China CITIC Group, the country's biggest state-owned financial group, joined hands with the Aluminum Company of America (Alcoa) Wednesday in Beijing to establish an aluminum company.

According to the bilateral agreement, the CITIC Group holds 27 percent of the stakes and Alcoa 73 percent of the joint venture, named as Alcoa Bohai Aluminum Industries Company Limited.

Alcoa plans to pour 200 million US dollars into the joint venture for the expansion of facility construction,including an aluminum hot mill plant, announced Joseph Muscari, Alcoa's executive vice president, at a press conference held here Wednesday.

Alcoa is a world leading aluminum producer and also China's biggest investor and trade partner in the aluminum industry, Muscari said, noting that Alcoa aims to shape the joint venture into a technologically advantageous enterprise with global competitiveness.

Information from the CITIC Group showed that the Alcoa Bohai Aluminum Industries Company has acquired a registered investment of 1.87 billion yuan (about 233.75 million US dollars), and the company will achieve an annual production of 22,3000 tons of high quality aluminum products after the completion of the hot mill plant in 2008.

Source: Xinhua