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Alcoa CEO received $10 million in 2006

PITTSBURGH --Alcoa Inc. Chief Executive Alain Belda, who led the aluminum maker through a year that saw revenues and operating income reach record levels, was awarded $10 million in total compensation in 2006, according to a company proxy statement filed Monday.

Belda, 63, received a base salary of $1.4 million, $2.4 million from an incentive plan based on business unit and other performance factors, and $597,419 from tax gross-ups, expatriate benefits and other types of compensation. He was also given stock or option awards totaling $5.6 million.

Belda's compensation was outlined in a filing with the Securities and Exchange Commission. It included tax reimbursements of $92,967 for company-paid life insurance and $96,301 for personal benefits such as financial planning and tax preparation costs, club dues, spouse travel expenses and personal use of company aircraft valued at $87,879.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits.

Alcoa shares gained 7 percent in the fourth quarter, but ended 2006 roughly where they began, rising about 1 percent over the course of the year.

The Pittsburgh-based company's revenues were pushed higher by robust metal prices and strong demand for aluminum in the airplane, commercial trucking and commercial construction markets.

Annual income from continuing operations in 2006 was $2.25 billion, up from $1.23 billion in the previous year. Revenues for 2006 reached an all-time record of $30.4 billion, a 19 percent increase from 2005, the company said earlier.

Alcoa shares rose 28 cents, or 0.8 percent, to close at $35.36 on the New York Stock Exchange.