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Alcoa's Chinese JV Targets Need for High Quality Aluminum in Booming Market -- Trefis - 0 views

www.trefis.com/...2011-09-16

chinese ALCOA YADKIN aluminum CleanTech CHINA joint venture

shared by Yadkin River on 20 Dec 11 - No Cached
  • 1 of 12 Alcoa’s Aluminium Supply Deal with Embraer Could be First of Many 2 of 12 Alcoa Sambas to $16 with Embraer Deal for Jet Development 3 of 12 Alcoa: Revised $16 Price Estimate, Long-Term Outlook Still Solid 4 of 12 Alcoa Restructuring Midstream Business for Emerging Market Growth 5 of 12 Demand for Lightweight Autos Boost Alcoa’s Aluminum Business 6 of 12 Alcoa Aims for $18 by Investing in ‘Green’ Initiatives 7 of 12 Aluminum Demand, New Products Lift Alcoa’s Earnings 8 of 12 Alcoa’s JV in Saudi Arabia Gets Funding 9 of 12 Alcoa Could Get Boost from New Alloys 10 of 12 Alcoa Gains from Fuel Efficiency Focus at Paris Air Show 11 of 12 Alcoa Shines on Solid Aluminum Demand 12 of 12 Alcoa’s Growth Estimates for Aluminum Justify Additional Upside Relevant Articles on TREFIS Alcoa’s Chinese JV Targets Need for High Quality Aluminum in Booming Market September 16th, 2011 by Trefis Team +93.03% Upside 8.53 Market 16.47 Trefis pricesBarBlock artMa
  • The JV will focus on the technical expertise of both the companies to leverage this growing market. Further official information on the joint venture is awaited.
Yadkin River

