NEW YORK--(BUSINESS WIRE)--Alcoa Chairman and CEO Klaus Kleinfeld (NYSE:AA) praised the bipartisan leadership that led to today’s signing of the Russia and Moldova Jackson-Vanik Repeal Act of 2012 in the Oval Office at the White House. President Obama’s signature paves the way for permanent normal trade relations with Russia through the rules-based World Trade Organization (WTO).
Kleinfeld witnessed today’s signing by the president in the Oval Office. “We applaud President Obama for signing this important legislation that guarantees U.S. companies the same advantages of Russia’s WTO commitments as our foreign competitors,” Kleinfeld said. “This is a historic moment in U.S.-Russia relations and marks the beginning of a new era in bilateral commercial cooperation that will benefit global trade and American jobs.”
Alcoa first began commercial operations in Russia in 1993. Today, the company employs approximately 5,300 people at its manufacturing operations in Samara, Belaya Kalitva and in Moscow. With over 140 million people and over $300 billion in imports in 2011, Russia represents a large and growing market for U.S. manufactured goods and the ninth largest economy.
About Alcoa
Alcoa is the world’s leading producer of primary
and fabricated aluminum, as well as the world’s largest miner of bauxite
and refiner of alumina. In addition to inventing the modern-day aluminum
industry, Alcoa innovation has been behind major milestones in the
aerospace, automotive, packaging, building and construction, commercial
transportation, consumer electronics and industrial markets over the
past 120 years. Among the solutions Alcoa markets are flat-rolled
products, hard alloy extrusions, and forgings, as well as Alcoa® wheels,
fastening systems, precision and investment castings, and building
systems in addition to its expertise in other light metals such as
titanium and nickel-based super alloys. Sustainability is an integral
part of Alcoa’s operating practices and the product design and
engineering it provides to customers. Alcoa has been a member of the Dow
Jones Sustainability Index for 11 consecutive years and approximately 75
percent of all of the aluminum ever produced since 1888 is still in
active use today. Alcoa employs approximately 61,000 people in 31
countries across the world. More information can be found at www.alcoa.com.
Forward-Looking Statements
This release contains statements
that relate to future events and expectations and as such constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipate,” “expect,” “plan,” “should,”
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materially from those expressed or implied in the forward-looking
statements include: (a) material adverse changes in aluminum industry
conditions, including global supply and demand conditions and
fluctuations in London Metal Exchange-based prices for primary aluminum,
alumina, and other products; (b) deterioration in global economic and
financial market conditions generally, or unfavorable changes in the
markets served by Alcoa; (c) the outcome of contingencies, including
legal proceedings, government investigations, and environmental
remediation; (d) the inability to complete the remediation of the Grasse
River as planned, within cost estimates, and by scheduled completion
dates, whether due to unexpected events beyond Alcoa’s control,
regulatory requirements, or other reasons; and (e) the other risk
factors summarized in Alcoa’s Form 10-K for the year ended December 31,
2011 and other reports filed with the Securities and Exchange
Commission. Alcoa disclaims any obligation to update publicly any
forward-looking statements, whether in response to new information,
future events or otherwise, except as required by applicable law.