China Aluminium Network
Rio Tinto trims aluminium business
Edited by : AL CIRCLE
2 min read
Rio Tinto will sell 13 aluminium units worldwide, including refineries and smelters in Australia, as the world's second-biggest miner seeks to streamline its Alcan aluminium business.
Rio Tinto said in a statement today the moves were part of a streamlining of its aluminium group following a strategic review.
A spokeswoman for Rio Tinto said the changes in Australia did not currently involve any job redundancies.
"The formation of Pacific Aluminium doesn't involve any immediate changes to employees or roles of employees," she said.
In early trade, Rio Tinto stock gained $1.86, or 2.7 per cent,going to $70.16, the highest since September 16.
The cutbacks are the latest in a series of moves following Rio's badly timed $US39 billion acquisition of Alcan four years ago as it tries to boost the division's performance.
The asset sales include operations in Australia, such as the Gove bauxite venture and Tasmania's Bell Bay smelter. It will also offload assets in New Zealand and plants in France, Germany, the United States and the United Kingdom.
"The strength of our balance sheet means that we can choose the most opportune method and timing to divest these assets, which may not occur until the economic climate improves," Rio Tinto Chief Executive Tom Albanese said in a statement.
Rio Tinto said in a statement today the moves were part of a streamlining of its aluminium group following a strategic review.
A spokeswoman for Rio Tinto said the changes in Australia did not currently involve any job redundancies.
"The formation of Pacific Aluminium doesn't involve any immediate changes to employees or roles of employees," she said.
In early trade, Rio Tinto stock gained $1.86, or 2.7 per cent,going to $70.16, the highest since September 16.
The cutbacks are the latest in a series of moves following Rio's badly timed $US39 billion acquisition of Alcan four years ago as it tries to boost the division's performance.
The asset sales include operations in Australia, such as the Gove bauxite venture and Tasmania's Bell Bay smelter. It will also offload assets in New Zealand and plants in France, Germany, the United States and the United Kingdom.
"The strength of our balance sheet means that we can choose the most opportune method and timing to divest these assets, which may not occur until the economic climate improves," Rio Tinto Chief Executive Tom Albanese said in a statement.
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