                                 (136.3)        (857.6)
                                                          -------        -------
    CASH FROM (USED FOR) FINANCING ACTIVITIES               191.3         (635.9)
                                                          -------        -------   
                                                          
INVESTING ACTIVITIES                                         
Capital expenditures                                       (547.1)        (394.0)
Additions to investments                                     (8.1)         (16.5)
Net change in short-term investments, excluding cash
     equivalents                                             (1.8)         237.9
Changes in minority interests                              (139.3)         (95.0)
Acquisition of subsidiaries, net of cash acquired          (426.6)           -
Loan to WMC                                                (121.8)           -
Net proceeds from Alcoa/WMC transaction                     366.9            -
Other - receipts                                              3.8            3.9
      - payments                                            (18.9)         (17.4)
                                                          -------        -------
    CASH USED FOR INVESTING ACTIVITIES                     (892.9)        (281.1)
                                                          -------        -------
                                                             
EFFECT OF EXCHANGE RATE CHANGES ON CASH                      (5.0)          17.8
                                                          -------        -------
CHANGES IN CASH                                              
Net change in cash and cash equivalents                     369.7          (96.8)
Cash and cash equivalents at beginning of year              619.2          411.7
                                                          -------        -------
    CASH AND CASH EQUIVALENTS AT END OF PERIOD           $  988.9       $  314.9
                                                          =======        =======


                        (see accompanying notes)
   

                             - 4 -

           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 14.
   
(b)  Inventories consisted of:
                               September 30      December 31
                                   1995             1994
                              --------------    -------------
                                              
     Finished goods              $  351.3         $  249.6
     Work in process                522.1            456.1
     Bauxite and alumina            255.0            195.2
     Purchased raw materials        258.3            131.0
     Operating supplies             121.0            112.3
                                  -------          -------
                                 $1,507.7         $1,144.2
                                  =======          =======

      Approximately 51.2% of total inventories at September 30,
      1995 was valued on a LIFO basis.  If valued on an average 
      cost basis, total inventories would have been $789.4 and 
      $691.9 higher at September 30, 1995 and December 31, 
      1994, respectively.
   
(c)   The special charge of $9.4 in the 1995 third quarter was  
      comprised of $27.8 for salaried personnel layoffs, 
      principally at U.S. smelters, offset by $18.4 related to 
      insurance settlements on environmental claims.  The
      special charge of $79.7 in the 1994 nine-month period 
      was for closing part of 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 estimated effective tax rate for 1995 was raised to 
      33% from an earlier projection of 32.5%.  The rate was
      calculated including the effects of a negative adjustment
      related to AofA.  In the third quarter the Australian
      government passed legislation to increase the corporate
      income tax rate from 33% to 36% retroactive to the
      beginning of the year.  As a result, AofA recorded a 
      $27.2 increase in its taxes.  Most of this amount relates 
      to an adjustment of future taxes which were recorded at 
      the lower rate.  The difference between the 1995 
      estimated effective tax rate of 33% 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 nine-month period 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 178,383,420 in 1995 and 
      177,637,568 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.
                             
                             - 5 -

      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.
                             
                             - 6 -

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 September 30, 1995, the 
unaudited statements of consolidated income for the three-month 
and nine-month periods ended September 30, 1995 and 1994, and 
consolidated cash flows for the nine-month periods ended 
September 30, 1995 and 1994, which are included in Alcoa's 
Form 10-Q for the period ended September 30, 1995.  These 
financial statements are the responsibility of Alcoa's manage-
ment.
   
     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 finan-
cial 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
October 6, 1995
   
                             - 7 -
   
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.
                                       Third quarter           Nine months
                                          ended                   ended
                                        September 30           September 30
                                        ------------           ------------
                                      1995        1994        1995      1994
                                      ----        ----        ----      ----
                                                          
 Sales and operating revenues      $ 3,264.8    $2,561.6    $9,391.9  $7,262.5
 Income before extraordinary loss       226.4       70.1       639.6      75.1
 Net income                             226.4       70.1       639.6       7.2
 Earnings per common share                                
    Before extraordinary loss            1.27        .39        3.58       .41
    Net income                           1.27        .39        3.58       .03
 Shipments of aluminum products (1)       655        651       1,936     1,912

 
 (1)  in thousands of metric tons (mt)

 

Overview
Alcoa had the best third quarter in its history, earning 
$226.4, or $1.27 per common share.  For the comparable 1994 
quarter, earnings were $70.1, or 39 cents per share.

