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.”