Parent Company Of A Ravenswood Aluminum Plant Strikes Deal With Chinese Company

Chinese state-owned aluminum group Chinalco has signed a deal to invest 19 1/2 billion dollars in mining giant Rio Tinto.

Rio Tinto is the parent company of Alcan Rolled Products of Ravenswood.

The deal is meant to secure resources for China while helping cut Rio's heavy debt.

It's the biggest overseas investment by a Chinese company to date.

Rio shares in London tumbled as much as 18-percent Friday over investor worries that Rio was giving up too much interest in valuable mines.

But outgoing Rio Chairman Paul Skinner defended the deal, saying it was suitable for the times.

Earlier this month, Alcan laid off 168 workers at its Jackson County facility, which is the county's largest employer.

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  • by tammy Location: marietta on Feb 16, 2009 at 09:19 AM
    Yes, Anonymous, Rio Tinto is owned by 3 different nations, none of which is the United States. Rio Tinto is also the third largest mining company in the world. How do you think we get to our natural resources?--by mining. The people of the United States need to understand that we are not priviledged and should be worrying about our national security just as other countries are. I can tell you I am so terrified of the wake-up call that we will one day get. Any one with any common since knows that it is not a good Idea to sell our souls to hostile countries just to make a profit. It is nothing less than Anti-American.
  • by Anonymous on Feb 15, 2009 at 04:41 AM
    I would had felt better if the money was invested in the Ravenswood facility only.Now they can downsize restructure and move the jobs to where ever they want to.China is going to own us all before its over.
  • by Anonymous on Feb 14, 2009 at 10:18 AM
    Please don't get the wrong idea. This money was not invested in Ravenswood. Rio Tinto is a multinational company. The money is invested in the whole company.
  • by Anonymous on Feb 13, 2009 at 03:00 PM
    All they want is the Aluminum Stretcher largest in the world. Look out boys it will be torn down and moved overseas since you cant keep it operating
  • by Tammy Location: Parkersburg on Feb 13, 2009 at 02:26 PM
    Think about this. If all of our plants leave for foreign countries, who will buy their products? Not us, not living on min wage.
  • by Written in English!!! on Feb 13, 2009 at 02:10 PM
    The problem with our economy is as Americans we do not produce!!! We are a consumer nation!!! Our factories being shut down, sent to foreign lands, and bought out by over seas companies,is all due to the facts of Americans being greedy, we want it fast & want it now! Maybe if we produced more, bought American more, and acted like a unified nation our jobs would not be in danger!! Let's get a grip America!!!!!!!
  • by Anonymous on Feb 13, 2009 at 01:03 PM
    Look Out, Century Ravenswood: you're on the auction block.You're next!
  • by sue Location: barlow on Feb 13, 2009 at 01:02 PM
    Yes wake up America, will we get our jobs back. China sure seems to be rich, is thre actually anyting we have that China does not have a hand in. Why can we not live like them, boy they sure make a killing off of the American people. What is wrong with our economy that china can handle this plant and we in america cant do it. someone better open their eyes and fast,we seem to be able to come up with money for every dept in our state, new vehicles/ new guns, new funds but we cant help to keep our fellow men working. we can raise taxes, cut mail and raise postage, we can close down all our factories and how do the poor survive. the rich will always continue to grow and the rich will continue to be rich. this stimulas deal is all for the rich. we surely better hope that someone wakes up fast and realizes Americans needs to survive.
  • by rollo Location: marietta on Feb 13, 2009 at 12:53 PM
    Folks that say "they'll own us" are simply not informed. Folks said that back in the 80's when Japan bought up things here. No, the sky isn't falling. This is GREAT news for the plant in Ravensvood. (Alcan) Its a world economy, get on or get left out.
  • by Mike on Feb 13, 2009 at 12:24 PM
    No Carol it does not mean people are getting their jobs back here. It means the people who worked at the plant in Ravenswood will be replaced by Chinese workers in some dump in China. When will this end?
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