Whose water is it anyway!? - 0 views

www.yesweekly.com/...whose-water-is-it-anyway_.html

water Alcoa Yadkin Commissioners Governor Legislators

shared by Yadkin River on 06 Dec 11 - No Cached
  • COALITION OF CITIZENS, POLITICIANS AND ENVIRONMENTALISTS BATTLE ALCOA TO RETURN THE YADKIN RIVER TO THE PEOPLE
  • “The conservation of our natural resources and their proper use constitute the fundamental problem which underlies almost every other problem of our national life,” Roosevelt told Congress in 1907.
  • Naujoks referred to Teddy Roosevelt’s well known opposition to corporate monopolies and his firm belief the nation’s natural resources belong to the people. Naujoks cited Roosevelt’s philosophy to highlight the disparity between the legendary president’s philosophy and FERC’s policies
  • ...33 more annotations...
  • Gov. Beverly Perdue officially came on board with the Yadkin River Coalition — a group of local businessmen, citizens and politicians who oppose Alcoa’s re-licensing efforts — last September and her influence has proved invaluable to the cause.
  • The governor’s office filed papers with the FERC “seeking return of the right to plan the use of the Yadkin River flows and the Yadkin hydroelectric project for the benefit of the people of North Carolina,” according to a press release
  • Recapturing the water rights to the Yadkin is essential to the health and well being of the citizens of the nearly 25 counties that comprise the Yadkin River Basin, Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • The Badin Works aluminum smelting plant did bring 1,000 jobs to the area after Alcoa applied for its water rights license in 1958. But Alcoa, a multi-billion dollar corporation and the world’s largest producer of aluminum, ceased operations at the plant in 2007. The plant employed only 377 people when it shut down, said Alcoa spokesman Gene Ellis.
  • One of the first legislators to take their side was NC Sen. Fletcher L. Hartsell Jr., who represents Cabarrus and Iredell counties. Hartsell came on board with the Yadkin River Coalition two years ago after meeting with Dick, Jim Nance, a former board member of the NC Department of Transportation, and Stanly County Commissioner Lindsey Dunevant at his legislative offices in Raleigh.
  • But after he studied the Federal Power Act, he became fascinated with the issue of Alcoa attempting to maintain its monopoly over the 38-mile stretch of the Yadkin. Convinced of the appropriateness of the coalition’s cause, Hartsell signed on and recruited fellow Republican state senator, Stan Bingham.
  • “As far as I’m concerned, Alcoa got the gold mine and we got the shaft,” Bingham said
  • “The little town of Denton is having to pay [Alcoa] for the use of the water coming down the Yadkin for drinking,” Bingham said. “The way that’s calculated is they charge because it’s a loss of power generation…. This whole thing was done many, many years ago, and a lot of people didn’t think about the people they were dealing with at the time.”
  • “Alcoa and others keep talking about it being a ‘taking’ [of property],” Hartsell said. “It’s not a taking; it’s not even close to it. All we’re asking Alcoa to do is to fulfill the obligations that were identified in 1958 that they agreed to.”
  • “They acknowledged when the license was up, they no longer had the right to use the property,” Hartsell explained. “We’re saying there needs to be an equivalency for the run of our river, and when I say ‘our,’ I mean everybody’s. It’s not a private entity. The feds and the state have had control of the run of the rivers since the beginning of the republic.” The language of the Federal Power Act includes a stipulation that the controlling entity, in this case Alcoa, must estimate the recapture value of the resource in the event it must surrender the rights to that resource, Hartsell said. “There is a statutory formula for how you calculate recapture and Alcoa computed it to be $24.2 million in 2006,” Hartsell said.
  • Yadkin River Trust Bil
  • The bill clearly outlines the three primary issues at stake — A) who controls the waters of the Yadkin for the next 50 years; B) the environmental issue related to the condition or quality of the water itself and the immediate environs; and C) the use of the electricity generated by the run of the river.
  • “[Alcoa] signed an agreement. We’re just asking them to live up to their own word,” he said. “The state of North Carolina intervened 50 years ago on Alcoa’s behalf to assist them to get a 50-year license and operate the plant at Badin, but conditions have changed dramatically. If they’re going to use it, what is the return to the people of the state on the state’s investment in the raw material, which is the water? That water is owned by the people.”
  • Alcoa’s re-licensing application represents “the mother of all incentives,” Hartsell said. “They want the state to concede they should have $1 billion in benefit over the next 50 years and provide nothing to the state,” he said.
  • “Why should we give it away?” Hartsell continued. “From an economic development perspective, energy is the major issue associated with job growth and development regardless of the industry.”
  • He pointed out that Alcoa is capitalizing on the hydroelectric energy generated by the Yadkin by selling electricity “on the grid” rather than investing in the local communities.
  • “We’re dealing with John Dillinger and Al Capone,” Bingham said. “Alcoa reaps [millions] in profits each year and North Carolina gets zilch.”
  • An environmental study commissioned by Stanly County and conducted by professor John Rodgers of Clemson University last year established a connection between contami nation of polychlorinated biphenyls, or PCBs, in fish and soil samples taken from Badin Lake near Alcoa’s Badin Works operation. Rodgers’ findings led the Yadkin River Coalition to appeal the waterquality certification issued by the NC Department of Environment and Natural Resources, or DENR. Administrative Law Judge Joe Webster granted an injunction on May 26 prohibiting DENR from issuing a 401 Water Quality Certification to Alcoa until the full appeal is heard.
  • The state issued a fish-consumption advisory for Badin Lake between Stanly and Montgomery counties last February due to elevated levels of PCBs found in largemouth bass and catfish
  • Alcoa attempted to block the advisory by filing a legal appeal. The company claimed that the state “changed its stated evaluation criteria after the study was complete and held Badin Lake to a different standard than the other lakes and rivers in North Carolina,” according to a posting on a company website.
  • Bingham said Alcoa’s objection to the posting of the fish-consumption advisory speaks volumes about their concern for the people who swim and fish at Badin Lake.
  • “It just tells me how they do business,” Bingham said. “They fought the fish-advisory signs; they say we’re taking their property and we have no rights to the water. We’re stuck with the bastards, at least for the moment, but I feel good about the direction of the fight we’re taking on in the future.”
  • Naujoks said he’s concerned about the high concentration of PCBs in the landfills and dumping sites near Alcoa’s four hydroelectric dams. Naujoks said Alcoa has not been entirely forthcoming about the number of waste dumping sites in and around their facilities.
  • They’re not showing us where all the buried bodies are found. As we start digging down through the layers, we’re going to find much more.”
  • “Alcoa knows they can’t hide these dumping sites,” Naujoks said
  • A PROMISING FUTURE Bingham said once Perdue joined the Yadkin River Coalition, it changed everything. “It’s been wonderful; it’s been extremely important,” he said. “We were facing a multi-billion-dollar corporation, but when the governor lis tened to our pleas, they began to take this extremely seriously. They realized they’re in for a fight.”
  • Bingham said the coalition will never quit until the Yadkin River is returned to the people of North Carolina.
  • “Our legal case could take years to resolve, but the campaign to support the legislation through the coalition and FERC re-licensing could be decided within the next year,” he said. “We will work on a targeted campaign to unify and strengthen grassroots efforts of local governments, public interest organizations, businesses and individuals to reclaim the waters of the Yadkin River to benefit the public interest.”
  • Bingham said he can see a day in the near future when the Yadkin is returned to the people and the economy of the 25 counties in the Yadkin River Basin begin to flourish.
  • The NC Department of Health and Human Services issued a fish-consumption advisory last February on Badin Lake after high levels of PCBs were found in fish tissue samples. Alcoa unsuccessfully filed a legal challenge to the advisory last April. The advisory remains in effect.
  • We can offer industry power at a reduced rate and that plays a big part in manufacturing,” he said. “That would be a tremendous incentive. For years, we’ve stood by the sidelines and watched industries go elsewhere. We don’t have anything to offer industry
Yadkin River

» Blog Archive » Commissioners Comment on Status of Alcoa Negotiations - 1 views

insidestanly.com/?p=6103#comments

shared by Yadkin River on 05 Dec 11 - No Cached
  • Alcoa has stated they will provide financial assurances (up to $1.2 million) for the life of the license.  However, Alcoa has failed to inform the public these assurances are not worth the paper they are written on without sufficient enforcement measures included in the agreement.  Alcoa has refused to accept any language we have put forth that would provide sufficient remedies for the County to receive “financial assurances”, if Alcoa does not live up to its end of the bargain.
  • In fact, the proposal Alcoa presented includes an escape clause for any responsibilities due from the company, but it does not allow for review of the hydroelectric license once the license has been awarded.
  • As Alcoa’s latest offer stands, there is no efficient or cost effective way for the County to hold Alcoa accountable for its promises of jobs and investment
  • ...17 more annotations...
  • This is not “compelling”… it is unreasonable.
  • It is not proper for parties to share incomplete information via the press in these types of proceedings until the discussions yield an agreement or officially cease.  Neither has occurred.
  • From the beginning, the County’s goals have been to ensure: (1) that the river is environmentally protected for generations to come, (2) that the use of water from the Yadkin River is best determined by citizens of North Carolina, and (3) that the flow of the river is used to maximize the impact of its resources for the benefit of its citizens.  
  • The goal of environmental protection is being addressed in the state 401 water quality permit process and includes the NC Department of Environment and Natural Resources, Alcoa/APGI, Stanly County and the Yadkin Riverkeeper.
  • he County believes its intervention in this process will lead to numerous water quality improvements.
  • (1) The Board of Commissioners is legally responsible for the public health and well-being of its citizens.  These basic environmental protection measures will lead to cleaner surface and ground water for our citizens now and for generations to come.  It is impossible to put a price tag on the value of one citizen’s life or well-being.   (2) The value of water will only increase as growth demands in the Charlotte region, Piedmont Triad and along the I-85 corridor strain our available water resources.  Regional organizations to the east and west of the Yadkin River basin are planning for water use over the coming decades and our citizens need to be doing the same. (3) The water of the Yadkin belongs to the people and has tremendous value from an electrical generation perspective.  The benefits should not simply be given away to a global corporation to support its operations in other states and foreign countries. This simply transfers wealth out of our community and that is unacceptable. 
  • The County is seeking fair and reasonable compensation for the long-term use of the river.
  •   However, without long-term financial assurances these jobs and the associated taxable investment will remain over the course of a 30, 40 or 50 year license term, it would not be wise to simply drop our reasonable demands.
  •   Should our citizens accept a static amount for a settlement when the value of the resource will increase exponentially over the term of the license?
  • We, as Commissioners, will continue to seek the best outcome for Stanly County.
  • I’m so proud of (and awed by) the Commissioners for thinking of the bigger picture and the long term needs of the community. This is nothing short of blackmail — and failing that, bribery! –on Alcoa’s part. The only reason they’ve ever offered anything is because of the Commissioner’s strong stand against a massive corporate giveaway. Good for you Commissioners! I salute you.
  • Stanly County upheld its end of the bargain for 50 years. It’s time to reclaim use of the water for the betterment of all Yadkin Valley communities. Looks to me like Alcoa is the one stalling, not the commissioners.
  • We must put our fate in our own hands not with a corporation who has no responsibility to our region or our state.
  • I applaud the Commissioners’ continued resolve to do what is in the best interests of our citizens. Future prosperity in Stanly County depends on the Yadkin hydropower. Since the beginning of time, communities have only thrived because of their access to water …for drinking, recreation, trade and fuel. Had our water not been under the control of Alcoa for the last 50 years, we would be in much better shape economically. By leveraging the Yadkin hydropower, we could have already replaced our lost manufacturing jobs with higher paying jobs that reflect the needs of the 21st century. We would be absolute fools to once again relinquish control of our waters to Alcoa for another 50 years. We need to reserve the flexibility to control our own destiny—not “outsource” it to a multinational corporation that has a poor record of stewardship and corporate responsibility in our region.
  • “Since the operation of the Badin smelting works is dependent upon the availability of power supply, Carolina Aluminum must regard its smelting activities at Badin to be limited to the term of the license of the Yadkin Project, which is its source of power supply. In formulating its plans, and weighing the advisability of the $37,000,000 program, the management of Carolina Aluminum had to assume, therefore, that power would be available from the Yadkin Project at economically feasible rates only during the original license term. Under Section 14 of the Act, any project may be “recaptured” at the expiration of the license term. In formulating its plans, therefore, the management of Carolina Aluminum could not rely upon any assured source of power supply after the expiration of its license for the Yadkin Project”
  • The “project properties” are held in trust by the Government for the people. It is the “project properties” that a multi-national, foreign controlled, private enterprise is trying to “hijack” away from “we the people”.
  • Alcoa has never owned “the riverbed”. The do pay taxes in an attempt to lay claim to the riverbed. The state constitution and federal law does not support their claim. With that said, refer back to the 1958 license agreement. Alcoa gave up rights to the submerged land “the project property” in exchange for the monopoly use of the water as free fuel for a guaranteed profit for 50 years. Article 14 of the The Federal Power Act clearly spells out the option Alcoa gave the Federal Government in exchange for the use of the “peoples waters”.
Yadkin River

