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U.S. Steel Industry Says Get Ready, Chinese Government Companies Are Coming To America - 0 views

www.manufacturingnews.com/...steel109.html

steel industry chinese government yadkin

shared by Yadkin River on 18 Dec 11 - No Cached
  • "In essence, after creating, developing and nurturing massive 'national champions,' the Chinese government is now strategically deploying these entities overseas to execute the government's agenda: to acquire natural resources and raw materials, obtain technology and expertise, gain entry into new markets and increase China's economic and political influence on a global scale."
  • Such ownership is deemed illegal under the World Trade Organization rules. Yet China has defied them. The Chinese government owns most of the shares of the major steel producers. It is involved in making the business decisions within virtually all of China's major steel companies.
  • The Chinese government has directed its Anshan Iron and Steel Group to directly invest in the United States. On May 17, 2010, the company announced a joint venture with Steel Development Co. of Amory, Miss., to build up to five new steel plants in the United States. "Anshan's investment in SDC is the direct result of China's industrial policies," notes Wiley Rein. The 100-percent state-owned enterprise became China's fourth largest steel producer "through government mandated mergers and the receipt of massive government subsidies." China's 2009 "Revitalization Plan," "explicitly identifies Anshan as a recipient of extensive government support in order to strengthen its international competitiveness and to assist Anshan in acquiring strategic resources and establishing operations abroad. . . Anshan is now investing in the U.S. steel market, with the full force and encouragement of the Chinese government." China is stepping up its global strategy. China's government said it invested $43.3 billion overseas in 2009. Through June 2010, overseas investment had reached $55.2 billion. The OECD says these figures are "substantially" underestimated. Chinese foreign mergers and acquisitions have increased by more than 50 percent in the first half of 2010, according to report from China Daily Online. "Chinese investment into the United States jumped 360 percent in the first half of 2010 compared to the same period last year," according to the Wiley Rein report. "In 2009, Chinese enterprises announced new direct investment in the United States of approximately $5 billion, up from $500 million in 2008, and despite a significant global downturn in such investments. Moreover, Chinese firms acquired or announced that they were starting more than 50 U.S. companies in 2009."
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The Jamestown Foundation: China Makes Strides in Energy "Go-out" Strategy - 0 views

www.jamestown.org/...single

china goabroad GOINGOUT yadkin Alcoa

shared by Yadkin River on 19 Dec 11 - No Cached
  • Yet this new strategy is taking the shape of a formula of “loans-for-energy,” which involves a mix of state-owned and private actors.
  • hese complex arrangements indicate that China’s expansion of overseas-energy assets is a long term goal and that it is increasingly interested in securing Chinese outward investments from its international partners.
  • Put more of China’s $2 trillion foreign reserves into hard assets -- Zhang Guobao, vice minister of the National Development and Reform Commission and head of the NEA, had pointed out in a signed article published in December 2008 in the People’s Daily (a strong indication of being authoritative statements of government policy) that China should seize the timing of the oil price slump on the  international market to increase imports and Chinese enterprises are encouraged by the government to expand overseas (China Daily, March 9).
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  • his model is more in line with the Chinese government’s preference for financing acquisitions, since it gives Chinese NOCs direct ownership of resources. In contrast to the other three deals, Chinese NOCs could only extend loans to foreign NOCs for guaranteed oil supplies or possible special access to future exploration projects.
  • China’s new venture with Kazakhstan deviates from the “oil-for-loans” formula. The $5 billion loan from CNPC will give Chinese oil firms a 50 percent stake in the joint purchase of MangistauMunaiGaz (MMG), Kazakhstan’s biggest private oil and gas company (Reuters, April 17). This deal is more like a “loan-for-oil assets” transaction than one of “loan-for-promised-oil supply," which characterizes the previous three contracts, and CNPC will receive half of the oil that will be produced by the jointly owned MMG (the other 50 percent will be owned by the Kazak state-owned firm KazMunaiGas).
  • he global economic crisis has presented China with a rare opportunity to trade its abundant foreign currency reserves for oil, mineral and other resources around the world. China now has roughly $2 trillion in foreign exchange, ranking number one in the world, and many state firms are also flush with funds (The Associated Press, February 18). Beijing is considering setting up an oil stabilization fund to support purchases of overseas resources by Chinese oil companies. The plan was submitted at NEA’s National Work Conference on Energy held in March 2009 (Xinhua News Agency, March 2).
  • The recent large energy activities are not the first time Chinese NOCs have entered “loans-for-oil” deals. In 2004, Chinese banks financed Rosneft’s acquisition of Yuganskneftegaz with a $6 billion loan and CNPC received a pledge of long-term supply contracts via rail in exchange (Platts Community News, February 19)
  • These “loans-for-oil” activities will remain an active component of the Chinese overseas resource acquisition strategy given the current global economic and energy conditions.
Yadkin River

