Constellium divests Chinese joint venture as part of Vision 2028 strategy
Constellium has sold its ownership stake in its automotive structures joint venture in Changchun, China, along with its partner, to a Chinese automotive holding company. The Changchun facility manufactures aluminium crash management systems and other structural components for the Chinese automotive...
Gulf aluminium producers accelerate overseas acquisitions amid geopolitical and supply chain risks
Aluminium producers in the Gulf are increasing overseas acquisitions and investments as they seek to strengthen supply chains, expand market access and reduce exposure to regional risks. The trend comes as geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz...
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Anglo Aluminum awaits approval for rejig
Anglo Aluminum Corp. announces that, subject to regulatory approval, it proposes a consolidation of its issued common shares on the basis of 10 old shares for 1 new share and to change its name to Navasota Resources Inc. The proposed consolidation was approved by the Company’s shareholders at the...
AMG Aluminum closes the sale of its interest in Chinese Joint Venture
AMG Advanced Metallurgical Group N.V. announces that AMG Aluminum has closed the previously announced sale of its 45% equity interest in Nanjing Yunhai KB Alloys Co., Ltd to Nanjing Yunhai Special Metals Co., Ltd. AMG Aluminum is the world-leading provider of aluminum master alloys and grain...
Chalco jettisons equity shareholdings
The company is selling its stakes in the following businesses: Chalco Henan Aluminium Fabrication in Luoyang (86.84%); Chalco Southwest Aluminium Sheet/Strip Co of Chongqing (60%); Chalco Southwest Aluminium Cold Rolling Co of Chongqing (100%); Huaxi Aluminium Co in Chendu (56.86%); Chalco Ruimin...
Norsk Hydro acquires Vigeland Metal Refinery and Vigelands Brug
Hydro has signed an agreement with Rio Tinto Alcan to acquire its 50 percent ownership share in the Vigeland Metal Refinery AS and 100 percent ownership share in the AS Vigelands Brug hydropower station, located in southern Norway. Hydro held a 50-percent ownership share in Vigeland Metal Refinery...
Klesch's talks to buy Alcoa Sardinia smelter stall
Negotiations over Swiss industrial group Klesch's potential purchase of U.S. aluminium maker Alcoa's plant in Sardinia have stalled, the Italian Industry Ministry said in a statement on Wednesday. Last year Klesch presented a formal expression of interest in the aluminium smelter, which is being...
Century Aluminum completes purchase of Alcan
Officials with Century Aluminum took the first step last week towards solidifying the status of Rio Tinto’s Alcan Sebree Works Smelter by completing the acquisition of the plant and its 500 employees. The future of both plants has been in question since Century notified Henderson-based Big Rivers...
Nod unlikely for stake increase in HZL, Balco
Anil Agarwal's Sterlite Industries might not gain in the dispute with the government over its exercise of a call option in Bharat Aluminium Company (Balco) and Hindustan Zinc (HZL) in the light of the proposed move to allow call and put options in listed companies outside the stock exchanges....
Chalco to close down eight plants
Moving to halt losses in its mainstream operations, Aluminum Corp of China (2600) is to sell all of its remaining aluminum-fabrication interests to its parent firm, Chinalco, for 3.24 billion yuan (HK$4.10 billion). The eight plants, of which only one was profitable last year, accounted for over 1...
London Metal Exchange chief to quit after HK sale triumph
Martin Abbott quit as chief of the London Metal Exchange, six months after triumphantly steering a sale to Hong Kong owners of the world’s biggest marketplace for materials such as copper and zinc. While admirers and critics credit him for persuading the 137-year old London institution’s fractious...
Rio Tinto’s exit from aluminium business looms amid asset sale
As June 30 looms, so does the first of a string of asset sales by Rio Tinto’s new chief executive, Sam Walsh, as he sets out to rid the company of more than $US13 billion ($13.7bn) in underperforming and non-strategic assets. But the scale of the clean-out could be doubled to $US26 billion if...
LDC backs funding deal to enable aerospace supplier's expansion
Private equity house LDC has completed its re-investment in MB Aerospace, alongside Arlington Capital Partners in support of MB’s acquisition of Delta Industries. The deal enables MB to consolidate its position in the aero engine precision components market. Headquartered in Motherwell and with...
US Court approves sale of bankrupt aluminum smelter
Operations at Ormet Corp. are expected to continue as usual after a federal judge approved the sale of the company for $221 million to Smelter Acquisition LLC, a subsidiary of Minnesota-based Wayzata Investment Partners. The U.S. Bankruptcy Court in Delaware on Tuesday approved the sale of all...
Constellium considers divestiture of Ussel, France plant
Constellium announced that it is exploring the sale of its Ussel, France plant, which specializes in precision castings. Constellium informed the employee representative bodies for the plant during a meeting with the Works Council in France of the potential divestiture. The Ussel plant has...
Indonesia to fully acquire Inalum in October 2013
Minister of Industry MS Hidayat determined to resolve all problems in a mining company, PT Indonesia Asahan Aluminium (Inalum). He said the company would be converted into a state-owned enterprise in October 2013. “Government is currently negotiating to takeover Inalum from Japanese consortium,...
Jamaican Government reviews divestment of Clarendon Alumina Production
In closing the Budget Debate, Jamaican Finance Minister Peter Phillips sought to reconcile the apparent conflict between his pronouncement and that of Minister Paulwell made earlier in the debate regarding the divestment of Clarendon Alumina Production (CAP). He approved of what Dr. Phillips said...
Volkswagen AG revs up heavy truck push after seven years in neutral
Volkswagen AG will look to jump-start a stalled seven-year effort to forge Europe’s biggest truckmaker tomorrow when it gains full control of struggling MAN SE. (MAN) So far, VW has little to show for the 15 billion euros ($20 billion) of shares it holds in MAN and Sweden’s Scania AB. (SCVB) A vote...
Century Aluminum buys Sebree Kentucky aluminum smelter from Rio Tinto
Century Aluminum Co. announced Monday that it had completed the acquisition of substantially all of the assets of the nearly 500-employee plant from Rio Tinto Alcan. With this acquisition the Sebree, Ky., aluminum smelter now has the fifth owner in its 40-year history. “We are really happy to...
UAE creates $15 billion aluminium firm in state merger
The United Arab Emirates is merging its two flagship state aluminum firms to create the world's fifth largest aluminum company with an enterprise value of $15 billion. The merger will improve efficiency and help the emirate's aluminum industry better compete with rivals in the region. UAE has been...
