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| July 19, 2002
Alcoa, Government of Iceland and Landsvirkjun, Iceland's National Power Company, Sign Memorandum of Understanding on New Smelter in Eastern Iceland
PITTSBURGH--(BUSINESS WIRE)--July 19, 2002--Alcoa Inc. announced
today that it has signed a Memorandum of Understanding (MOU) with the
Government of Iceland and Landsvirkjun, Iceland's national power
company, formalizing their cooperation on a
295,000-metric-ton-per-year, low-emission aluminum smelter to be built
in eastern Iceland. The MOU was signed this morning in Reykjavik,
Iceland.
The parties began working on this project under a Joint Action
Plan, which began on April 19, 2002, and was extended through this
week.
Under the new MOU, Landsvirkjun will begin development of a
500-megawatt hydropower facility in eastern Iceland, and Alcoa will
complete environmental and engineering studies of the smelter near
Reydarfjordur in eastern Iceland. The MOU also encompasses a harbor
facility at Mjoeyri as well as related infrastructure improvements in
eastern Iceland.
Upon completion, the project would represent one of the largest
private-sector investments in Iceland's history and one of the
cleanest aluminum production facilities in the world. This sustainable
development project is designed to create hundreds of new, permanent
jobs in eastern Iceland helping to put the economy there on a more
solid foundation. A stronger economy in the region will allow for
improvements in transportation, education, healthcare and culture.
As the process continues, Alcoa will work to meet the company's
high standards for sustainable development.
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 serves the aerospace, automotive, packaging,
building and construction, commercial transportation and industrial
markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses as a single solution to customers.
In addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R)
wheels, and Baco(R) household wraps. Among its other businesses are
vinyl siding, closures, precision castings, and electrical
distribution systems for cars and trucks. The company has 129,000
employees in 38 countries.
Alcoa (NYSE:AA)
Forward Looking Statement
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements
involving known and unknown risks and uncertainties that may cause
actual results, performance or achievements related to this memorandum
of understanding to be different from those expressed or implied in
the forward-looking statements. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include Alcoa's inability to achieve the returns necessary
to implement the project, economic or competitive factors in Iceland
and other risk factors summarized in Alcoa's Form 10-K for the year
ended December 31, 2001.
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