FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * REITAN BERNT   2. Issuer Name and Ticker or Trading Symbol ALCOA INC [AA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President (Last) (First) (Middle) 201 ISABELLA STREET 3. Date of Earliest Transaction (Month/Day/Year) 08/30/2006 (Street) PITTSBURGH, PA 15212 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/30/2006   M   35,133 A $ 22.555 109,445 D   Common Stock 08/30/2006   S   600 D $ 28.92 108,845 D   Common Stock 08/30/2006   S   3,133 D $ 28.91 105,712 D   Common Stock 08/30/2006   S   8,300 D $ 28.9 97,412 D   Common Stock 08/30/2006   S   2,600 D $ 28.89 94,812 D   Common Stock 08/30/2006   S   6,800 D $ 28.88 88,012 D   Common Stock 08/30/2006   S   800 D $ 28.87 87,212 D   Common Stock 08/30/2006   S   400 D $ 28.85 86,812 D   Common Stock 08/30/2006   S   900 D $ 28.84 85,912 D   Common Stock 08/30/2006   S   900 D $ 28.83 85,012 D   Common Stock 08/30/2006   S   300 D $ 28.82 84,712 D   Common Stock 08/30/2006   S   2,000 D $ 28.81 82,712 D   Common Stock 08/30/2006   S   8,400 D $ 28.8 74,312 D   Common Stock               916 I By Company 401 (K) Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 22.555

08/30/2006

M

35,133

01/10/2006(1)

01/10/2013

Common Stock

35,133

(2)

0 (3)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
REITAN BERNT 201 ISABELLA STREET PITTSBURGH, PA 15212			Executive Vice President

Signatures

Brenda Hart (Assistant Secretary), by the power of attorney		08/31/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This option is part of an option grant that vests in three equal annual installments beginning January 10, 2004. The installment exercised by the reporting person as reported herein vested on January 10, 2006.
(2)	Employee stock options are granted without payment of consideration.
(3)	In the aggregate, a total of 251,200 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

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