Aluminium producer Alcoa announced Wednesday June 26 that it has amended its joint venture with Saudi Arabian producer Ma'aden for Alcoa to divest a 25.1% stake in a rolling mill.
The joint venture between Ma'aden and Alcoa was created in 2009 and comprises of the Ma'aden Bauxite and Alumina company, the Ma'aden Aluminium Company, and the Ma'aden Rolling Company. Alcoa will transfer its 25.1% interest in the Ma'aden Rolling Company, which includes a can and auto sheet mill, to Ma'aden. The US-based aluminium producer will also make a $100-million contribution to the rolling company as part...