For the first nine months of 1995, earnings were $639.6, or 
$3.58 per share.  In the comparable 1994 period, earnings were
$125.1, or $.69 per share, before after-tax charges.  After 
the one-time charges, Alcoa reported income of $7.2, or 
three cents per share.

Included in the 1995 third quarter was a special after-tax 
charge of $5.4 which consisted of $16.9 ($27.8 pretax) for 
salaried personnel layoffs, principally at U.S. smelters, 
partially offset by $11.5($18.4 pretax) related to insurance 
settlements on environmental claims.

The two charges included in the first nine months of 1994 
were: a special charge of $50.0 ($79.7 pretax), or 28 cents 
per share, for closing part of a forgings and extrusion plant 
in Vernon, California; 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%.

Alcoa of Australia Limited's (AofA) pretax income from 
operations for the 1995 third quarter and year-to-date periods 
increased 19% and 52%, respectively, from the comparable 1994 
periods.  The increases were due primarily to higher prices 
for alumina, ingot and fabricated products.  Additionally, 
1995 third quarter and year-to-date periods were negatively 
affected by $27.2 resulting from an increase in the Australian 
tax rate from 33% to 36%.

In Brazil, Alcoa Aluminio's (Aluminio) third quarter 1995 
pretax income from operations was $18.3, a decrease of $3.4 
from the 1994 third quarter, primarily due to higher foreign 
exchange gains during the 1994 quarter.  Year-to-date, pretax 
income was $71.4, up 97% from the 1994 nine-month period.  
Revenues grew 24% and 45% from the respective 1994 periods, 
due to higher prices for ingot and mill products, and strong 
sales of packaging products.

                             - 8 -

Alcoa's operations, divided into three segments, follow:

1. Alumina and Chemicals Segment
Total revenues for the Alumina and Chemicals segment were $477 
in the 1995 third quarter, up 31% from the comparable 1994 
quarter.  Year-to-date, revenues were $1,286, up 18% from the 
1994 period.

Although shipments of alumina were down slightly from the 1994
quarter and 6% from the year-to-date period, revenues were up 
34% and 13%, respectively.  Alumina chemicals revenues rose 
29% from both the 1994 quarter and year-to-date levels, princi-
pally due to higher shipments and a higher value-added product 
mix.

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 (AWA) 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 third quarter, AWA produced 2,553 mt of
alumina, shipping 1,661 to third-party customers.
                              
2. Aluminum Processing Segment



                               
                              Third quarter ended     Nine months ended
                              -------------------     -----------------
                                  September 30           September 30
                                  ------------           ------------
 Product classes                1995        1994       1995        1994
 ---------------                ----        ----       ----        ----
                                                    
 Revenues                                                 
   Flat-rolled products      $ 1,046     $   801    $ 3,255     $ 2,340
   Engineered products           568         487      1,752       1,335
   Aluminum ingot                331         260        832         704
   Other aluminum products        99         121        280         345
                              ------      ------     ------      ------
 Total                       $ 2,044     $ 1,669    $ 6,119     $ 4,724
                                                          
 Shipments (000 metric tons)
   Flat-rolled products          346         345      1,076       1,020
   Engineered products           109         115        345         321
   Aluminum ingot                177         172        459         517
   Other aluminum products        23          19         56          54
                              ------      ------     ------      ------
 Total                           655         651      1,936       1,912



Flat-rolled products - The majority of revenues and shipments 
for flat-rolled products are derived from rigid container sheet
(RCS).  Shipments of RCS in the 1995 third quarter were up 4%
over the 1994 quarter and 9% over the 1994 year-to-date period.
Revenues from RCS increased 45% and 53% from the respective
periods.

Sheet and plate shipments in the 1995 third quarter were down 
3% from 1994 levels.  However, revenues for the quarter were 
up 20%.  Shipments were up 5% in the 1995 year-to-date period 
and, combined with higher prices, generated a 28% increase in 
revenues over the 1994 period.

Aluminum ingot - Ingot shipments for the 1995 third quarter 
were up 3% from the 1994 quarter on the strength of higher 
U.S. shipments.  Year-to-date, shipments were 11% lower than 
those in the 1994 period, reflecting the lower production 
levels brought about by the 450,000 mt of idle smelting 
capacity.  Realized ingot prices in 1995 increased 33% from 
1994.

