Alcoa, CDB Announce Memorandum of Understanding to Support Aluminum Projects
Alcoa and the China Development Bank (CDB) announced today that they
have signed a Memorandum of Understanding to collaborate on an array of
aluminum and related projects both in China and abroad, focusing on
Alcoa partnering with Chinese companies on global expansion projects and
developing China′s domestic aluminum industry.
The agreement was signed in Beijing by Alcoa Chairman and Chief
Executive Officer Klaus Kleinfeld and CDB Governor Jiang Chaoliang.
'This is an important step in expanding Alcoa′s cooperation with Chinese
partners and it creates a unique opportunity for the company′s growth
around the world,? Kleinfeld said. 'CDB is China′s leading development
bank, and our partnership will be mutually beneficial to Alcoa and
Chinese partners. Alcoa′s extensive experience and global network
combined with CDB′s financing capacity and knowledge will strengthen all
parties involved.?
Jiang added, 'CDB is dedicated to producing viable opportunities for
Chinese companies to expand abroad and increasing their growth
capability at home. This MOU with Alcoa is an important landmark that
will help further these goals.?
The MOU will support Alcoa′s expansion around the world through
knowledge sharing and potential financing support on appropriate
projects. Alcoa and CDB will work together to identify potential
partners and projects in and outside China. Further, CDB will prioritize
Alcoa′s projects in China and the two organizations will engage in
professional training for each others′ staffs.
'Alcoa and CDB understand that in the world today, cooperation between
U.S. and Chinese companies is critical to their mutual success,? Jiang
added.
About Alcoa
Alcoa 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 CDB
China Development Bank is dedicated to its mission of strengthening
China′s competitiveness and improving the living standards of its people
in support of the State′s medium-to long-term development strategies and
priorities. Its operations cover a number of areas, including the
promotion of Chinese companies doing business abroad. CDB is also
China′s most profitable bank and has been a leading player in the
country′s infrastructure and social development.
Alcoa
Investor Contact:
Roy Harvey, 212-836-2674
or
Media
Contact:
Michael E. Belwood, 812-604-0530