Alcoa and RUSNANO to Produce Advanced Drill Pipe for Oil and Gas Industry
In today’s press release, Alcoa Inc. and OJSC RUSNANO signed a memorandum to produce technically advanced oil and gas aluminum drill pipe with antiwear coating for the oil and gas market. The memorandum was signed yesterday at the St. Petersburg International Economic Forum which is held annually in Russia. The St. Petersburg International Economic Forum started yesterday and ends Saturday. Alcoa partnered with RUSNANO to develop the aluminum industry in Russia. Alcoa is Russia’s largest producer of fabricated materials, and RUSNANO is a stock company looking to increase the nanotechnology industry. Both companies expect to mutually benefit through RUSNANO’s expertise and Alcoa’s extensive technological capabilities.
Alcoa Inc. started in Pittsburgh and officially moved its headquarters to New York in 2006, but their products are used worldwide in the aircraft, automotive, commercial transportation, packaging, building and construction, oil and gas and industrial industries. In 2005, Alcoa acquired Samara Metallurgical Plant and Belaya Kalitva Metallurgical Production Association which was Russia’s largest fabricating facilities. Through reorganization of the Russian Corporation of Nanotechnologies, RUSNANO was formed and is a joint stock company that
Alcoa’s bottom line for the first quarter increased from last year’s first quarter while the closing stock price decreased. Alcoa’s net income for the first quarter of last year was $94 million while it was $149 million this year. Alcoa’s (NYSE:AA) average 2013 first quarter closing price was 8.79, while the first quarter of 2012 had average closing price of 10.12. Alcoa is traded in the basic material sector in the aluminum industry. The aluminum industry is dictated by demand and is challenged by the prices in the commodities market,