Maaden transfers Alcoa Inc. interest in joint venture to Alcoa Corp.

Saudi Arabian Mining Co. (Maaden) has transferred its Alcoa Inc. interests in its aluminum joint venture companies to Alcoa Corporation, it said in a statement on Tuesday.

Maaden aluminum companies are now 74.9 percent owned by Maaden and 25.1 percent owned by Alcoa Corporation.

Alcoa Corp. was formed after the split of Alcoa Inc. into upstream and downstream-focused businesses, named Alcoa Corporation and Arconic Inc.

“Arconic Inc. will operate in high performance multi-material products globally,” according to Maaden statement.

Alcoa Inc. will transfer its interest in the aluminum joint venture companies to Alcoa Corporation, which will operate in bauxite, alumina, energy, aluminum and cast product globally, and can sheet in North America.

“Maaden believes that its aluminum operations will benefit from the fact that Alcoa Corporation business lines will be fully aligned with those of the joint venture companies,” the statement added.