Mitalco, Mitsui Subsidiary, Sells Minority Interest in Intalco and Eastalco Smelters in the US.Tokyo, Japan, July 3, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) ) - Mitsui & Co., Ltd. announced on June 30 that US subsidiary Mitalco Inc. reached agreement to sell its 32 percent stake in Intalco and Eastalco aluminum smelters to Alcoa Inc. Intalco and Eastalco are located in Ferndale, Washington Ferndale is a city in Whatcom County, Washington, United States. The population was 8,758 at the 2000 census. History Ferndale was officially incorporated on March 19, 1907. It is so called because of the ferns that once grew around the original school house. , and Frederick, Maryland Frederick is the county seat of Frederick County, Maryland. As of the 2006 census estimates, the city has a total population of 58,882 [2], making it the third-largest city in Maryland. . The Eastalco smelter was idled in December 2005 because it could not secure a competitively priced long-term electrical power arrangement. As to the Intalco smelter, its current power contract will expire in October 2006. Taking the deterioration in power procurement conditions into account, Mitsui negotiated with Alcoa and others to sell Mitsui's interest and liabilities in both smelters, and now it has reached an agreement with Alcoa. YKK YKK Yoshida Kogyo Kabushikikaisha (Japanese: Yoshida Company Limited, manufacturer of zippers, etc.) Corporation in Tokyo has also reached agreement to sell the 7 percent interest held by its United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. affiliate to Alcoa. Mitsui has previously reported impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. losses on those relevant assets, and does not expect any additional losses to be recognized in its consolidated operating results for the year ending March 2007 due to this transaction. Mitsui regards aluminum as a very important material and expects stable demand increases worldwide. Mitsui's strategy of being aggressively involved in aluminum investments as one of its core business activities remains unchanged, and the company will continue to pursue new investment opportunities as well as to expand current investments in aluminum. Copyright [c] 2006 Japan Corporate News Network. All rights reserved. |
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