(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

Exhibit No.

99.1

99.2

Operator:

William Oplinger:

Thank you.

Good afternoon. Thank you for attending Alcoa’s Third Quarter 2003 Analysts Workshop. At today’s meeting we have (Rick) Kelson, Chief Financial Officer, who will give an overview of the third quarter, and Joe Muscari, Group President of Latin America and Asia, who will discuss the Latin American and Asian operations.

Before I turn it over to (Rick) I’d like to remind you that in discussing the company’s performance today we’ve included some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve known and unknown risks and uncertainties. Alcoa’s actual

results or actions may differ materially from those projected in the forward-looking statements.

For a summary of the specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements see Alcoa’s annual report on Form 10-K for the year ended December 31, 2002 and Form 10-Q for the quarter ended June 30, 2003 filed with the SEC.

Also in our discussion today we’ve included some non-GAAP financial measures. You can find a presentation of the most directly comparable GAAP financial measures calculated in accordance with generally accepted accounting principles under the invest section of our Website.

At this point I’d like to turn it over to (Rick) Kelson.

Richard Kelson:

Thanks, Bill.

Good afternoon. This afternoon I will focus on our strong third quarter results as well as the outlook going forward in the key markets that we serve. Let’s get started.

I’ll begin with some third quarter highlights. The third quarter had many highlights worth mentioning. Safety performance continues to top the list. We brought our loss work day rate down to 0.09 in the quarter. We continue to make progress towards our goal of zero work related injuries and illnesses.

Income from continuing operations reached 33 cents per share due in part to a reduction in operating costs, which boosted gross margins to 20.8%, the strongest level in two years.

We lowered SG&A by 12% to 5.7% of sales. And we continued to reduce our debt to capital ratio to 38.8% in the quarter, 160 basis point reduction. Year-to-date this ratio has declined by 430 basis points. In the last six months alone we’ve paid down nearly $1 billion of debt.

We continued to reduce capital spending as we said we would. Disciplined capital spending resulted in $115 million or 40% reduction from the prior year period representing just 62% of depreciation levels.

We moved closer to achieving our cost saving goals by taking out $23 million in costs during the quarter. This leaves us on track not only to meet but to exceed our billion dollar cost challenge by the end of the year.

And finally, our asset divestiture program is progressing well. And we’re confident that both the proceeds to be realized and the timing are on track. I’ll expand on this a little bit later. But first let me turn to safety.

As always, the first place we start when assessing our performance is the level of improvement that we’ve achieved in safety. The third quarter was an outstanding quarter as we improved our loss work day rate to 0.09. To put this in perspective in this quarter we had just 26 loss work day incidents for nearly 60 million hours worked across the Alcoa global operations. Our target remains 0.075 loss worked days by the year 2005.

Our continued improvement in this area remains evidence of a strong desire in this organization to continually improve upon the way that we work. Let’s turn to a financial overview.

This slide compares our third quarter results with the prior quarter. Relative to the second quarter GAAP earnings from continuing operations improved by $54 million or 24%. This is attributable to a strong alumina market as well as focused cost reduction, which together were able to more than offset a sequential decline in revenues.

Revenues in the third quarter were 5.3 billion, down 3% sequentially but up 3% year-over-year. Cost of goods sold declined to 79.2% of sales versus 79.6% in the prior quarter. SG&A also declined significantly falling by 42 million from the prior quarter to 5.7% of sales from 6.3% of sales.

We continue to work on numerous initiatives throughout the organization to bring SG&A costs down. I’m pleased with the success in the third quarter but believe further improvement can and will be achieved.

Our effective tax rate declined in the third quarter to 22% from 26% stemming from the expiration of a prior international audit period. Looking forward we would expect the effective tax rate for the fourth quarter to be 30.5%.

Minority interest expense declined by $21 million in the quarter due to both the completion of the purchase of the outstanding 40.9% minority share of Alcoa Aluminio as well as lower earnings at Alcoa Fujikura.

Just as an aside, had we expensed stock options in the quarter the net income impact would have been minimal at $5 million. This would compare to $4 million in the second quarter.

Let’s move on and talk about our progress on debt reduction. We have emphasized in the past our commitment to reducing our debt to capital ratio to our target range of 25 to 35%. We continued to execute on that objective in the third quarter making substantial progress by reducing our debt to capital ratio by a further 160 basis points from the end of the second quarter. It currently stands at 38.8. We will continue to pay down debt as we generate cash from operations and through proceeds from asset divestitures.

Year-to-date capital spending of 574 million represents 66% of depreciation. And while we expect somewhat of an up tick in the fourth quarter, we should have no trouble being I would say below our target of a billion dollars cap ex for the year.

Let’s turn to the segments and let’s start with Alumina and Chemicals. Once again for all of the segments the pie charts indicate an idea of the relevant importance of the various markets within the segments. And these are all based on third quarter revenue. We’ll speak to sequential quarters comparing the third quarter ‘03 to the second quarter ‘03.

Strong prices and volumes contributed to a 24 million or a 27% increase in after tax operating income from the prior quarter. Realized prices increased 11% sequentially while volumes rose by 2%. We saw virtually all of that incremental revenue fall to the bottom line.

On a year-over-year basis realized alumina prices were up 14% and volumes rose 2% resulting in a 22% ATOI increase.

Current business conditions are really fairly straightforward. Spot prices continue to remain high. And the strong A-dollar would negatively affect margins due to cost increases obviously in Australia.

Let’s turn to primary metals. On a sequential basis ATOI improved $1 million or 1% from the prior quarter. Although realized pricing increased by 3 cents per pound or 5%, shipments declined by 2% driven largely by the Alumar outage. Additionally we experienced higher energy and alumina costs. Relative to the year ago quarter realized prices increased by 7% while shipments declined by 6%.

As to the current business conditions, LME on a 30-day lag basis is up a penny a pound. In the fourth quarter other issues, which will have bearing from a change from the third, the fourth quarter will bear about half of the cost of the Alumar shutdown, which was due to the electrical outage in July that affected 40% of that smelter production. As we previously disclosed, total net income impact of the shutdown will be about $14 million.

Also as we announced, due to high energy prices in the Pacific Northwest we’ll be curtailing total production at Intalco by 50% to 90,000 tons on November 1^st. There should be approximately a $10 million impact in the fourth quarter on that combining both the loss of the BPA subsidy and the curtailment cost that we would anticipate incurring.

Move to flat rolled products. The can sheet business contributes a large share of the revenues for this segment with the rest split between transportation markets, building and construction, and the distribution channel. On a sequential basis after tax operating income was up $3 million or 5%, shipments down 1%, revenue down 2%. Improved profitability in canned sheet was offset by weakness in Europe.

As to the current business conditions we expect the normal seasonal slowdown in canned sheet for the fourth quarter and soft economic conditions continue in Europe.

Moving to engineered products, this segment has the largest exposure to aero, industrial gas turbines, and building and construction, and yet it continued to show notable improvement. On a sequential basis despite lower revenues ATOI increased by 2 million or 5% driven by higher revenues in our forging businesses in both the aerospace and commercial vehicle markets, continued benefits also from cost reductions at Howmet, the earlier restructurings that we’ve frequently talked to you about.

As we look to the current business conditions, anticipate higher automotive volumes following the model year change over in third quarter. However, we’d also expect continued pressure on industrial gas turbines and some seasonal weakening expected in the residential building and construction market.

Moving to the packaging and consumer segment, as an aside this segment now includes the protective packaging business acquired as part of the IVEX acquisition in 2002. This business has been reclassified from

discontinued operations to continuing ops as we decided not to sell the business based on an assessment of market conditions.

On a sequential basis after tax operating income declined by 5 million or 8%. Both our closures and food service businesses experience seasonally weaker volumes. And also the reclassification of the protective packaging business that I just mentioned impacted the quarter due to a depreciation catch up for the period. And that was approximately $5 million.