Alcoa: News: News Releases: Alcoa Inc. and Aluminum Corporation of China ("Chinalco") t... - 0 views

www.alcoa.com/...news_detail.asp

alcoa yadkin chinaalco financing

shared by Yadkin River on 19 Dec 11 - No Cached
  • Chinalco and Alcoa jointly announced today that the two companies intend to explore opportunities to expand their commercial relationship by identifying strategic ventures that will benefit from the companies’
  • n connection with these matters, Alcoa and Chinalco have also entered into an agreement by which Chinalco will redeem the convertible note issued by Shining Prospect Pte. Ltd., a wholly-owned subsidiary of Chinalco, to Alcoa last year for the funding of Shining Prospect’s purchase of ordinary shares in the London-listed Rio Tinto plc. The original principal amount of the note would have been payable on February 1, 2011. Under the terms of the agreement entered into today, the note will be redeemed by Chinalco for a total of US$1.021 billion payable to Alcoa in three installments (over a period ending on July 31, 2009), and Alcoa’s lien on and indirect interest in Rio Tinto shares held by Shining Prospect will end. The total redemption amount represents the discounted net present value of the principal amount of the note (and the total redemption amount will be further discounted if any installment payment is made earlier than contemplated by the agreement). The agreement also provides that Alcoa's pro rata portion of the dividends paid by Rio Tinto to date since the issuance of the note as and when recovered by Shining Prospect will be paid to Alcoa.
Yadkin River

» Blog Archive » Commissioners Hear Debate Over Yadkin Project - 1 views

insidestanly.com/?p=6330

DEC2011 Commissioners CommissionersMeeting Alcoa CleanTech

shared by Yadkin River on 07 Dec 11 - No Cached
  • In a power point presentation, Chairman Dunevant challenged the numbers released by Alcoa last week as to their options on the table, particularly the $1.2 million financial guarantee from Alcoa to Stanly County should the 450 Clean Tech jobs not materialize. Dunevant pressed the value of this guarantee over the life of the 50-year license, asserting that Alcoa had not factored in depreciation. Dunevant contended that due to inflation that amount would be worth only $500,000 by the year 2020 and just $188,000 at the end of 50 years when the license would again be up for renewal.
  • On the flip side, Dunevant said that Alcoa’s profits from dam revenues would grow at a 3.15% inflation rate from Alcoa’s reported $25 million per year to $114 million at the end of 50 years.
  • “I hope you got that… $1.2 million down to $185,000 and $25 million up to $114 million,” Dunevant stated.
  • ...8 more annotations...
  • In addition to seeing this as inequitable for Stanly County, Dunevant made the point that the $1.2 million would not come directly to Stanly County, rather the funds would go to an economic development trust to be co-managed by the commissioners and the N.C. Department of Commerce. “The money would not go to human services, education or public safety, but to an economic development trust,” Dunevant said.
  • “We will be looking for some long-term guarantee that offsets the inflation. A penalty is supposed to create an incentive to perform, not the opposite,” Dunevant said regarding the $1.2 million guarantee now on the table that shrinks over time.
  • “That shows me that water is becoming a commodity,” Snyder said. “We don’t need to allow a coup to obtain a license for clean water at the expense of the public.”
  • “Alcoa thought they’d get a rubber stamp for renewal, but there’s too much discord in this community for that,” Bryant said. We need to recapture the FERC license and remove Alcoa.”
  • “It’s ludicrous to think the commissioners don’t want jobs,” Dick said.
  • Bramlett warns of selling Stanly County’s birthright
  • “We don’t need to sell our birthright for a cup of soup,
  • “I’ve never seen bribery and blackmail like what had been going on the past couple weeks,” he said regarding the Alcoa commitments and Clean Tech deadline. “Alcoa has falsified records and poisoned this river. You have every right not to trust Alcoa.”
Yadkin River

