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Alcoa eyes M&As as prices plummet

By Wang Yu (China Daily)
Updated: 2009-09-11 11:07

Keeping cool nerves while facing multiple challenges, the CEO of aluminum giant Alcoa remains upbeat about the prospect of joint overseas acquisitions with Chinese partners even as he keeps all options open.

Although a highly publicized attempted stake purchase of Rio Tinto by State-owned Chinalco was in vain, Alcoa is optimistic about other opportunities for global mergers and acquisitions (M&As) with Chinese partners, Alcoa CEO Klaus Kleinfeld told China Daily yesterday.

"I am not happy with the result (of negotiations with Rio Tinto), but it was a good start. We want to help Chinalco go abroad," Kleinfeld said on the sidelines of ongoing Summer Davos forum in Dalian.

"We will still look out for opportunities in international joint M&As with our Chinese partners."

While it explores business possibilities, Alcoa is busy streamlining and reshuffling its China operation, focusing on its traditional strengths and cutting back on operations not in a leading position.

Part of the trimming came through a stake transfer agreement with Yunnan Metallurgical Group in August for Alcoa's Shanghai foil plant.

Special coverage:  Summer Davos 2009

Related readings:  Alcoa posts 3rd successive loss Alcoa rolls itself up for further loss  Alcoa bleeds from slump in prices Alcoa sees China as linchpin in aluminum market  Alcoa to trim dividend by 82%

Yet it brought its new Qinhuangdao lithographic plate facility on stream yesterday with what Alcoa says is the most sophisticated production line of its kind in the world.

Despite being an industry leader globally, Alcoa has not yet established its up-stream facilities in China, so it is eyeing further opportunities to work with Chinese companies.

The Alcoa CEO admitted that the global downturn resulted in a meltdown in orders from both abroad and in China.

Aluminum prices have never before plummeted by such a margin, some 60 percent, which again resulted in Alcoa losses in the second quarter, its third quarter in a row in the red, the first time since 1992 that it recorded nine months of consecutive losses.

Kleinfeld said it presents the biggest challenge he has ever confronted. In response the company has trimmed inventory and cut jobs.

In addition, Kleinfeld credited the fiscal stimulus package from China for improvement in business at Alcoa China.