Monday, May 24, 2010

Fluor (NYSE:FLR) Awarded Alcoa (NYSE:AA) Contract

Fluor (NYSE:FLR) has won approximate $3 billion in business from Alcoa (NYSE:AA) and Saudi Arabian Mining Co. in the $10.8 billion project to build an aluminum facility in Saudi Arabia.

Chief Operating Officer of Fluor, David Seaton, said, "The mining and metals sector continues to be a bright spot for Fluor."

Alcoa originally had a 40 percent stake in the project, but slashed it to 25.1 percent in the early part of 2010.

There will also be a bauxite mine brought on, which will generate an estimated 4 million tons a year. A refinery with with capacity for 1.8 million tons-a-year will also be part of the final project.

Fluor's place in the development will include procurement, construction management and engineering.

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