Alcoa-Chinalco Cooperation to Delay Iron Ore Monopoly

The world will know in a few years the significance of the cooperation between Alcoa Inc. (NYSE: AA | Quote | Chart | News | PowerRating) and the Aluminum Corporation of China (Chinalco), which is the delay of the global iron ore monopoly by BHP Billiton.
The words came from Jinya Chen, president of Alcoa China. The president stressed that the cooperation was just a business move and would prevent an ultra-large conglomerate from taking shape. Chinalco is a leading aluminum producer in China.

Notably, last month, Yunnan Metallurgical Group Co., Ltd. signed an agreement with Alcoa to purchase a 100 percent stake in the US aluminum giant holds in Alcoa (Shanghai) Aluminum Products Co., Ltd., said earlier reports.

The management and employees of Alcoa Shanghai will be remained in principle, after the acquisition, stressed Dong Ying, chairman of Yunnan Metallurgical Group.

Next, the target company will be injected into Yunnan Xinmeilu Aluminum Foil Co., Ltd. (YXAF), a joint venture among Alcoa, Yunnan Metallurgical Group, and China Tobacco Yunnan Materials Group Co., Ltd.

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