Example of Chinese Investments - Chinese Investors - 0 views

www.chineseinvestors.co.uk/examples_investments.php

ALCOA Chinalco YADKIN

shared by Yadkin River on 19 Dec 11 - No Cached
  • China is undeniably a global economic powerhouse. While the global financial crisis was a catastrophe for most economies, it was more an opportunity than a challenge for China. United States is keen to allow Chinese investment into small and medium US banks. America now realises that for its economy to come out of the crisis fully, foreign investment is badly required. Meanwhile, China with its $2-trillion foreign currency assets is on the prowl.
  • n February 2008, Aluminum Corp of China (Chinalco) joined hands with Alcoa Inc to buy a 12 per cent holding in UK-listed Rio Tinto for $14 billion, just days before mining rival BHP Billiton (the Australian mining giant) was to make a formal offer for Rio Tinto.
  • enovo Group, acquired the controlling stake in IBM's PC business. The $1.25 billion deal saw Lenovo jump to the third spot amongst the world's largest PC makers.
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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'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

Chrystia Freeland | Analysis & Opinion | Reuters.com - 0 views

blogs.reuters.com/...jeff-immelt

analysis thomson reuters Chrystia Freeland China Jeff JefferyRImmelt Reindustrialization

shared by Yadkin River on 21 Dec 11 - No Cached
  • “Our only destiny can be as a high-tech exporter, that creates jobs, high-paying jobs … Export-led growth is the key to national success.”
  • it is suggested that this “business model that works for them” is Communist authoritarianism. “That has been very effective,” he said. “They’re in their 12th five-year plan and they’ve done quite well.”
  • ” The China challenge, in Immelt’s view, is about much more than a manipulated exchange rate and “cheap labor.” “It is the adaptability, it is the speed with which they move, it is the unanimity of purpose, it is the productivity of thought,
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  • In the U.S. public discourse, the big strain in the American-Chinese economic relationship is the yuan, and what many Americans view as the government-manipulated undervaluation of the Chinese currency.
  • “It is going to be the biggest economy in the world,” Immelt said of China. “The only question is when.”
  • the American consumer was the definitive driver of the global economy.” But Immelt said the future will be different. For the next 25 years, he said, the American consumer “is not going to be the engine of global growth. It is going to be the billion people joining the middle class in Asia, it is going to be what the resource-rich countries do with their new-found wealth of high oil prices. That’s the game.” A lot of that game will be played in China. At a moment when it is compulsory on the American right to pay homage to the exceptionalism of the United States, Immelt, a life-long Republican, is matter-of-fact about China’s inevitable rise.
  • Yadkin River on 21 Dec 11
     
    Jeffery Immelt on American going "ALL-IN" interview with Chrystia Freeland
Yadkin River

Steel companies braced for price falls - FT.com - 0 views

www.ft.com/...66-11e0-931e-00144feab49a.html

Correnti steel CleanTech china chinese yadkin

shared by Yadkin River on 04 Jan 12 - No Cached
  • October 9, 2011 2:46 pm
  • The steel industry faces tough times with companies braced for falling prices as buyers delay orders because of extreme nervousness about global economic weakness.
  • China. The country has been the chief locomotive in driving up the expansion of the global industry.
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  • aid he foresaw the turbulence spilling over into 2012 – a year he said was likely to be marked by “short-term economic and financial issues impacting long-term economic sustainability”.
  • According to a survey for the Financial Times by six industry experts, growth in world steel shipments is set to slow to 4.9 per cent next year after a likely 6.6 per cent this year.
Yadkin River

Office of Investment Security - 0 views

www.treasury.gov/...cfius-index.aspx

ALCOA chinese CHINA ownership Foreign

shared by Yadkin River on 21 Dec 11 - No Cached
  • Office of Investment Security   Page ContentCommittee on Foreign Investment in the United States (CFIUS) The Committee on Foreign Investment in the United States (CFIUS) CFIUS is an inter-agency committee authorized to review transactions that could result in control of a U.S. business by a foreign person (“covered transactions”), in order to determine the effect of such transactions on the national security of the United States.  CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment and National Security Act of 2007 (FINSA) (section 721) and as implemented by Executive Order 11858, as amended, and regulations at 31 C.F.R. Part 800.  The CFIUS process has been the subject of significant reforms over the past several years.  These include numerous improvements in internal CFIUS procedures, enactment of FINSA in July 2007, amendment of Executive Order 11858 in January 2008, revision of the CFIUS regulations in November 2008, and publication of guidance on CFIUS’s national security considerations in December 2008. Further information about each of these reforms is available via the links to the right.
  • Yadkin River on 21 Dec 11
     
    Prior to any FERC re-license of the Yadkin. FERC policy needs to include CFIUS review in light of rapid globalization and existing known multi-national partnerships to any FERC licenseholder
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Global Principal Partners :: Principals - 0 views

www.globalprincipal.com/principals.htm

shared by Yadkin River on 18 Dec 11 - No Cached
  • Mr. Stickler and his wife, Ms. Rebecca Ping Li, reside in both the United States and China.
Yadkin River

Stock:Alcoa (AA)/News/3308253 - 0 views

www.wikinvest.com/...3308253

stock alcoa

shared by Yadkin River on 18 Dec 11 - No Cached
  • Last month Forbes reported that aluminum prices have fallen below the cost of output for many producers, "creating a scenario in which global production may suffer in the months ahead if prices do not recover."
Yadkin River