In Yadkin fight, Alcoa loses again: Federal appeals court upholds FERC denial | Citizen - 0 views

www.indyweek.com/...eals-court-upholds-ferc-denial

shared by Yadkin River on 04 Dec 11 - No Cached
  • Alcoa cannot receive a new federal license for the hydro project if it does not have a 401 certification. It is hard to imagine Alcoa claiming it did not mislead NC DENR when the words in those emails speak for themselves.
  • Yadkin River on 04 Dec 11
     
    Alcoa cannot receive a new federal license for the hydro project if it does not have a 401 certification. It is hard to imagine Alcoa claiming it did not mislead NC DENR when the words in those emails speak for themselves.
Yadkin River

Alcoa Needs a New Game Plan: - 0 views

video.cnbc.com/gallery

ALCOA chinese YADKIN financial New strategy missing EPS

shared by Yadkin River on 20 Dec 11 - No Cached
  • Alcoa Needs a New Game Plan: Strategist Tue 11 Oct 11 | 06:40 PM ET John Licata, Chief Commodity Strategist at Blue Phoenix says Alcoa can't keep counting on past ways to succeed, and needs to start entering new product markets.
  • Yadkin River on 20 Dec 11
     
    Alcoa Needs a New Game Plant Strategist John Licata, Chief Commodity Strategist at Blue Phoenix says Alcoa can't keep counting on past ways to succeed, and needs to start entering new product markets.
Yadkin River

WFAE 90.7 FM - 0 views

www.wfae.org/...1_87_316.cfm

alcoa yadkin hydro Commissioners wfae

shared by Yadkin River on 04 Dec 11 - No Cached
  • Mr. Stickler is correct when he states, “We don’t put $300 million of investment in the ground and remove those assets in a couple of years,” says Stickler. HE AND HIS HOPEFUL INVESTORS JUST DO NOT MAKE THE INVESTMENT IN THE 1ST PLACE. His last “Proposed” Rebar plant (http://www.steeldevelopment.com/home.php) was in Amory, MS…… They committed to “DECADES” in Amory, MS, only to spend about 3 million dollars in grading and to leave when their “Equity Investors” , apparently Chinese, pulled out. Commissioner Dennis and the rest of the Commissioners have just reason to be concerned. I have spoken to people involved in the Amory MS project as well as Ontario, OH, where good people acted in good faith and listened to the “Stickler Pitch”… This time and in this community, Officials are aware of the previous dealings that this group “Proposed” and did NOT deliver on. It seems as if ALCOA has a big problem on their hands attempting to Introduce Clean-Tech to the Community. It makes you wonder if they conducted their due diligence, or did they? I stand firmly behind the County Commissioners and it is my hope Governor Perdue and Sec. Crisco are aware of the very questionable ability of Clean-Tech to perform considering that they DID NOT in Armory, MS. Comment by JohnMullis - September 30, 2011 9:10 PM
  • The jobs and revenue produced for the public by publicly controlled hydropower, where public entities have control of the FERC license for the hydroelectric dams is well documented on the Stanly County website. http://www.co.stanly.nc.us/ALCOARelicensing/tabid/176/Default.aspx This website has links to key documents information about the Alcoa situation which ought to be read by anyone seeking to be informed about the issue or desiring to make an intelligent comment based on knowledge, not ignorance. In particular, take a look at the links on the Stanly County website to about the large numbers of jobs and revenue for the localities produced by the agreements struck between Alcoa and the New York Power Authority in December 2007 and between Alcoa and Chelan County, Washington, in June 2008. http://www.co.stanly.nc.us/ALCOARelicensing/tabid/176/Default.aspx In addition, opponent's of recapture of the Yadkin Project ought to look at industrial recruitment advantages that South Carolina enjoys with low cost electrical power produced by Santee-Cooper, South Carolina’s state-owned electric and water utility, and the state’s largest power producer. https://www.santeecooper.com/portal/page/portal/santeecooper/homepage Comment by WaterPatriot - September 27, 2011 2:13 PM
  • Yadkin River on 04 Dec 11
     
