NEW YORK (AP) -- Alcoa Inc. said Friday it signed a deal with Russia's state-owned JSC to boost the use of aluminum in Russian shipbuilding.
Alcoa said the agreement signed at an economic forum in St. Petersburg was also aimed at helping develop the Russian shipbuilding market.
Alcoa said it has operated in Russia since 1993. In 2005, the company bought two aluminum plants and has spent more than $750 million modernizing them.
JSC United Shipbuilding Corp. is the biggest holder of shipbuilding and repairing assets in Russia, according to Alcoa.
In morning trading, shares of Alcoa fell 6 cents to $11.12.