Alcoa Chairman and CEO Klaus Kleinfeld and United Shipbuilding Corporation President Roman Trotsenko, signed a Memorandum of Understanding between the companies aimed at helping to develop the Russian ship building market and increasing the use of aluminum in Russian ship building. The signing took place at the St. Petersburg International Economic Forum. During preliminary consultations the parties defined potential areas for cooperation including the technical and commercial aspects of growing the Russian market. Aluminum has been used in marine applications since the 1890's and has proven itself as a lightweight, durable and affordable material that allows ships to go faster, carry bigger payloads and travel longer ranges.