    Alcoa, Stanly County Square Off Over JobsJulie Rose Monday September 26, 2011
Yadkin River

» Blog Archive » Central Park Poll Results of Yadkin Project - 0 views

insidestanly.com/?p=6338

DEC2011 Water Alcoa Yadkin CleanTech

shared by Yadkin River on 10 Dec 11 - No Cached
  • A survey of 500 registered voters across North Carolina indicated that most North Carolinians overwhelmingly oppose such an agreement.
  • Many environmentalists and state and local officials in the region have remained steadfast in their belief that the river should be controlled by a publicly held trust in order to provide better benefits to the region and state. 
  • Alcoa lost a critical water quality permit last year when internal company e-mails showed that officials withheld information that downstream waters may not meet state standards. In addition, although elevated levels of PCBs produced by Alcoa have been found in fish in the river, Alcoa fought the installation of signs along Badin Lake warning people not to eat the contaminated fish, which infuriated many local lake residents.
  • ...3 more annotations...
  • According to Nancy Gottovi, Executive Director of Central Park NC, the December 15 deadline looks like an attempt to apply enormous political pressure on local officials and the Governor to drop their opposition to the 50-year license
  • 72% of North Carolina registered voters said no to Alcoa being granted a new 50-year license, while 76% stated that they would prefer that a “public trust” control the Yadkin River and use the hydroelectricity as an incentive to bring jobs to North Carolina. The majority of voters (60%) also indicated that they were usually skeptical when a multinational corporation like Alcoa tells a community they will provide permanent jobs. The majority of voters (58%) also agree with the statement “Every effort must be made to protect our water resources, even if it makes recruitment of industry more difficult.”  An overwhelming majority of voters (74%) support Governor Perdue’s opposition to a new 50-year license for Alcoa to control the Yadkin River because she believes the waters of the Yadkin River belong to the people of North Carolina and should be used to help create new jobs and economic opportunity for the region.
  • We were concerned that the Yadkin relicensing issue was being seen as a local Stanly County issue, and that the opinions of residents throughout the entire river basin were not being heard.  We also see this as a major public policy issue that has implications for the entire state.  The control of water resources is immensely important as we plan for future growth in terms of drinking water, but also for clean, renewable energy. 
Yadkin River

Alcoa must agree to environmental investigation » Alcoa News Updates » The St... - 0 views

thesnaponline.com/...to-environmental-investigation

shared by Yadkin River on 06 Dec 11 - No Cached
  • Now that Alcoa has announced the permanent closure of its Badin Works smelting plant, the company must allow for the proper and necessary environmental investigation of the site before it runs away with profits from our water and leaves us with a toxic mess.
  • Yadkin River on 06 Dec 11
     
    Now that Alcoa has announced the permanent closure of its Badin Works smelting plant, the company must allow for the proper and necessary environmental investigation of the site before it runs away with profits from our water and leaves us with a toxic mess.
Yadkin River

Stanly not jumping at latest Alcoa plan | Salisbury, NC - Salisbury Post - 0 views

www.salisburypost.com/...negotiations-Stanly-County-qcd

NOV2011 Alcoa CommissionersMeeting Commissioners Yadkin SalisburyPost water

shared by Yadkin River on 07 Dec 11 - No Cached
  • but we can understand wanting some guarantees behind it,” Anton said. “We’ve proposed that there would be payments made to the county if we didn’t deliver on either the investment or the jobs for the
  • But in a press release issued Thursday, Stanly County said Alcoa’s financial assurances “are not worth the paper they are written on without sufficient enforcement measures.”
  • The county says it is “seeking fair and reasonable compensation for the long-term use of the river.”
  • ...3 more annotations...
  • The county says Alcoa refused to include language that would enforce the agreement if the company doesn’t live up to its end of the bargain. “As Alcoa’s latest offer stands, there is no efficient or cost effective way for the county to hold Alcoa accountable for its promises of jobs and investment,” the press release states. “This is not ‘compelling;’ it is unreasonable.
  • “We recognize the difficult times in the local economy, and the fact that for the last several years, Alcoa has not been the contributor it had been in the past,” Anton said.
    • Yadkin River
      Yadkin River on 07 Dec 11
       
