Pittsburgh--Alcoa announced Thursday that it has agreed to acquire Reynolds Metals Co., Richmond, Va., in a tax-free stock deal valued at $4.4 billion, about $1.2 billion less than the cash and stock deal Alcoa had proposed last week. The combined company will form an aluminum industry behemoth with 120,000 employees, 300 locations, and combined estimated 1999 revenue of $20.5 billion. The aluminum industry will be remade if Canada's Alcan Aluminum's planned merger with France's Pechiney and Switzerland's Alusuisee Lonza Group goes through. Alain J.P. Belda, Alcoa president-CEO, said that the Reynolds brand name would be maintained. Alcoa expected the deal to lead to $200 million in cost savings by the second year after closing, which is expected at the end of this year.