This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ma’aden Alcoa Joint Venture Reaches First Hot Metal Milestone For Smelter

The Saudi Arabian Mining Company (Ma’aden) and Alcoa (NYSE:AA) celebrated the achievement of the First Hot Metal milestone today 12/12/2012 at their joint venture smelter project at Ras Al Khair in Saudi Arabia. This milestone marks the successful commissioning of the first of 720 smelting furnaces or “pots”, and is a key step toward the commercial production at the smelter.

At the ceremony marking the event in Ras al Khair, Ma’aden President and CEO Engineer Khalid Al Mudaifer said that the achievement of First Hot Metal in only 25 months from the pouring of first concrete is testimony to the vision of the Government of the Kingdom of Saudi Arabia, and to the dedication of Ma’aden, Alcoa, and their respective contractor teams.

“Today we see the first aluminium produced in Saudi Arabia, and the launch of a new industry. One based on the natural resources and human talent of the Kingdom, the vision of the Government, and the close friendship and collaboration of Ma’aden and our joint venture partner, Alcoa. The regional strength and expertise of Ma’aden and the technological leadership and global market reach of Alcoa is a winning combination,” Engr Mudaifer said.

Alcoa Chairman and CEO Klaus Kleinfeld said that the ceremony in Saudi Arabia represents a momentous event for Alcoa and clear demonstration of the Company’s focus on disciplined execution.

“The Ma’aden Alcoa joint venture is the largest fully integrated project that Alcoa has embarked upon since creating the modern aluminum industry nearly 125 years ago,” Kleinfeld said. “It will be the lowest-cost producer within our global smelting system and in addition to lowering Alcoa’s overall cost base, will help establish Saudi Arabia as the regional leader in the global aluminium industry. Alcoa is pleased to play a role in creating new economic opportunities for the people of Saudi Arabia, and delivering profitable growth for our Company.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs