U.S. aluminum giant Alcoa said Tuesday that it had signed a deal with energy group China Power Investment (CPI) Corporation for projects worth as much as $7.5 billion. Alcoa and CPI “will collaborate on a broad range of aluminum and energy projects representing more than $7.5 billion of potential investment over the coming years,” the U.S. firm said. The cooperation agreement was signed in Washington hours before Chinese President Hu Jintao arrived on a state visit. Alcoa chairman and chief executive Klaus Kleinfeld said that “this is a historic opportunity at a pivotal moment in U.S.-China relations.” CPI president Lu Qizhou said his firm was focused on developing “new and clean” energy sources and that “this memorandum of understanding marks an important step for CPI to partner with Alcoa, a leading American company in its industry, to achieve mutually beneficial cooperation, which will bring a bright future for all of us.”
