Alcoa to partner with China's Henan Province

NEW YORK — US-based Alcoa on Thursday announced a "strategic cooperation agreement" with Henan Province in China on primary and fabricated aluminum products.

The agreement was signed Wednesday at Alcoa?s New York headquarters by company president and chief executive Klaus Kleinfeld and Governor Guo Gengmao of Henan.

"By combining the strengths of Henan Province, an area with abundant energy and natural resources, and Alcoa's technology and market leadership, we are aiming to establish a globally competitive base for aluminum production in China," said Kleinfeld.

Alcoa "will work with Henan as a strategic ally on identifying value-adding projects for alumina, primary aluminum and aluminum fabrication facilities in the province," a company statement said.

The Henan government "will provide the necessary support for resource allocation, energy supply, development plans and policies needed to make Henan a globally competitive base for aluminum production."

Henan is located in central China and is the country's largest producer of nonferrous metals.

The news came as Alcoa said it was pulling out of a joint venture with China's state-owned Chinalco that had been established to buy a stake in Anglo-Australian mining giant Rio Tinto.

Alcoa will receive 1.02 billion dollars for the stake plus dividends from the venture called Shining Prospect.


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