      Exactly Mr. Anton ! If the Stanly County Commissioners had not put Alcoa's Feet to the FIRE, we wouldn't even be having this discussion!
  • Anton said the county would have control over the money, and Alcoa’s only condition is that it be directed toward infrastructure and education
Yadkin River

Final group of Alcoa workers laid off - News14.com - 0 views

triad.news14.com/...roup-of-alcoa-workers-laid-off

ALCOA yadkin hydro Commissioners

shared by Yadkin River on 18 Dec 11 - No Cached
  • 02/15/2008 09:59 AM
  • he last six employees at the Alcoa aluminum production plant in Stanly County worked their last day Friday.
  • Alcoa started the process of curtailing production at the Badin site in August 2002. Since then, it's been a gradual process to halt work there.
  • ...1 more annotation...
  • Alcoa will still oversee the power-generating operations on Badin, High Rock, Tuckertown and Falls Lakes.
Yadkin River

Alcoa Primary Aluminum - North America: News: News From Primary Aluminum - North Americ... - 0 views

www.alcoa.com/...power_deal.asp

shared by Yadkin River on 04 Dec 11 - No Cached
  • Yadkin River on 04 Dec 11
     
    Alcoa - July 15 2008 - Wenatchee, WA - 17 year deal - to 2028
Yadkin River

Alcoa and Chinese Rival Buy 12% Stake in Rio Tinto - New York Times - 0 views

www.nytimes.com/...02mines.html

chinese ALCOA YADKIN GOINGOUT

shared by Yadkin River on 19 Dec 11 - No Cached
  • SHANGHAI — The state-owned giant Aluminum Corporation of China and the Aluminum Corporation of America stunned analysts and investors Friday by buying a minority stake in Rio Tinto, the world’s third largest mining company.
  • “The Chinese are probably the best capitalists that communism will ever have given birth to,” said Michelle Applebaum, head of an independent steel equity research firm in Chicago.
  • Last year, China’s state-controlled sovereign wealth fund — another increasingly visible and controversial measure of the new wealth of the nation — invested in the private equity firm Blackstone. Later, it paid about $5 billion to buy a small stake in Morgan Stanley.
  • ...6 more annotations...
  • Now, China appears to be making another bold play to capture the natural resources it needs to fuel its fast-growing economy.
  • Most of the $14 billion came from Chinalco, which is ultimately controlled by the government in Beijing. Alcoa, which is based in Pittsburgh, contributed only about $1.2 billion to purchase the Rio stake.
  • "We believe that the Chinese recognize that control will likely be elusive — if not impossible — and that ownership of its raw material resources is key to the future.”
  • The statement, analysts say, was a hint that the two could team up with other companies or entities, possibly from China, to bid for all of Rio and wage a tough takeover battle with BHP, driving up the price of Rio shares.
  • partly because of suspicions that the Chinese government could be behind the deal.
  • Neither Chinalco nor Alcoa have the cash or stock to make a $150 billion bid, analysts say. Shares of Alcoa are worth about $30 billion and Chinalco shares in China are worth about $50 billion.
Yadkin River

The Wal-Martization of Alcoa - Institute for Global Labour and Human Rights - 0 views

www.globallabourrights.org/reports

shared by Yadkin River on 04 Dec 11 - No Cached
  • Alcoa has taken what were high-tech, good-paying auto parts manufacturing jobs and reduced them to the lowest rung sweatshop production, replete with gross human rights violations, starvation wages and total lack of respect for workers' legal rights.  At least this is the case at Alcoa's four wire harness manufacturing plants in the El Porvenir Free Trade Zone in Honduras.
  • We were told that when companies like Alcoa, with their higher tech jobs, enter the developing world, wages, benefits and working conditions would all improve, notching up standards across the country.   Certainly this has not been the case with Alcoa's auto parts production in Honduras, which is actually lowering standards and even undercutting low-end garment sweatshops.
  • If Alcoa-a Fortune 500 company-can step on Honduran law and treat the government like a Banana Republic, then the race to the bottom in the global sweatshop economy will have reached new lows.  If Alcoa can so blatantly ignore the U.S.-Central America Free Trade Agreement and ignore the treaty's worker rights provisions as just so many words on useless pieces of paper-then we need to revisit and renegotiate CAFTA, for something is seriously wrong.
Yadkin River

