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September 12, 2007
Alcoa Sells Its Stake in Chalco; Will Continue Its Commitment to Chinese Aluminum Industry
HONG KONG & BEIJING--Alcoa International (Asia) Limited, a wholly owned subsidiary of Alcoa,
today announced it has sold its equity holdings in the Aluminum
Corporation of China Limited (Chalco) through a placement of shares for
approximately HK$15.3 billion (US$2.0 billion) or HK$17.34 per share.
Alcoa had been a significant investor in Chalco since its initial public
offering (IPO) in 2001, holding approximately 7 percent of its shares.
Alcoa also reiterated its ongoing commitment to the Chinese aluminum
industry and will continue to pursue investments in both upstream and
downstream assets there.
“We normally do not act as financial
investors, but we participated in the Chalco IPO 6 years ago to help
facilitate its entry into the capital markets,”
said Alcoa Chairman and CEO Alain Belda. “Over
the past seven years Chalco has become firmly established in the equity
market so our role as a financial investor is no longer needed, and we
can redeploy our capital into other value-adding options, including
projects in China.
“Chalco and Chinalco are to be commended for
their evolution of the business since their IPO,”
said Belda. “Under Chairman Xiao's leadership,
they have emerged as a global leader in the aluminum industry and are
playing an important role within China in the development of the sector
there. We will continue to pursue opportunities with Chalco for mutual
investment and growth, both within China and overseas,”
“Our commitment to China and the opportunities
there has never been stronger,” said Belda. “As
a major player in the Chinese aluminum industry, we look forward to
continuing to work with our partners and Chalco to help the industry
realize its great potential.”
Alcoa's presence in China began in 1993 with the creation of the Alcoa
Asia Ltd. representative office in Beijing. Since then, Alcoa has
established 17 operating locations that provide innovative solutions for
customers in all major markets. Products produced include foil,
fasteners, automotive components, construction products, plastic
closures, and decorative sheet.
Alcoa is in the midst of a major expansion of its Bohai rolling mill in
Qinghuangdao, China, where the Company is investing approximately $300
million in a technologically advanced hot rolling mill and related
equipment. Alcoa anticipates having the mill commissioned in 2008, with
output growing to more than 220,000 metric tons per year (mtpy).
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 including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 116,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of the
shares in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This press release is not an
offer of securities for sale in the United States; the shares of Chalco
to be sold by Alcoa have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements; and any public offering of securities to be made in the
United States would be made by means of a prospectus that may be
obtained from the issuer or the selling security holder and that would
contain detailed information about the company and management, as well
as financial statements.