ALUMINUM COMPANY OF AMERICA

(Alcoa), American corporation founded in 1888 (as the Pittsburgh Reduction Company) and now a leading producer of aluminum. Its operations range from mining bauxite and other ores to smelting and processing aluminum, fabricating aluminum products, and marketing and shipping. It has majority ownership of Alcoa of Australia Limited, a leading producer of aluminum oxide (alumina). It has foreign operations throughout the world. Corporate headquarters are in Pittsburgh. Pittsburgh Reduction Company was founded by a group of young men that included Charles Martin Hall, who in 1886 had been the first American to succeed in developing a commercially cheap method of smelting aluminumby electrolysis. In 1891 the company began producing cast products (such as teakettles) and aluminum sheeting, as well as raw aluminum; and in 1899 it acquired its first bauxite mining rights. By 1907, when it reincorporated as the Aluminum Company of America (Alcoa), it had numerous mines, alumina plants, hydroelectric facilities, aluminum smelters and fabricating facilities, and the Alcoa Technical Center (in Pittsburgh) for laboratory research and development. In 1928 Alcoa created an independent foreign company, Aluminium Limited (see Alcan Aluminium Limited), and transferred to it almost all of Alcoa's holdings then outside the United States. In return, Alcoa received the common stock of Aluminium Limited. Meanwhile, the U.S. government had been turning a critical eye on Alcoa. In 1912, in an antitrust suit, Alcoa agreed to abandon certain monopolistic practices involving restrictive covenants with suppliers. Then, from 1922 to 1930, a Federal Trade Commission investigation brought further accusations of unfair competition and discrimination. Finally, in 1937, the U.S. Department of Justice filed a complaint charging the company with monopolizing interstate commerce in 16 markets and commodities and engaging in conspiracies with foreign producers. The final court decisions in 1951 absolved Alcoa of wrongdoing, but Alcoa's major stockholders were compelled to divest themselves of their common stock in Aluminium Limited.