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Alcoa Gets Deeper Into China With New Joint Venture

So much misinformation. FERC statement about not being an option is boiler plate language referring to there be no other applicant at time license filed. Alcoa gave up rights when they accepted monopoly use of public waters as free fuel and argued for 30 year license in vs. 50 license because they wanted extra years to recover building Tucker Town and new pot lines. They acknowledged they had no assurances of keeping the project property at end of license period. Water worth billions and tens of thousands of jobs should not be traded for pennies and a promise. The water is what will guaratee jobs and prosperity ...not Alcoa. Hydro is self financing...will not cost the tax payers a dime. Forward contracts on power sales or revenue bonds like financed Santee will get the job done. Comment by Waterperson - December 9, 2011 2:20 PM

But making those jobs contingent on the outcome of the legal dispute looks a lot like holding a gun to the head of the county.It’s more evidence of a company that can’t decide whether it wants to play bully or beneficiary.Alcoa has made clear that it wants to retain control of the dams, and shown no indication that it will give up the fight. Why would it? Electricity generation from the dams earned the company between $7.3 million and $8 million in each of the last three years, according to financial statements released in March

no surprise given that fears around European sovereign debt and U.S. economic growth took center stage — but touted growth in most regions. The aluminum producer recorded growth in end markets aside from Europe, the CEO said, “though at a slower rate than in the first half, as confidence in the global recovery faded.”

Company officials say they had hoped to wait until November to shut down since production has shifted to its Iowa plant. The closure will affect 30 employees. Officials say many will probably retire, and some others may be offered transfers to other plants.

So five rural Commissioners from one small county tackled a multi-billion dollar corporation and, at first, it went exactly as you’d expect. Alcoa had a field day. Then during the 2008 election an odd thing happened: Both candidates for Governor – Pat McCrory the Republican and Bev Perdue the Democrat – sided with the County Commissioners against Alcoa.

They reproduced a letter from one such hedge fund, Jana Holdings, which read: "Given Alcoa's long history of failing to generate shareholder value through acquisitions, we believe that its greatest value can be realised through a sale or break-up of the company." "Marketplace valuations on reserves and resources are ridiculously cheap across the mining commodity spectrum," says Renken. "Hence the pressure on Alcoa's board to 'make things happen' corporately to get a better valuation on their own shares."