Iceland's Parliament Approves Alcoa's Fjardaal Plant.Business Editors PITTSBURGH & REYKJAVIK, Iceland--(BUSINESS WIRE)--March 5, 2003 Althingi, Iceland's parliament, today approved legislation that will allow the conclusion of a contract to construct Alcoa's proposed Fjardaal primary aluminum smelter in Eastern Iceland. The vote passed by a strong majority -- 41 votes in favor, 9 votes in opposition and one abstention ABSTENTION, French law. This is the tacit renunciation by an heir of a succession Merl. Rep. h.t. . The Fjardaal aluminum facility in Eastern Iceland is being designed to be the most environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] aluminum production facility in the world. The plant will have an annual capacity of 322,000-metric tons and is expected to cost approximately $1.1 billion over the next four years. Welcoming the decision by Althingi, Alcoa Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Alain Belda said, "Today's vote paves the way for Alcoa to build one of the most modern and competitive aluminum facilities in the world. We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the support for this project from the Icelandic people and their elected representatives, and we commit to designing the project to meet and exceed Iceland's stringent environmental requirements." Fjardaal is part of one of the most extensive investments ever undertaken in Iceland. The project is designed to strengthen and diversify the economy of Iceland The economy of Iceland is small but well-developed, with a gross domestic product estimated at US $10.57 billion in 2005 (and a per capita GDP of $38,100, which is among the world's highest. , while contributing to the development of East Iceland. The plant in Iceland is an important element of the Alcoa's growth strategy in primary metals. Alcoa's involvement in the project involves construction of the aluminum plant, Fjardaal, which means "aluminum of the fjords". The project also involves construction of the Karahnjukar Power Station by the National Power Company and a harbor facility at Mjoeyri by the Fjardabyggd Harbor Fund. Construction on Fjardaal will begin in 2005, and the plant is scheduled to start production in 2007. Alcoa is the world's leading producer of primary aluminum, fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: aluminum and alumina alumina (əl  `mĭnə) or aluminum oxide, Al2O3, chemical compound with m.p. about 2,000°C; and sp. gr. about 4.0. , and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil Noun 1. aluminum foil - foil made of aluminumaluminium foil, tin foil foil - a piece of thin and flexible sheet metal; "the photographic film was wrapped in foil" , Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding Wikipedia is not the place for advertisement or self-advertising. Vinyl siding, first introduced to the exterior cladding market in the late 1950s, is an alternative to aluminum siding, fiber cement siding, and timber siding. , closures, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 39 countries. For more information go to www.alcoa.com Forward Looking Statement Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of Alcoa to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are summarized in Alcoa's SEC reports. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion