Alcoa, Ma'aden Set Sights High

Quote: The partners hope to create the world's lowest-cost aluminum complex, benefitting from plentiful energy supplies in Saudi Arabia.The complete facility, which is 74.9% owned by Ma'aden and 25.1% by Alcoa, is expected to start its operations in 2014.Alcoa and Ma'aden have both swung to profits in the latest quarter. For the second quarter 2010, Alcoa registered income from continuing operations of $137 million, or 13 cents per share, vs. a year-earlier loss of $312 million, or 32 cents per share. Also, Ma'aden reported an $8.33 million profit for the second quarter of 2010, compared with a net loss of $1.74 million a year ago.In May 2010, the subcontracts for the initial construction phase were awarded to three other companies. ABBABB) has been awarded a contract to deliver electric power to the aluminum smelter, and WorleyParsons and FluorFLR) won the supervision, engineering and procurement contracts for the complex's alumina refinery....
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