日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Chalco, Alcoa join hands
( 2001-11-08 09:51 ) (1 )

The world's largest aluminium producer, the United States' Alcoa, has pledged to join forces with China's primary aluminium manufacturer Chalco.

The proposal comes at a time as Chalco prepares to launch its wares to major markets worldwide.

The two companies finalized agreements for a strategic alliance on Tuesday, stating Alcoa will buy Chalco's stake, equal to 8 per cent, after it goes global.

Chalco, the third largest aluminium producer in the world, plans to seek a dual listing on the New York and Hong Kong stock markets by the end of the year. The details of the listings are unclear at present, but news agency Reuters claimed that the company aims to raise US$300-500 million.

China International Capital Corp (CICC), the underwriter of Chalco's flotation, said in a statement that, as part of the strategic alliance, Alcoa and Chalco intend to form a 50-50 joint venture at Chalco's prime alumina and aluminium factory.

The statement said the joint venture will provide Alcoa with the opportunity to transfer management, operational and technical expertise to Chalco. The parties have also pledged to significantly increase their refining and smelting capacities during the next few years.

"The joint venture will, to a certain extent, be regarded as an exchange for Alcoa's support for Chalco's listing, because the joint venture will allow Alcoa easier access to the growing Chinese market," said an official from the CICC.

China has the fastest growing aluminium market in the world. Consumption had grown at 10.8 per cent annually between 1996 and last year, and domestic demand is expected to double in 10 years.

On Tuesday, Standard & Poor's assigned its triple-B foreign currency corporate credit rating to Chalco, which reflects a stable outlook for the company.

However, analysts are concerned that the current bearish aluminium market will cast a shadow on the listing. The international aluminium price plunged by 19 per cent this year.

The CICC official said the timing is not bad.

"In addition, the listing is more than collecting money from the market," the official added. "It is more important for Chalco to gear up to international management and its operation through listing."

In connection with its investment, Alcoa will be entitled to one seat on Chalco's board. Aluminium Corporation of China, the parent company of Chalco, will remain the largest shareholder in Chalco.

Alain Belda, chairman of Alcoa, said: "Our alliance with Chalco will provide Alcoa ready and reliable access to aluminium produced in China, the fastest growing economy in the world.

"We expect our alliance to lead to a series of joint ventures in China, where the mutual strategic objectives of Alcoa and Chalco can be realized through the combination of each company's resources and strengths."

Guo Shengkun, chairman of Chalco, said: "By partnering with Alcoa, we can benefit from Alcoa's best management and technical practices to enable us to achieve a global reach and to enhance our competitiveness."