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April 1, 2005
Announcement of Alcoa Korea sales in Seoul, Republic of Korea
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We are pleased to announce today that Alcoa Korea sales will be launched in Seoul, Republic of Korea on April 1, 2005.
Korea Metals & Chemicals Co., Ltd, formerly known as KMCC, has been an agent of Alcoa Inc., since 1970s. KMCC is now officially a sales unit within Alcoa and the new name is Alcoa Korea Ltd. Alcoa Korea has 2 wholly owned organizations with more than 200 employees, one of them is CPE (Changwon Precision Extrusions, serving the aerospace, defense and the industrial markets of South Korea and Asia), and now, Alcoa Korea sales. Alcoa also has a majority owned joint venture called Closure Systems International Korea (serving the plastic closures market in South Korea).
Alcoa Korea sales will be a key enabler to achieve Alcoa's growth objectives in Northeast Asia and Korea. Northeast Asia is a near mature market for the usage of aluminum in a variety of markets. However, there are market segments such as automotive, industrial, packaging and building/construction that could be developed to be more aluminum intensive. Alcoa Korea's sales for 2004 were $150 million and are forecasted to grow to $250 million by 2008. This represents a nearly 14% CAGR, which is more than three times the projected growth rate for aluminum consumption in South Korea.
Alcoa Korea sales will specialize in the sales & marketing, of aerospace, automotive, packaging, building and construction, commercial transportation, electronic and other industrial markets. Alcoa Korea sales will offer a one face, single stop shop for all of the South Korean customers aluminum needs. We are confident that we will provide our customers with high quality services and products that create value and profitability for them.
We welcome your continuous interest and support for Alcoa Korea sales and Alcoa Korea Ltd. For more information on our products and services, please call (02) 3473 5673.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, 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. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap foils and plastic wraps, Alcoa wheels, and Baco household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com.
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