                             - 9 -

Engineered products - These products include extrusions used in
the transportation and construction markets, forged aluminum
wheels, and wire, rod and bar.  Revenues from the sale of
engineered products increased 17% in the 1995 third quarter
because of higher prices.  Year-to-date, revenues and shipments
were up 31% and 8%, respectively.

On September 11, 1995, A-CMI, a partnership between Alcoa and 
CMI International, announced plans to build its first European
manufacturing plant in Lista, Norway.  The plant will develop 
and produce aluminum chassis, suspension, brake and powertrain
components and systems.  The plant represents a total invest-
ment of approximately $40, and will be built in close proximity 
to an Elkem Aluminum ANS plant which will deliver molten 
aluminum to the new car parts factory.

Other aluminum products - Shipments of other aluminum products
during the 1995 nine-month period increased 2% from 1994, while
prices fell 21%, mainly due to a drop in aluminum closure 
prices.  Third quarter 1995 revenues were down 17% because of 
these lower prices.

3. Non-aluminum Segment
Revenues for the non-aluminum segment were $744 in the 1995 
third quarter, up 40% from $527 in the 1994 quarter. Year-
to-date, this segment had revenues of $1,987, compared with 
$1,451 in 1994.  The increases are largely due to the 
acquisition of Electro-Wire Products (EWP) by Alcoa Fujikura 
(AFL), along with increased sales of plastic closures, 
particularly in Brazil.  Alcoa Electronic Packaging also 
recorded a 42% increase in sales over the 1994 third quarter 
on the strength of higher shipments.

Cost of Goods Sold
Cost of goods sold increased $397, or 19%, from the 1994 third
quarter.  Year-to-date, the increase was $1,164, or 20%.  The
increases reflect improved volume along with higher purchased
metal and raw material costs.  Cost of goods sold as a 
percentage of revenues in the 1995 year-to-date period was 
73.7%, or 5.6 percentage points lower than the 1994 ratio.  
The lower ratio in 1995 is primarily due to higher prices for 
nearly all aluminum products and improved cost performance.

Other Income & Expenses
Other income was up $45 from the year ago nine-month period
primarily because of increased equity earnings and higher
interest income.

Selling, general and administrative expenses increased $22 and
$61 from the year-ago quarter and nine-month periods largely
because of higher salaries, higher accruals for variable
compensation and the acquisition of EWP.

The estimated effective tax rate for 1995 was raised to 33% 
from an earlier projection of 32.5%.  The rate was calculated
including the effects of a negative adjustment related to 
AofA.  In the third quarter the Australian government passed 
legislation to increase the corporate income tax rate from 33% 
to 36% retroactive to the beginning of the year.  As a result, 
AofA recorded a $27.2 increase in its taxes.  Most of this 
amount relates to an adjustment of future taxes which were 
initially recorded at the lower rate.  The difference between 
the 1995 estimated effective tax rate of 33% and the U.S. 
statutory rate of 35% is primarily due to lower taxes on 
income earned outside of the U.S.

Minority interests' share of income from operations declined 
16% from the 1994 third quarter and increased 51% year-to-date.  
The third quarter decrease is due primarily to lower earnings 
at Aluminio, AFL and Alcoa-Kofem.  Year-to-date results 
reflect higher earnings by Aluminio, AofA and Alcoa-Kofem.

                             - 10 -

Commodity Risks
In 1994, Alcoa entered into longer-term contracts with a 
variety of customers in the U.S. for the supply of approxi-
mately 1.5 million mt of aluminum products over the next 
several years.  As a hedge against the economic risk asso-
ciated with these contracts, Alcoa entered into long 
positions using principally futures and options contracts.  
At December 31, 1994 these contracts totaled approximately 
1.4 million mt.  At September 30, 1995, such contracts 
totaled 1.2 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 counter-
parties 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 London Metal Exchange
contracts outstanding at year-end 1994 that cover fixed-price
commitments to supply customers with metal from internal 
sources.  At September 30, 1995, such contracts totaled 
255,000 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
third quarter was $339 and reflects Alcoa's most probable
cost to remediate identified environmental conditions for
which costs can be reasonably estimated.  About a third of
the reserve relates to Alcoa's Massena, New York plant site.
Remediation expenditures charged to the reserve during the
1995 nine-month period were $58.  Expenditures included those
currently mandated as well as those not required by any
regulatory authority or third party.  During the period Alcoa
settled claims with several insurance companies related to
environmental liabilities.  Alcoa has received $91.8 during
the 1995 nine-month period in settlement of such claims, of
which $73.4 was used to increase existing environmental
reserves and $18.4 was taken into income as stated earlier.
Additions to environmental reserves include costs to perform
further investigation and feasibility studies at the Pt.
Comfort, Texas plant site.