Alcoa, China Power Agree to Work on $7.5 Billion of Clean Energy Projects - Bloomberg - 0 views

www.bloomberg.com/...th-china-power-investment.html

ALCOA chinese hydro Correnti CleanTech

shared by Yadkin River on 20 Dec 11 - No Cached
  • Alcoa and China Power haven’t yet decided on specific projects and the exact amount they will spend will depend on the ventures they choose, Mike Belwood, a spokesman for Alcoa, said by telephone.
Yadkin River

Alcoa, China Power Agree to Work on $7.5 Billion of Clean Energy Projects- Bloomberg - 0 views

mobile.bloomberg.com/...nt-with-china-power-investment

ALCOA chinese armory ms Correnti CleanTech Commissioners hydro YADKIN CHINA

shared by Yadkin River on 20 Dec 11 - No Cached
  • The companies may also look at opportunities to collaborate outside China
    • Yadkin River
      Yadkin River on 20 Dec 11
       
      Outside of China - Like in NC?
  • China, the world’s largest polluter, wants non-fossil fuels to contribute 15 percent of its energy needs by 2020. The nation’s incentives to encourage low-carbon generation such as solar and wind power are almost triple those in the U.S., according to a report by the Climate Institute
  • “It’s very difficult for China to buy state of the art technology from the U.S., as there are many restrictions, but clean energy is an area where both U.S. and China love to cooperate,” said Owen Liang, a Shenzhen-based analyst with Guotai Junan Securities Co. “The question is why Alcoa?
  • ...1 more annotation...
  • Alcoa
Yadkin River

Alcoa, China Power Investment outline joint venture - Pittsburgh Business Times - 0 views

www.bizjournals.com/...nd-china-power-investment.html

shared by Yadkin River on 20 Dec 11 - No Cached
  • Aluminum maker Alcoa    Alcoa Latest from The Business Journals Clean Tech deal in Badin canceledSouthwest Airlines to launch Boeing 737 MAXAfter markets' tough day, a possible rebound Follow this company (NYSE: AA) and the China Power Investment Corp. signed a letter of intent outlining the framework for a joint venture between the two companies
    • Yadkin River
      Yadkin River on 20 Dec 11
       
      This is the followup from the Jan 2011 executed MOU in Washington DC
Yadkin River

Port Dispatch | Troutdale Reynolds Industrial Park Receives Top National Brownfield Red... - 0 views

www.portofportland.com/...field-Redevelopment-Award.aspx

Alcoa Troutdale award port reynolds

shared by Yadkin River on 07 Dec 11 - No Cached
    • Yadkin River
      Yadkin River on 07 Dec 11
       
      Alcoa Sold the property ins 2004 following Clean up - Jobs were created by "The Port - Economic Development" as part of a long range re-development plan. Alcoa did NOT BRING the Jobs. They were responsible for Clean Up of an inherited properly through acquisition . 
  • Port commissioners voted in 2004 to purchase the 700-acre site in Troutdale, which represented the largest remaining zoned industrial property within the urban growth boundary. It was the home of an aluminum smelter for 60 years, but it had been idled since the summer of 2002. The property was a Superfund site, and remediation to industrial standards was completed by Alcoa in 2006. The redevelopment effort has involved the U.S. Environmental Protection Agency, the Oregon Department of Environmental Quality, Business Oregon and the Cities of Troutdale and Fairview
Yadkin River

Yadkin's waters are gold mine worth more than Alcoa offers | CharlotteObserver.com & Th... - 0 views

www.charlotteobserver.com/...aters-are-gold-mine-worth.html

DEC2011 Water Alcoa Yadkin CleanTech

shared by Yadkin River on 10 Dec 11 - No Cached
  • In what essentially amounts to a bribe, company officials are dangling a pennies-on-the dollar carrot with the soft promise of a few hundred jobs when they know as well as we do that our Yadkin waters are worth thousands and thousands of jobs
  • Alcoa also expects us to set aside evidence that surfaced last fall in court indicating that it had intentionally withheld from the state material information on dissolved oxygen problems as it was seeking water certification. The snare is an insult to our wise citizens.
  • Our government and business leaders are committed to bringing substantial jobs to our state that equate to the true value of our water
  • ...1 more annotation...
  • We also demand the safety of our water for drinking along with its environmental soundness. Alcoa should know that the good people of North Carolina aren't taking the bait.
  • Yadkin River on 10 Dec 11
     
    Don't Take the Bait!
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