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Alcoa, Ma'aden produce first Saudi hot metal
December 14, 2012 - 02:00 GMT
Alcoa and its Saudi Arabia-based joint venture partner Ma'aden have produced the first hot metal at their aluminium complex on the east coast of the country, a project that allows the Pittsburgh-based company to significantly reduce production costs.
"The smelter gives us the opportunity to push ahead with its
strategy for the upstream business of coming down the cost
curve," Alcoa chairman and ceo Klaus Kleinfeld said Wednesday
in an interview from the complex in Ras Al Khair. "This is the
lowest-cost smelter on the planet; it gives us a good bump-up
in our competitiveness." The Ma'aden project contributes a
2-percentage point reduction on the refining and smelting cost
curves for Alcoa, which plans to move down the cost curve by
3-6% points by the end of 2013 across its smelting facilities.
Alcoa has a 25.1% stake in the...
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Euromoney Institutional Investor PLC.
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