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.

                             - 11 -

Liquidity and Capital Resources

Cash from Operations

Cash from operations during the 1995 nine-month period was
$1,076, $274 higher than in the 1994 period.  The higher cash 
was generated primarily by improved earnings, partly offset 
by net increases in working capital components.  The increase 
in noncurrent liabilities is primarily due to cash received 
from settlements of metal hedging activities.  The gains and 
losses associated with these metal contracts are reflected in 
earnings concurrently with the hedged revenues or costs.

Financing Activities

Financing activities generated $191 of cash during the first 
nine months of 1995.  These included $89 in short-term 
borrowing and $101 for employee stock options.  Additional 
long-term borrowings net of debt payments generated $396, as 
AFL borrowed $304 to finance the EWP acquisition.  Aluminio 
also borrowed $186 during the period to fund future 
investments. 

During the period, Alcoa used $186 to repurchase 2,749,200 
shares of its common stock.  Dividends paid to shareholders 
were $122 in the 1995 year-to-date period, an increase of $14 
from 1994 as Alcoa increased its quarterly dividend from 
20 cents to 22.5 cents per share beginning in the 1995 first 
quarter.  Dividends paid to minority interests totaled $87.

Investing Activities

Capital expenditures for the 1995 period were $547, up from 
$394 in the 1994 period.  Most of the 1995 expenditures were 
for sustaining operations.  Alcoa also spent $427 during the 
period to acquire three new subsidiaries, EWP,  St. Croix 
Alumina and Discovery Alumina. 

With the formation of AWA, WMC paid Alcoa a net amount of $367 
in January 1995.  Alcoa in turn loaned WMC $122 in January 
1995.  The loan is due on demand and carries an interest rate 
of LIBOR plus 10 basis points.  The $129 reduction in minority 
interests relates primarily to the redemption of all of the 
outstanding preferred stock of Alcoa International Holdings 
Company.

                             - 12 -

Alcoa and subsidiaries

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



                                     
                                            (unaudited) 
                                           September 30    December 31
                                           ------------    -----------
                                               1995           1994
                                               ----           ----
                                                     
Cash and short-term investments            $   294.7       $    34.5
Other current assets                           328.1           376.4
Properties, plants and equipment, net (1)      836.6           929.0
Other assets                                   176.2           161.8
                                             -------         -------

      Total assets                           1,635.6         1,501.7
                                             -------         -------

Current liabilities                            352.2           415.2
Long-term debt (2)                             341.6           222.2
Other liabilities                               88.3            33.3
                                             -------         -------
                                                
      Total liabilities                        782.1           670.7
                                             -------         -------
                                                
            Net assets                     $   853.5       $   831.0
                                             =======         =======

                                    (unaudited)            (unaudited)
                                Third quarter ended     Nine months ended
                                    September 30           September 30
                                    ------------           ------------
                                  1995        1994       1995        1994
                                  ----        ----       ----        ----
                                                            
Revenues                        $  298.6    $  240.3   $  892.1    $  615.3
Costs and expenses                (264.0)     (205.8)    (758.6)     (538.1)
Translation and exchange                                    
adjustments                          0.7        12.3        4.0        (3.0)
Income tax expense                  (4.3)      (10.1)     (16.5)      (12.6)
                                 -------     -------    -------     -------
                                                            
      Net income                $   31.0    $   36.7   $  121.0    $   61.6
                                 =======     =======    =======     =======
                                                            
Alcoa's share of net income     $   18.3    $   21.7   $   71.4    $   36.3
                                 =======     =======    =======     =======


(1) Effective January 1, 1995, the portion of Aluminio's operations included
    in the WMC transaction was 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



                             - 13 -

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)  
                                         September 30   December 31
                                         ------------   -----------
                                             1995          1994
                                             ----          ----
                                                   
