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Alcoa and Kibar Holding Company Sign Letter of Intent PITTSBURGH and ISTANBUL--August 10, 1999--
Alcoa Inc. and Kibar Holding Company of Turkey announced today that they
have signed a Letter of Intent to form a strategic alliance with respect
to Kibar's Turkish aluminum business. The parties will jointly prepare a
business plan during the next six months to further refine their
Kibar's aluminum business, known as Assan Alüminyum, is the leading
aluminum rolled products business in Turkey. Assan's continuous casting
operation has the capacity to produce 60,000 metric tons per year of
aluminum castings. Current expansions underway will increase capacity to
90,000 metric tons by the end of 1999.
Kibar Holdings is one of the leading industrial groups in Turkey. Formed
in 1972, Kibar Holdings' businesses range from packaging materials,
automotive products and assembly, and galvanized steel and aluminum.
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. Revenues for all of 1998
were $15.3 billion with record shipments of 3.95 million metric tons of