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Alcoa Continues Talks on Iceland Aluminum Production Plant
PITTSBURGH--(BUSINESS WIRE)--May 23, 2002--Alcoa Inc. ("Alcoa")
and the Invest in Iceland Agency ("Invest in Iceland") announced today
that they have signed an extension of their Joint Action Plan to
explore the possibility of constructing a state-of-the-art aluminum
production plant in Eastern Iceland.
In the project under review, Alcoa would own and operate a
320,000-metric-ton-per-year aluminum plant, which would receive power
from a 500+ Mw hydroelectric power station in Eastern Iceland. That
power station would be constructed and operated by Landsvirkjun, the
national power company of Iceland.
Alcoa will continue to review the environmental impact assessments
associated with both projects to ensure that they meet its high
standards for sustainable development.
The Joint Action Plan was originally signed on April 19, 2002, and
the extension runs until July 18, 2002. At that time, the parties will
make a decision whether to sign a formal Memorandum of Understanding
and proceed with the project.
Alcoa is the world's leading producer of primary aluminum,
fabricated aluminum and alumina, and is active in all major aspects of
the industry. Alcoa's aluminum products and components are used
worldwide in aircraft, automobiles, beverage cans, buildings,
chemicals, sports and recreation, and a wide variety of industrial and
consumer applications, including such Alcoa consumer brands as
Alcoa(R) wheels, Reynolds Wrap(R) aluminum foil, and Baco(R) household
wraps. Among its related businesses are precision castings, vinyl
siding, closures, and electrical distribution systems for cars and
trucks. The company has 129,000 employees in 38 countries.