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BBC Documentary - The Chinese Are Coming - YouTube - 1 views

  • ustin Rowlatt investigates the spread of Chinese influence around the planet and asks what the world will be like if China overtakes America as the world's economic superpower. In the first of two films, he embarks on a journey across Southern Africa to chart the extraordinary phenomenon of Chinese migration to Africa, and the huge influence of China on the development of the continent. While many in the West view Africa as a land of poverty, to the Chinese it is seen as an almost limitless business opportunity. From Angola to Tanzania, Justin meets the fearless Chinese entrepreneurs who have travelled thousands of miles to set up businesses.
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Should the US Government Allow a Chinese Steel Mill to Invest in Steel Technology They ... - 1 views

  • [Ed. Note According to a May 24 AMM post, the investment will also go toward building four re-bar plants (not one) and one flat rolled product mini-mill, all based in the US)
  • Dive under the surface a bit, and the investment by Anshan raises serious concerns not only among steel producers but also for any US manufacturing organization in general.
  • American national security infrastructure projects’ through the investment.”
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  • Let’s examine rebar consumption. First, we’ll examine apparent consumption (apparent consumption is net domestic consumption plus imports) and then we’ll calculate capacity utilization: 2007 – 9.824m short tons 2008 – 8.374 m short tons 2009 – 5.359 m short tons 2010 – based on current 2010 run rates, the industry will ship 5.1m short tons If you compare the peak of the market (2007) with today, the US rebar industry operates at a 62% capacity utilization rate; the overall steel industry operates at a 72.9% capacity utilization rate as of June 26, 2010. Two rebar facilities are currently shut down, one in New Jersey and one in Oklahoma. Many of the other facilities that run both mixed merchant/rebar mills are also running at less than capacity If we were to develop a map of the United States and mark US rebar plant locations by geography (assuming each mill can ship up to a 300 mile
  • First, the last time the US steel market was at 120m tons of consumption was in 2006. The 2009 estimated steel consumption was 59m tons, data courtesy of the USGS. Prior to 2006, the only other year in which apparent steel consumption met or exceeded 120m tons was in 2005. The rest of this past decade, steel consumption hovered in the lower 100m ton range (e.g. less than 110m tons)
  • the question of technology transfer ought to be considered heavily
  • –Lisa Reisman
  • we’d see a glut of capacity in the US Southeast. The only argument one could make for building a rebar mill may be to move it somewhere out West, but even that may be a tenuous argument
  • And we all know that US construction markets (the biggest application for rebar products) remain in troubled waters. Take a look at annual expenditures for both commercial and residential construction here. Incidentally, 2010 data is tracking 8% below 2009 numbers. In other words, rebar capacity utilization rates are even less than overall steel industry capacity utilization rates
  • We can’t see the business case to add rebar capacity in the US. Clearly the PE firm involved in Steel Development Corp is banking on the management team.
  • If our politicians think this is about jobs, we can assure them that this may be a short term win (in terms of new jobs in Mississippi) – but they will result in a net loss for US manufacturing, as the current US domestic rebar industry has already laid off thousands of workers. And by giving this technology to the Chinese, well, we know what that will mean long term….
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China's Quest for Energy - YouTube - 1 views

  • Fuelling China: Daniel Yergin joins a panel of Canadian economists and observers to discuss China's growing need for energy. What does this growth means for Canada? What are the political implications of China re-shaping their energy sector?
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The Curious Case Of Anshan Steel And The Space-Age Rebar Technology - Forbes - 1 views

  • Fact: The manufacture of reinforcing steel bar — also known as rebar — is based on technology first developed by the Defense Advanced Research Projects Agency during the Cold War and commercialized by a joint venture between Dean Kamen and Stephen Hawking (the JV holds the patents, valued at over USD 75 billion). If the Chinese get their hands on advanced rebar technology, this would enable them to build concrete platforms robust enough to reach low earth orbit. The danger seems rather self-evident, so I expect that Geithner will recommend a CFIUS review of this transaction, which will result in Anshan being booted out of Mississippi, where they clearly don’t belong.
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» Blog Archive » Commissioners Hear Debate Over Yadkin Project - 1 views

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

  • 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”.
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David Shambaugh: China Goes Global - YouTube - 1 views

shared by Yadkin River on 23 Dec 11 - No Cached
  • Director, China Policy Program, The Elliott School of International Affairs, George Washington University.
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Stanly Community College Television (SCC-TV) - Powered by LEIGHTRONIX PEG Central - 0 views

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    Stanly County Commissioners Meeting Dec 5 2011. Contains presentation regarding Stanly County's position regarding the Alcoa/Clean-Tech Proposal
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WFAE 90.7 FM - 0 views

  • 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
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Whose wallets will the Duke-Progress merger hit? - Economy - NewsObserver.com - 0 views

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    Duke Progress Energy Merger
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Alcoa pushes jobs; locals push back - journalpatriot: Opinion - 0 views

  • 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
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"Going Out": China's Pursuit of Natural Resources and Implications for the PRC's Grand ... - 0 views

  •  
    see the PDF
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China's "going out" strategy | The Economist - 0 views

  • Beijing will use its foreign exchange reserves, the largest in the world, to support and accelerate overseas expansion and acquisitions by Chinese companies, Wen Jiabao, the country’s premier, said in comments published on Tuesday.
  • “Everyone is saying we should go to the western markets to scoop up [underpriced assets],” said Chen Yuan. “I think we should not go to America’s Wall Street, but should look more to places with natural and energy resources.”
  • As cheap as many American assets may look right now, it's difficult to argue with the Chinese strategy.
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  • And investing in natural and energy resources is a nice way to hedge against future increases in commodity prices, though large-scale resource investment may make some in developed nations nervous.
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Chinese Companies Go Abroad (Introduction) - Seeking Alpha - 0 views

  • 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.
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The Jamestown Foundation: China Makes Strides in Energy "Go-out" Strategy - 0 views

  • 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.
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CHALCO - 0 views

  •  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.
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Alcoa-China Power Ink Pact - Zacks.com - 0 views

  • The terms of the joint venture were not disclosed.
  • In January, both the companies signed a memorandum of understanding (MoU) in Washington when the Chinese president Hu Jintao paid a state visit to the U.S.
  • The two will work together in overseas and domestic projects.
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Alcoa, China Power Agree to Work on $7.5 Billion of Clean Energy Projects - Bloomberg - 0 views

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

  • The companies may also look at opportunities to collaborate outside China
    • Yadkin River
       
      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?
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  • Alcoa
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Alcoa, China Power Investment outline joint venture - Pittsburgh Business Times - 0 views

  • 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
       
      This is the followup from the Jan 2011 executed MOU in Washington DC
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