Ma'aden to acquire the remaining 25.1% stake in Ma'aden Alcoa Joint Venture from Alcoa for $1.1bn.

Ma'aden, a Saudi state-owned mining company, agreed to acquire the remaining 25.1% stake in Alcoa Joint Venture from Alcoa, a Pittsburgh-based industrial corporation, for $1.1bn. “We deeply value our partnership with Ma’aden. We are confident that under the new arrangement, MBAC and MAC are well-positioned for success. The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa, an important part of improving our long-term competitiveness,” William F. Oplinger, Alcoa President and CEO.