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| March 31, 2009
Alcoa Completes Exchange with ORKLA ASA For 2 Norwegian Smelters and Anode Plant
Alcoa Now Sole Owner of Former Elkem
Aluminum ANS; Lista and Mosjoen Operations Form Alcoa Norway ANS
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it has completed its exchange of stakes
with ORKLA ASA for its Elkem Norwegian smelting partnership, which
includes aluminum smelters in Lista and Mosjoen, as well as one of the
world’s most modern anode plants, also in Mosjoen. Orkla, in turn,
received Alcoa’s 45 percent share of the SAPA soft-alloy extrusion
profile joint venture.
The two smelters and anode facility – Mosjoen, located in Northern
Norway, and Lista, on the southern tip of the country - provide a
combined primary production output of 282,000 metric tons per year. The
addition of these assets increases Alcoa’s global smelting capacity to
more than 4.8 million metric tons, making Alcoa the world’s largest
primary aluminum producer. Approximately 700 workers are employed in
three facilities at the two locations which form a new organization
called Alcoa Norway ANS.
“Building on a positive 90-year relationship between Alcoa and Orkla and
the personal experience in Norway of Alcoa's international executive
team, we were able to complete this exchange in record time. This
cashless transaction gives our two companies the opportunity to focus on
our respective areas of expertise,” said Klaus Kleinfeld, President and
CEO of Alcoa, Inc. “The addition of two smelters with long-term clean
power contracts and an anode business that plays a vital role in
supporting our operations in Norway and Iceland strengthens Alcoa's
leadership position within the aluminum industry.”
The two parties will continue to develop and hold joint ownership in the
carbothermic process technology Alcoa is developing together with Orkla.
Currently in the research and development phase, the carbothermic
process is a new technology that holds the potential to produce aluminum
at a lower cost, driven by reduced conversion costs, lower energy
requirements, and lower emissions and at a lower capital cost than
traditional smelting. The technology also holds potential for
significant cost improvements in the production of other metals.
About Alcoa
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation 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, and building systems. The Company has been named one of the
top most sustainable corporations in the world at the World Economic
Forum in Davos, Switzerland and has been a member of the Dow Jones
Sustainability Index for seven consecutive years. More information can
be found at www.alcoa.com
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