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Alcoa Signs Memorandum of Understanding with China Aluminum Corp. (Chalco) PITTSBURGH, Pa.,
and BEIJING, China--November 8, 1999--
Alcoa Inc. and China Aluminum Corp. (Chalco) announced today that they
have signed a memorandum of understanding (MOU) to form a strategic
partnership. This MOU supersedes the MOU Alcoa entered into last year
with the China State Nonferrous Metals Industry Administration, the
government body at that time responsible for the development of the
country's aluminum industry and its regulatory policies.
Since that time, management responsibility for many aluminum facilities
has been transferred to Chalco. The Nonferrous Metals Industry
Administration witnessed the new MOU.
In the new MOU, Alcoa and Chalco have established guidelines and
principles for their final evaluations and negotiations in the coming
months. The parties have targeted the end of June 2000 to complete their
negotiations and sign a master strategic partnership agreement expected
to involve an association of several aluminum production facilities of
Chalco and Alcoa.
Chalco is the new holding company recently formed by the Chinese
government to hold the most significant mining, refining, smelting and
fabricating assets in China.
Alcoa is the world's leading producer of primary aluminum, fabricating
aluminum and alumina. It is active in all major segments of the
industry: mining, refining, smelting, fabricating and recycling.