Cash and short-term investments            $   76.0      $   88.2
Other current assets                          543.2         484.9
Properties, plants and equipment net        1,583.9       1,645.3
Other assets                                  102.9         102.5
                                            -------       -------
                                              
      Total assets                          2,306.0       2,320.9
                                            -------       -------
                                              
Current liabilities                           335.0         317.9
Long-term debt                                145.9         150.2
Other liabilities                             414.4         382.6
                                            -------       -------
                                              
      Total liabilities                       895.3         850.7
                                            -------       -------
                                              
      Net assets                          $ 1,410.7     $ 1,470.2
                                            =======       =======

                                 (unaudited)             (unaudited)
                                Third quarter         Nine months ended
                                 September 30           September 30
                                 ------------           ------------
                               1995        1994       1995        1994
                               ----        ----       ----        ----
                                                            
Revenues (1)                 $  480.8    $  390.6   $1,313.3    $1,100.8
Costs and expenses             (354.5)     (321.2)    (987.4)     (896.1)
Translation and exchange                                    
  adjustments                     -           0.2        -           2.2
Income tax expense(2)           (70.9)      (14.8)    (134.8)      (59.0)
                              -------     -------    -------     -------
                                                            
           Net income        $   55.4    $   54.8   $  191.1    $  147.9
                              =======     =======    =======     =======
                                                            
Alcoa's share of net income  $   33.2    $   27.9   $  114.7    $   75.4
                              =======     =======    =======     =======


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

      Third quarter ended September 30:       1995 - $12.6, 1994 - $10.0
      Nine months ended September 30:         1995 - $37.4, 1994 - $23.7

(2) The 1995 nine-month period includes a $27.2 tax charge associated 
    with a change in the Australian corporate tax rate from 33% to 36%.



                             - 14 -

                   PART II - OTHER INFORMATION
                                
Item 1.  Legal Proceedings

As previously reported, on June 13, 1995, the company was 
served with a class action complaint in the matter of 
John P. Cooper, et al., v. Aluminum Company of America, Case 
Number 3-95-CV-10074, pending in the United States District 
Court for the Southern District of Iowa.  The named plaintiffs 
allege violation of federal and state civil rights laws 
prohibiting discrimination on the basis of race and gender.  
Plaintiffs seek class action status for five classes of 
employees or prospective employees of Alcoa at its Davenport, 
Iowa facility.  Plaintiffs seek a permanent injunction against 
allegedly discriminatory practices, restitution of claimed 
benefits and income, and unspecified compensatory and punitive 
damages.  Alcoa has answered the complaint and denied all 
alleged violations of federal or state law.  Alcoa also has 
filed a motion to dismiss certain of the plaintiffs' claims.  
Discovery is underway. 

As previously reported, on December 21, 1992, Alcoa was named 
as a defendant in KML Leasing v. Rockwell Standard Corpora-
tion, filed in the U.S. District Court for the District of 
Oklahoma on behalf of 7,317 Aero Commander, Rockwell Commander 
and Gulfstream Commander aircraft owners.  The complaint 
alleges defects in certain wingspars manufactured by Alcoa.  
Alcoa's aircraft builder's product liability insurance carrier 
has assumed defense of the matter.  In May 1993, Alcoa 
received a reservation of rights letter from its insurance 
carrier which purports to reserve its rights with respect to a 
majority of the types of damages claimed.  Alcoa continues to 
challenge the reservation.  In May 1995, the court granted 
Alcoa's motion for summary judgment to dismiss the action.  
The plaintiffs have appealed.

As previously reported, Alcoa was named as one of several
defendants in a number of lawsuits filed as a result of the 
Sioux City, Iowa DC-10 plane crash in 1989.  The plaintiffs 
claim that Alcoa fabricated the titanium fan disk involved in 
the alleged engine failure of the plane from a titanium 
forging supplied by a third party.  Sixteen of the 22 cases 
which were pending at year end 1994 have been settled.

As previously reported, Alcoa initiated a lawsuit in King 
County, Washington in December 1992 against nearly one hundred 
different insurance companies that provided insurance coverage 
to the company for periods between the years 1956 and 1985.  
In the 1995 third quarter, two summary judgment motions made 
by certain of the defendants were ruled upon in Alcoa's favor.  
During 1995, the company settled claims against several of the 
defendants.  Trial in this proceeding is expected to commence 
in the 1996 first quarter.

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.

