Alcoa would sell stake to raise cash, CEO says

Friday, Mar 13, 2009
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To raise cash, Alcoa Inc. would consider selling a stake to another company, said CEO Klaus Kleinfeld. The nation's largest aluminum maker would also consider cutting the company dividend, said Kleinfeld in an interview published Wednesday with The Wall Street Journal. He did not name any prospective buyers and said no stock sale was imminent. But it's "absolutely wise to look at all cash-generating opportunities," given the overall weakness in the aluminum industry, Kleinfeld said. Reeling from a drop in commodities, Alcoa stock has fallen 80 percent in the past six months. All three major debt rating agencies downgraded the company last month to the lowest notch of investment grade. Alcoa stock closed yesterday at $5.76, down 36 cents. source:www.pittsburghlive.com

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