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Market: NYSE
Sector: Manufacturing
EPIC: AA
Latest Price: 8.60  (2.02% Ascending)
52-week High: 16.81
52-week Low: 8.43
Market Cap: 9,173.65M
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Alcoa
www.alcoa.com

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry.

Full Alcoa profile here
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Alcoa, CPI to develop high-end aluminum joint venture

14th Sep 2011, 12:49 pm by Olivia D'Orazio
Alcoa, CPI to develop high-end aluminum joint venture

Aluminum giant Alcoa (NYSE:AA) and China Power Investment (CPI) announced Wednesday they have signed a letter of intent to develop a joint venture that will see the two companies develop high-end aluminum products together.

The letter follows a memorandum of understanding that the companies entered into earlier this year. The memorandum saw the companies agree to cooperate on projects in China and around the world.

In a statement, the companies said the letter will provide a framework for a completed joint venture, focusing on the production of high-end fabricated aluminum products in China. The companies also said the collaboration will be well positioned to capture the growth in China's automotive, aerospace, packaging, and consumer electronics markets.

Alcoa CEO, Klaus Kleinfeld commented: "This new agreement points to the real progress both companies have made since signing the memorandum of understanding, and I look forward to formalizing the joint venture . . . [which] will help shape the future of China's fast-growing aluminum industry."

"Deeper cooperation in high-end aluminum fabrication will definitely broaden the space for both companies' development and accelerate our common endeavor to move forward," added CPI president Lu Qizhou.

CPI integrates the power, coal, aluminum, railway, and port industries in China. It simultaneously possesses assets in hydropower, thermal power, nuclear power, and new energies. At the end of 2010, it had installed capacity of 70.72 gigawatts (GW), coal production capacity of 72.75 million tonnes, and aluminum production capacity of 2.08 million tonnes.

In New York, Alcoa's stock slipped 0.77% to $11.54 as of 11:48 am EDT.

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