The ASX will be greeting a new company listing this morning: Alcoa Corporation (ASX:AAI) – which holds a global profile in relation to bauxite, alumina and aluminium products, and is also listed in the United States through the NYSE under the ticker code AA.
The company is set to list on the market at 11:00 AEST.
Alcoa specialises in various parts of the upstream aluminium industry – including bauxite mining, alumina refining, and aluminium smelting and casting operations – and has direct and indirect ownership of assets in 27 locations across nine countries on six continents.
The company’s entry to the Australian bourse was preceded by its acquisition of Alumina Ltd (ASX:AWC), with which it was progressing joint venture AWAC (Alcoa World Alumina and Chemicals), with the latter being one of the world’s largest producers of alumina and miners of bauxite.
Alcoa and Alumina Ltd entered into a Binding Scheme Implementation Deed on July 18, which enabled the former to take on 100% of Alumina Ltd’s shares.