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January 18, 2011

Alcoa, CPI Announce Memorandum of Understanding to Develop Aluminum, Energy Projects

WASHINGTON--Alcoa and the China Power Investment Corporation (CPI) will collaborate on a broad range of aluminum and energy projects representing more than $7.5 billion of potential investment over the coming years, under a Memorandum of Understanding (MOU) signed by the companies today.

U.S. Secretary of Energy Steven Chu, Chinese Minister of Science and Technology Wan Gang, and Administrator Zhang Guabao of the Chinese National Energy Administration presided over the signing ceremony between Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld and CPI President Lu Qizhou.

The ceremony was held in Washington, DC, during Chinese President Hu Jintao’s State Visit to the United States. The MOU represents a global, fully integrated platform for cooperation between the two parties in China and key markets around the world.

“This is an historic opportunity at a pivotal moment in U.S.-China relations,” Kleinfeld said. “Two iconic brands will be working together around the world in a long-term relationship, sharing best practices and experiences in promising emerging economies.”

Lu added, “CPI is a comprehensive energy group developing and utilizing new and clean energy sources. This MOU marks an important step for CPI to partner with Alcoa, a leading American company in its industry, to achieve mutually beneficial cooperation, which will bring a bright future for all of us.”

In China, Alcoa and CPI will intensify their collaboration on developing clean energy projects such as wind and solar and state-of-the-art aluminum smelting operations. Both parties will also work toward developing high-end aluminum industrial parks. Alcoa and CPI will also expand their current trading relationship. Outside China, CPI and Alcoa will explore opportunities in a number of geographies. The projects may range from mining, refining and smelting to collaboration on energy projects.

“Alcoa and CPI understand that the world's environmental challenges can best be met through cooperation between the U.S. and China,” Kleinfeld and Lu said, citing the MOU as an example. Alcoa is a global leader in using hydroelectric power in the production of aluminum, and CPI has the most clean energy assets of any Chinese utility. Alcoa and CPI will focus heavily on the use of clean energy in their cooperation in China.

About Alcoa

Alcoa (NYSE:AA) is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world. More information can be found at www.alcoa.com.

About CPI

CPI is one of the five major power generation groups in China with an installed capacity of 70 GW. It has the most clean energy assets among the five groups, totaling approximately 30% of its capacity. It is also China’s second largest aluminum producer with 2 million metric tons of aluminum smelting capacity. It currently has three core businesses along its industry chain – coal, electricity and aluminum, and has established six major industrial clusters.