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.
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.
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,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ 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.