Thursday, May 27, 2010

Alcoa (NYSE:AA) Says Norway Needs Competitive Global Power Contracts

Alcoa (NYSE:AA) stated today there needs to be better "globally competitive" power contracts in order for them and others, to continue to invest in the aluminum industry in Norway.

Alcoa Executive Vice President Bernt Reitan said the company would probably consider building smelter in Norway, similar to the one they recently completed in Iceland if the government supported power.

Spokesman Kevin Lowery said their top priority would be for the two aluminum smelters already in the country, where improved power agreements would help them. They contracts are due to expire in 2020.

Lowery said, “First things first, we need to repower our existing plants. If we do that, then we would consider investment in additional assets.”

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