As to the current business conditions, season strength is expected in the fourth quarter in the consumer products group expected due in most part to the holiday season. And we’ll also anticipate seasonal weakness in closures.

Our other remaining segment, as we’ve frequently mentioned, the primary driver in this segment is automotive demand. It contains our Alcoa Fujikura business unit. After tax operating income was down sequentially $9 million, essentially lower volumes from ASL Automotive due to summer shutdowns and the winding down of the customer contracts, which were partially offset by seasonal strength in our building products business.

It’s also worth noting that AFL Automotive was awarded new contracts for the 2004 year by VW, Ford, and GM. Current business conditions also affected anticipating higher automotive volumes after the model year changeover in the third quarter and would anticipate seasonal decline in the residential and building and construction markets.

We’ll move on and talk about our cost savings. Relative to our billion dollar cost challenge we continued to make substantial progress in the third quarter. Cost savings in the quarter were $23 million bringing the annual run rate on cost savings to $964 million.

On an annualized basis (unintelligible) declines have accounted for 746 million and GA and SE has accounted for the remaining $218 million. Our current quarterly run rate of 241 million indicates that we have 9 million left to achieve. And as I stated earlier, this is well within our grasp.

Highlights of the third quarter savings included substantial reduced administrative expenses across the organization, improved yields in our forging business, continued procurement savings noticeably at AFL Automotive, and continued productivity improvements at Howmet.

Next I’d like to turn to our ROC challenge. This chart shows our profitability measured by ROC. The red line represents the Bloomberg top quintile ROC entry. The blue line represents Bloomberg’s measure of Alcoa over a rolling four quarter time horizon. And the green line shows our quarter returns annualized.

On this basis we’ve shown continuing improvement over the course of this year reaching an annualized ROC of 7.8% in the third quarter, up from 6.4% at the start of the year. As you know, this goal remains an integral target within the company, to which performance and incentive compensation is linked. We remain committed to it and will continue to strive to achieve top quintile. It’s a goal, which we hold ourselves accountable, as I’ve said many times before.

Next I’d like to discuss the progress on our divestiture initiative. As you’re aware, we are in the midst of a sizable divestiture program. Among the businesses that were identified for sale at the end of 2002 are specialty chemicals, packaging equipment, North American architectural products, commodity automotive fasteners, and several foil facilities. The effort is currently on track to realize proceeds in the range of the 750 to 1 billion and in the 18 month time period that we originally defined.

To date we’ve announced the proceeds at 75 million stemming from the sale of Latin American PET packaging business to Amcor. I’m pleased to tell you we have a handful of letters of intent for the remainder of the assets held for sale. And most of these will be announced during the fourth quarter, some hopefully coming very soon. But we do anticipate these to be on target.

Additionally I would like to update you on the inert anode project. In short we continue to make progress on the inert anode. We’ve completed testing over a three-week period in commercial pots in (Mecina). However, continued progress on the technology is necessary to ensure commercial viability.

In particular further work needs to be done to demonstrate anode life targets and metal purity retention over long periods. We would anticipate that in 2004 we would have completed the work necessary to reach a decision on the commercial viability of the project.

I’d like to turn to a quick update of our growth initiative. We’re continuing to move forward with our strategy of improving our top

position in the up stream segments. And I believe several projects merit mention.

In alumina we’re nearing completion of the 250,000 metric ton expansion at the Jamalco refinery. This is an expansion at $460 a ton. We announced the 250,000 metric ton expansion at Suriname to be completed in July of 2005. This is capacity added at $260 a ton. We approved a 600,000 metric ton expansion at Pinjarra to be completed by 2005. And this is also in the $450 a ton range.

In aluminum we’ve announced a memorandum of understanding with the Kingdom of Bahrein paving the way for us to acquire up to a 26% stake in that facility. This also covers the potential expansion for a sixth line as well as a long-term alumina supply agreement. If the sixth line were to take place, this would be a 1.1 million metric ton smelter.

