Alcoa Inc (AA.N), the largest U.S. aluminum producer, said on Friday it has signed an agreement with the China Development Bank (CDB) to collaborate on aluminum and related projects in China and abroad. It said the arrangement would focus 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. Kleinfeld said Alcoa's Memorandum of Understanding with the CDB will support Alcoa's expansion around the world through knowledge sharing and potential financing support. He gave no further details.
Alcoa Inc. (Alcoa) is engaged in the production and management of aluminum, fabricated aluminum, and alumina combined, through its participation in mining, refining, smelting, fabricating, and recycling. Shares of AA fell by 0.99% or $-0.17/share to $16.98. In the past year, the shares have traded as low as $9.81 and as high as $18.47. On average, 26495300 shares of AA exchange hands on a given day and today's volume is recorded at 7134581.
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