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PITTSBURGH - Shares of Alcoa Inc. gained 9 percent on Thursday after the company said it was working with China on the development of a commercial jetliner that would compete in the international aviation market.
The U.S.-based aluminum maker said it agreed with the state-backed Commercial Aircraft Corp. of China Ltd. to work on the C919 aircraft, which will be the largest passenger jet to be built in China. The companies are "examining advanced aluminum structural concepts, designs and alloys" that will be used to build the 190-seat plane, Alcoa said.
China hopes the narrow-body, single-aisle C919 will boost its fledgling aviation industry and help it compete with Western rivals such as Boeing Co. and Airbus. Chinese officials claim the C919 will be cheaper for airlines to operate and use 12 percent to 15 percent less fuel than comparable jetliners.
The Chinese company plans to fly the plane for the first time in 2014 before delivering it to buyers in 2016. The aircraft will be assembled in Shanghai, but parts will be made by suppliers worldwide.
Alcoa has operations at 15 sites in China, including offices and plants in Beijing, Shanghai, Qinhuangdao, Kunshan, Suzhou, Guangzhou and Hong Kong. Alcoa's products also are being used in a new Chinese regional jet, the ARJ21-700.
Alco shares advanced $1.08 to $13.01 in afternoon trading.
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