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ALCOA AND SAM SUN INDUSTRIAL AGREE TO FORM JOINT VENTURE

 ALCOA AND SAM SUN INDUSTRIAL AGREE TO FORM JOINT VENTURE
 PITTSBURGH, Nov. 27 /PRNewswire/ -- Aluminum Company of America (Alcoa) (NYSE: AA) and Sam Sun Industrial Co., Ltd., a leading South Korean aluminum extruder, have agreed to form a joint venture to produce aluminum extrusions and tube products principally for the South Korean aerospace market, it was announced today.
 Alcoa will own 60 percent of the venture. Sam Sun will contribute the assets of its Changwon extrusion operation. This facility has four extrusion presses and an ingot casting unit. It is located in an industrial area just west of Pusan that has been designated by the government for aerospace facilities.
 Sam Sun is currently a principal supplier of hard alloy extrusions to the South Korean defense industry. Sam Sun has two other operating locations in South Korea, one that produces extrusions for the construction market and another that makes cast automobile wheels. Neither of these operations will be part of the venture.
 The new venture will become part of Alcoa's Extrusion/Tube System business unit. Extrusion/Tube System President Richard A. Kocerha said the "South Korean Government has targeted aerospace as a key industry for the country and is promoting the growth of that industry."
 Kocerha said the venture eventually expects to participate in the automotive, business equipment, marine and other markets in Korea and Pacific Rim countries like Taiwan, China, Indonesia, Singapore and Hong Kong.
 The two firms signed a memorandum of understanding today and hope to have a final agreement in the next several months. The new venture is expected to begin operation in mid-1992.
 /delval/
 -0- 11/27/91
 /CONTACT: John F. McMahon of Alcoa, 412-553-3704/
 (AA) CO: Aluminum Company of America; Sam Sun Industrial Co., Ltd. ST: Pennsylvania, South Korea IN: MNG SU: JVN


CD -- PG003 -- 7663 11/27/91 10:01 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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