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China Approves Alcoa-CITIC Joint Venture to Establish Aluminum Rolling Mill; Alcoa to Invest in Expansion
NEW YORK & BEIJING--(BUSINESS WIRE)--Sept. 8, 2005--Alcoa (NYSE:AA) announced today that it has received approval from the Ministry of Commerce in China to establish a new joint venture with China International Trust & Investment (CITIC), its equity partner in Bohai Aluminum, to produce aluminum rolled products at the Bohai plant in Qinhuangdao, China. This is the final approval required in order for the venture to move forward. Alcoa will be the managing partner (73% stake) in the new venture, which is expected to be finalized by early October 2005.
Alcoa plans to invest approximately $200 million in a major expansion of the facility, which includes a state-of-the art hot rolling mill and related equipment. Alcoa anticipates having the mill commissioned by 2008.
The new joint venture will serve customers in China and throughout Asia in multiple markets with high quality aluminum fabricated products, including sheet, plate and foil.
"This new entity underscores Alcoa's long term commitment to grow in China, one of the fastest growing economies in the world, and expands our presence in Asia. We are bullish about the success of this venture, as we will be managing a facility that produces high value products in which Alcoa has established knowledge and customers worldwide," said Alcoa Chairman and CEO Alain Belda.
The Alcoa and CITIC joint venture Bohai Aluminum was formed in 1995. Bohai Aluminum produces aluminum foil.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com.