We announced an MOU with Brunei economic development board for a smelter feasibility study in Brunei. This study will be conducted over the next two years.

We also approved an $83 million mine expansion at the Three Oaks Mine in Central Texas. This will provide a low cost source of fuel for Rockdale’s power generation stations for the next 35 years.

These are only a few of the projects that we’re engaged on in order to ensure that we continue to move aggressively down the global cost curve in these businesses. Later Joe Muscari will touch on our growth initiatives in Asia and Latin America.

Let me summarize. In summary, our third quarter results evidence that we continue to improve our business through growth, reducing costs, and driving cash generation. We are well positioned to leverage our strengths as the economy strengthens.

And with that I’d like to turn it over to Joe, who will discuss our growth strategies in Asia and Latin America. Thank you.

Joe?

Joseph Muscari:

Thanks, (Rick).

Good afternoon. I’d like to share with you in the next 15 minutes or so some of the things Alcoa is doing in Latin America and Asia as well as our perspectives around both of the regions.

We believe both regions offer attractive growth opportunities for us. In Latin America our objectives are to strengthen and grow our low cost primary position as well as focus our downstream operations on export and high evaluative products. The recent Aluminio transaction where we took over the Camargo position enabled us to take a large step toward executing this strategy.

In Asia we remain very positive. I’m still as bullish on China as I was when I met with you over a year and a half ago. We continue to make steady progress on implementing our growth plans there although SARS and the changing governments have had a slowing down effect on us.

As we look at Latin America, this gives you an overview of where our locations are for our various businesses. I’ll just give you a second to take a look at it.

In terms of specifics around our strategy we have moved our focus in flat rolled products to higher value added, thin foil markets as well as having our business there become much more export focused. In packaging we sold PET and are in the process of selling Latasa while we have our closures business globally aligned with CSI.

The extrusion business is leveraging its low cost position to grow exports, primarily to North America. And it is also focusing on segments where we can differentiate ourselves in the domestic markets.

On the primary side of the portfolio our objectives basically is to strengthen and grow our low cost positions. These assets are among the lowest cost in the system. And I’ll show you a little more on this in a minute. We continue to invest in low cost hydroelectric power in order to secure our smelter positions over the long-term. And this in essence also provides the basis for our growth. And we’re also pursuing opportunities to expand refining capacity at Alumar as well as develop our bauxite position to support further growth.

This graph of refining costs give you a perspective of a low-cost position of our two refineries in Brazil, Pocos and San Luis. And as you can see, both are well below the global average.

As we look at the smelting cost curve, global cost curve, you can see both locations are also below the curve from the standpoint of in relation to the global average.

I mentioned, investment and low-cost hydropower as a basis for our growth strategy. This gives you an overview of how we are progressing towards that. We’re targeting approximately 1,000 megawatts. And we’re in various stages on the way towards achieving that. Part of the way there through Machadinho, which is now operational, Barre Grande, which is under construction, and others that are under development. The economics, as we’ve noted, are attractive with delivered costs in the 8 to $10 per megawatt hour range.

The upstream opportunities we have center on development of the Juruti mine, brownfield expansions in both refining and smelting at Alumar, as well as additional greenfield expansions as we secure power. And all of these are at relatively attractive low investment costs.

Let’s switch now to Asia. Asia is expected to drive over 50% of worldwide aluminum consumption over this decade. And China will account for approximately 50% of that.

Alcoa has established an important presence in the region over the years that basically allows us to pursue an aggressive growth plan that will focus on higher valuated products as well as take advantage of low cost production for global sourcing. We recently restructured our canned sheet joint venture with Kobe Steel. And there are two pending major investments in China at Pingguo and Bohai, which I’ll talk about in a minute.