Alcoa Kicks Off Earnings Season With A Thud, Profits Fall Short - Forbes - 0 views

www.forbes.com/...with-a-thud-profits-fall-short

ALCOA financial stock earnings

shared by Yadkin River on 18 Dec 11 - No Cached
  • 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.”
Yadkin River

Chinese Companies Go Abroad (Introduction) - Seeking Alpha - 0 views

seekingalpha.com/...mpanies-go-abroad-introduction

chinese GOINGABROAD ALCOA yadkin

shared by Yadkin River on 18 Dec 11 - No Cached
  • With China facing little of the credit squeeze problems afflicting much of the rest of the world, many Chinese companies plan to take advantage of the global downturn to make greater inroads into the West.
  • Companies plan to increase dramatically their adoption of M&A as a main growth strategy over the next five years, and cash rich companies will likely use the current decreased valuations abroad as a way to gain entry on favorable terms. In this way, the financial crisis can be an opportunity for cash rich, low debt or debt free Chinese companies.
  • The most popular strategy was the creation of partnerships, with partners ranging from distributors to academic institutions to PR and law firms, followed by organic and export-focused growth. While M&A is currently used much less frequently, respondents expect to use this strategy with increasing frequency going forward, as a way to tap into existing brand awareness overseas, as well as existing sales channels and distribution networks, talent pools, and to gain first hand insight into overseas markets.
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
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  • 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.
  • We, as Commissioners, will continue to seek the best outcome for Stanly County.
  •   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?
  •   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.
  • 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

CHALCO - 0 views

www.chalco.com.cn/...chalco_en_view.jsp

china Chinalco aloca takeover energy yadkin

shared by Yadkin River on 19 Dec 11 - No Cached
  •  In recent years, the "go-out" process of central government-owned enterprises has been accelerated, and CHINALCO has been a star in the "go-out" drama of the central government-owned enterprises. Following is an interview with CHINALCO Party Secretary and President Xiong Weiping ——
  • This marks another major step forward for CHINALCO down the road of developing resources overseas.
  • We tried to get aligned to the leading international companies, and also approached the best private companies in China to learn from them. We reformed our management system and management structure. We changed our practices in selecting leaders
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  • After two years of all-round and in-depth structural adjustment, the single line of aluminum business in the past was expanded into nine lines of business including aluminum, copper, rare metals & rare earth, resource exploration, international engineering, international trade, energy, finance, and overseas investment, and we already had the structure of a diversified mining company.
  • Xiong Weiping: Yes. During the first year of the "12th Five-Year Plan" period, we have set a strategic goal of "becoming a world-class mining company with the biggest growth potential".
  • To become a world-class mining company, we need to create another CHINALCO in the next 10 years. Obviously, it would be very hard to realize this goal within China's territory, and we must go out and participate in global competition and collaboration.
  • The ups and downs in the collaboration can also be positive and meaningful. CHINALCO has established its status in negotiation and cooperation with major western mining companies, and has obtained certain participation right and a bigger say.
Yadkin River

Brazil Outshines Other BRIC Economies : NPR - 0 views

www.npr.org/...outshines-other-bric-economies

Jim O'Neill BRIC Economics Globalization yadkin chinese power china

shared by Yadkin River on 21 Dec 11 - No Cached
  • December 21, 2011 One of the most powerful forces of change has been the dramatic economic growth in Brazil, Russia, India and China. Chairman of Goldman Sachs Asset Management Jim O'Neill coined the term BRIC, an acronym for those four countries, ten years ago when he began to zero in on their economies. O'Neill talks to Renee Montagne about his book The Growth Map.
Yadkin River

Jim O'Neill (economist) - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...Jim_O'Neill_(economist)

jim economist BRIC MIKT Goldman

shared by Yadkin River on 21 Dec 11 - No Cached
  • Jim O'Neill is presently the Chairman of Goldman Sachs Asset Management. He was previously head of global economic research and commodities and strategy research at Goldman Sachs.[1] He is best known for his prominent economic thesis regarding the economically related nations referred to as BRICs (Brazil, Russia, India and China). He coined the phrase in a 2001 paper entitled "The World Needs Better Economic BRICs." [2]. He also has coined the term MIKT that stands for Mexico, Indonesia, Korea (South) and Turkey.[3]
Yadkin River

Ohio apparently ruled out for steel mill | cleveland.com - 0 views

blog.cleveland.com/..._apparently_ruled_out_for.html

shared by Yadkin River on 23 Dec 11 - No Cached
  • But the group wasn't able to get a handle on its electricity costs in Ohio because the state has yet to decide how rates will be regulated in the future, said David Stickler, managing director of Global Principal Partners LLC, which is working with Steel Development. He said nobody was able to say what the plant's power costs would be over the next five to seven years.
    • Yadkin River
      Yadkin River on 23 Dec 11
       
      What.... 5 to 7 years... ALCOA wants 50 years...Come On.........
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