                             - 15 -

                           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
   
   
November 13, 1995              By /s/ JAN H. M. HOMMEN
Date                          Jan H. M. Hommen
                              Executive Vice President and
                              Chief Financial Officer
                              (Principal Financial Officer)
   

   
November 13, 1995              By /s/ EARNEST J. EDWARDS
   Date                       Earnest J. Edwards
                              Vice President and Controller
                              (Chief Accounting Officer)
   
                             - 16 -
   
                            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           20
    unaudited financial information
27. Financial Data Schedule

                             - 17 -

Alcoa and subsidiaries                                 EXHIBIT 11




            Computation of Earnings per Common Share
             For the nine months ended September 30
               (in millions, except share amounts)

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

                                                             
 1. Income applicable to common stock                               
        before extraordinary loss *                      $ 638.0          $ 73.6
                                                                   
 2. Weighted average number of common shares
        outstanding during the period                178,383,420     177,637,568
                                                                   
 3. Primary earnings per common share                               
        before extraordinary loss (1 divided by 2)         $3.58            $.41
                                                                   
 4. Fully diluted earnings before                                   
        extraordinary loss (1)                            $638.0           $73.6
                                                                   
 5. Shares issuable under compensation plans               1,694          17,164
                                                                   
 6. Shares issuable upon exercise of dilutive                                                          
        outstanding stock options (treasury stock                            
        method)                                          577,404       1,109,562
                                                                   
 7. Fully diluted shares (2 + 5 + 6)                 178,962,518     178,764,294
                                                                   
 8. Fully diluted earnings (loss) per common                     
        share before extraordinary loss                 
        (4 divided by 7)                                   $3.57            $.41


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

Alcoa and subsidiaries                                 EXHIBIT 12




        Computation of Ratio of Earnings to Fixed Charges
          For the nine months ended September 30, 1995
                   (in millions, except ratio)

                                                                1995
                                                                ----

Earnings:                                                   
   Income before taxes on income                            $1,251.0
   Minority interests' share of earnings of majority-
      owned subsidiaries without fixed charges                   1.0
   Equity income                                               (48.2)
   Fixed charges                                               107.4
   Proportionate share of income (loss) of 50%-owned
     persons                                                    48.2
   Distributed income of less than 50%-owned persons             -
   Amortization of capitalized interest                         18.0
                                                             -------
      Total earnings                                        $1,377.4
                                                 
Fixed Charges:                                   
   Interest expense:                             
      Consolidated                                          $   84.0
      Proportionate share of 50%-owned persons                   5.5
                                                             -------
                                                                89.5
                                                             -------
                                                 
   Amount representative of the interest factor in rents:
      Consolidated                                              17.7
      Proportionate share of 50%-owned persons                    .2
                                                             -------
                                                                17.9
                                                             -------

   Fixed charges added to earnings                             107.4
                                                             -------

   Interest capitalized:                         
      Consolidated                                               1.4
      Proportionate share of 50%-owned persons                   -
                                                             -------
                                                                 1.4
                                                             -------

   Preferred stock dividend requirements of      
      majority-owned subsidiaries                                5.1
                                                             -------
                                                 
      Total fixed charges                                   $  113.9
                                                             =======
                                                 
Ratio of earnings to fixed charges                              12.1
                                                             =======

                                             EXHIBIT 15

                                             October 6, 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. 33-60305)
          Long Term Stock Incentive Plan

     3.   Form S-3  (Registration No. 33-49997) and
          Form S-3 (Registration No. 33-60045)
          Debt Securities and Warrants to Purchase Debt
          Securities, Preferred Stock and Common Stock

We are aware that our report dated October 6, 1995,
accompanying interim financial information of Aluminum
Company of America (Alcoa) and subsidiaries for the three-
month period ended September 30, 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
       
                             
                   9-MOS
                          DEC-31-1995
                               SEP-30-1995
                                         988,900
                                     7,300
                                1,727,500
                                    45,400
                                  1,507,700
                             5,067,800
                                      15,029,900
                               8,207,900
                              13,695,600
                        2,429,700
                                      1,593,600
                                       178,900
                                0
                                     55,800
                                   4,155,800
                13,695,600
                                      9,391,900
                             9,510,800
                                        6,926,100
                                6,926,100
                               529,000
                                     0
                              84,000
                              1,250,800
                                   419,900
                            639,600
                                       0
                                      0
                                            0
                                   639,600
                                     3.58
                                     3.57