As we look at primary metal supply in China, we’d just like to take a few minutes around that subject because I know it’s a point of interest. But we see a slight surplus. Capacity has expanded strongly. We have not, as yet, seen much impact from small high cost capacity exiting. Product growth, however, has been more subdued due to high cost alumina, regional electricity shortages, and environmental pressures.

Most significantly though China’s aluminum consumption continues to grow at a very high rate, which results in China continuing to be a net importer when you look at the entire aluminum metal balance picture. And this is pretty much in line with what we thought would happen when I spoke to you the last time. And the government also still seems to be committed to managing the capacity growth.

This is a snapshot of the metal balance in 2002. And as you can see on this slide, when scrap imports are added to semi-fabricated imports, the country was in a net import position. And we’re basically seeing the same pattern, as we looked at 2003 through August.

The consumption side of China is reflective of both a developing economy, which is characterized by high consumption in the construction and power sectors, as you can see on this chart, as well as a more developed economy where consumer goods and manufacturer sector consumption levels are relatively strong. So we’re seeing both of those occurring in China right now.

This is a quick snapshot of our existing and future positions in China. I mentioned earlier the experience gained in businesses such as our

Shanghai foil operation and Tianjin closures businesses and other positions allows us to move forward with larger investments with a relatively high degree of confidence that we can achieve attractive returns over time.

As we look at our China projects, we continue to make steady progress on implementing the growth plans. Shanghai expansion is going well. And we expect to start up at the end of the first quarter of next year. The project is ahead of schedule and under budget. We’re moving forward with a flat rolled products joint venture at Bohai with CITIC. The 220,000 ton sheet and foil facility is expected to be fully operational by the end of 2005. And the project is currently making its way through the government approval process.

The Pingguo refining and smelting joint venture with Chalco has not gone as fast as we would have hoped. But we’ve made good progress towards securing power for the project. And our relationship and cooperation with Chalco, our strategic partner in China, is excellent.

Just to recap, we have a very strong, competitive primary position in Latin America today. And we intend to build on that position in the future.

In Asia we intend to grow profitably through leveraging our experience and market knowledge, through strong partnerships with CITIC and Chalco, as well as by taking advantage of cross regional opportunities that basically leverage our global position.

Thank you.

William Oplinger:

(Dan Rolling):

Joseph Muscari:

(Dan Roling):

Joseph Muscari:

Alberto Arias):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

That   depends on the market. I mean, there are other markets.

(Victor Lazarovich):

Richard Kelson:

(VictorLazarovich):

Joseph Muscari:

(Victor Lazarovich):

Joseph Muscari:

(Victor Lazarovich):

Joseph Muscari:

(Larry Peck):

Joseph Muscari:

William Oplinger:

Operator:

We’ll take a question from (John Tumazos), Prudential Financial. Go ahead please.

(John Tumazos):

Richard Kelson:

(John Tumazos):

Richard Kelson:

(John Tumazos):

Operator:

We’ll take our next question from (Tina Peterson), with the media. Go ahead please.

(Tina Peterson):

Richard Kelson:

(Tina Peterson):

Richard Kelson:

(Tina Peterson):

(Chuck Bradford):

Joseph Muscari:

Richard Kelson:

(Wayne Atwell):

Joseph Muscari:

(Wayne Atwell):

Joseph Muscari:

Man:

Joseph Muscari:

Man:

(Unintelligible)

Man:

Joseph Muscari:

Man:

Operator:

We’ll take a question from (Frank Dunna), (Adage Capital). Go ahead please.

(Frank Dunna):

(Dan Roling):

Richard Kelson:

(Alberto Arias):

Joseph Muscari:

(Alex Latzer):

Joseph Muscari:

(Wayne Atwell):

Richard Kelson:

(Wayne Atwell):

Richard Kelson:

(Chuck Bradford):

Joseph Muscari:

(Alberto Arias):

Richard Kelson:

(Mike Morrisroe):

Richard Kelson:

Caglar Somek:

Richard Kelson:

William Oplinger:

Richard Kelson:

William Oplinger: