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Alcoa and Hyundai Sign Memorandum of Understanding
PITTSBURGH, Pa., and SEOUL, Korea--November 3, 1999--
Alcoa Inc. and Hyundai Group Companies announced today that they have
entered into a Memorandum of Understanding for Alcoa to purchase
Aluminum of Korea, Ltd.'s (Koralu's) shares, which are owned by Hyundai
Group Companies. Koralu is Korea's largest aluminum flat-rolled products
Although Hyundai Group Companies and Alcoa will make every effort to
enter into definitive agreements expeditiously, final agreement depends
upon the outcome of the due diligence review and the parties negotiating
terms and conditions of the deal.
Alcoa is the world's leading producer of aluminum and alumina and is
active in all major segments of the industry: mining, refining,
smelting, fabricating and recycling.