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Chalco and Alcoa Announce Revised Timetable in Formalizing Pingguo Joint Venture
BEIJING & PITTSBURGH--(BUSINESS WIRE)--Dec. 17, 2002--Aluminum
Corporation of China Limited (Chalco) and Alcoa Inc today announced
that their joint venture at Pingguo will now be formalized in 2003.
This revised schedule will allow the parties to complete the necessary
commercial terms and to obtain the necessary government approvals for
the joint venture. Both Chalco and Alcoa are satisfied with the
substantial progress of preparations made during 2002 toward the
finalization of the Pingguo joint venture.
Under the previously announced strategic alliance, Chalco and
Alcoa are forming a 50/50 joint venture at Chalco's facility at
Pingguo, which is one of the most efficient alumina and aluminum
production facilities in China. Alcoa believes that the proposed joint
venture will allow it to benefit from the growth of China's aluminum
market, the fastest growing in the world. Chalco believes that the
cooperation with Alcoa on the Pingguo joint venture will improve
business performance within Chalco.
The parties have committed to significantly increase both the
refining and smelting capacities at Pingguo over the next few years.
The currant alumina expansion should be completed in mid 2003, at
which time the capacity of the alumina plant will be 850,000 tpy.
There are also plans to expand the 130,000-mtpy aluminum smelter at
Pingguo by 250,000 mtpy, bringing total capacity to 380,000-mtpy by
2006.
Both parties expect to finalize the necessary arrangements and
obtain government approvals by the second half of 2003. No U.S.
regulatory approvals are required.
Chalco is the sole alumina producer and the largest producer of
primary aluminum in China, and was ranked 2nd in terms of alumina
production volume in 2001 in the world. Its mining, refining and
smelting operations are the largest in the Chinese aluminum industry.
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 to customers. The company has
129,000 employees in 38 countries. More information can be found at
www.alcoa.com and www.chalco.com.cn
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 joint
venture 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 China,
government approvals and other risk factors summarized in Alcoa's Form
10-K for the year ended December 31, 2001.
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