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Alcoa and Egyptalum Sign Memorandum of Understanding
PITTSBURGH and CAIRO--August 11, 1999--
Alcoa Inc. has signed a Memorandum of Understanding with the Egyptian
government's Holding Company for Metallurgical Industries, and its
subsidiary company, Egyptalum, to form a strategic alliance regarding
Egyptalum's smelting, rolling and extrusion operations in Egypt.
The three companies had signed a letter of intent in June 1998 to study
the feasibility of a business partnership. As a result of the study, a
preliminary agreement has been reached on the terms of an Alcoa
majority-owned strategic partnership designed to modernize the Egyptalum
operations and aid Egyptalum in becoming a more effective competitor in
national and regional markets. It is expected that negotiations for a
definitive agreement will be completed in early 2000.
Egyptalum's aluminum business is comprised of a 180,000
metric-ton-per-year primary aluminum smelter, rolling mill and
soft-alloy extrusion facility, located at Aluminum City in Nag-Hammadi,
Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina. It is active in all major segments of the
industry: mining, refining, smelting, fabricating and recycling. Alcoa
has 215 operating locations in 31 countries.