BEIJING, China--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.
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.
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.