26 September 2003 00:59
Alcoa and Sual discuss joint venture NEWS DIGEST
Talks between Alcoa, the world's largest aluminium producer, and Sual,
the Russian aluminium group, on a possible joint venture were at an early
stage, both sides said yesterday.
Sual confirmed that Viktor Vekselberg, the group's majority owner, met
Alain Belda, Alcoa chief executive, this week. The US company was considering
participating in Sual's integrated aluminium project in Russia's
northern Komi Republic, Sual said, either as a provider of technology or as
an equity investor. The Dollars 2bn Komi development is on the site of an
existing bauxite mine, and is to include an alumina refinery as well as an
aluminium smelter.
Sual has also been talking to Pechiney of France about investing in the Komi
project. But it stressed that results of the Komi feasibility study would not
be ready until next year, so a deal with either Alcoa or Pechiney was some
way off.
Alcoa said the meeting took place, but it "was not the only (company) we
met with, either inside the country or outside. We are always looking for
ways to grow the company and move lower down the primary aluminium cost
curve." Rebecca Bream, London
[FTI [The Financial Times]] |
RUSSIA IN FACTS
