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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Uncertainity over debt in Sesa-Sterlite merger
With the Vedanta group deciding to restructure its holdings in mining and metals, Sesa Goa will soon be transformed into Sesa-Sterlite, with the merger of Sterlite Industries, and will house the group’s stakes in Cairn India, Vedanta Aluminium’s Indian projects and Balco. Vedanta proposes to issue...
Rio Tinto seeks bids for French aluminium plant
Rio Tinto (RIO.L) is pushing ahead with plans to sell a century-old aluminium plant in the Alps of southeast France as the global mining group continues its retreat from a struggling aluminium sector. The group's Rio Tinto Alcan division that operates the Saint-Jean-de-Maurienne plant told Reuters...
Norton Aluminium rescue deal saves 65 jobs
Cannock-based Norton Aluminium has been bought out of administration, saving the jobs of the 65-strong workforce. Andrew Haslam, Gerald Krasner and Gary Lee of Begbies Traynor were appointed as joint administrators of NAL Realisations (Staffordshire) Ltd, which traded as Norton Aluminium, on 18...
China's Chalco abandons plan to buy stake in Winsway Coking Coal
China's biggest aluminium producer, Aluminium Corp of China (Chalco) yesterday said that it will abandon plans to buy a 29.9-per cent stake in Mongolian coal exporter Winsway Coking Coal as it would not be able to get approvals from Chinese and overseas regulators by the 30 September deadline. This...
ET Business Leader of the Year Award for Anil Agarwal
Economic Times honors Anil Agarwal of Vedanta Group with the Business Leader of the Year Award for 2012. According to ET, the award seeks to honour a leader who has clearly demonstrated a strategic direction for success, and pursued a vision. It is growth in trying times that tilted the balance in...
Southgobi CEO fired after Chalco drops takeover bid
SouthGobi Resources Ltd. (SGQ), which mines steelmaking coal in Mongolia, fired Chief Executive Officer Alexander Molyneux, effective immediately, eight days after Aluminum Corp. of China Ltd. dropped its C$925 million ($949 million) takeover bid. Molyneux will be replaced by Ross Tromans, the...
Japan's Sumitomo Light Metal says copper business not to be hit by merger plans
Japan's aluminum rolling mill Sumitomo Light Metal confirmed Tuesday that it will continue to produce copper tubes after its merger with the country's largest rolling mill Furukawa Sky in October 2013. Its subsidiary Sumikei Copper Tube's product portfolio will complement the strategy of...
Vedanta proposes fresh valutation for Hindustan Zinc, Balco stake
Proposing a fair market valuation for public sector firms Hindustan Zinc Limited and Bharat Aluminium Limited, metals-major Vedanta has written to the government seeking higher valuations for both the companies, reports CNBC TV18's Anshu Sharma. Vedanta proposed fair valuation by independent...
Ball Corporation to Acquire Extruded Aluminum Packaging Business in Mexico
Ball Corporation announced today that it has entered into agreements to acquire Envases del Plata S.A. de C.V., a leading extruded aluminum aerosol packaging producer with a manufacturing facility in San Luis Potosi, Mexico, and to form a new joint venture in Argentina that will combine Ball's and...
Tredegar buys aluminum extrusion manufacturer
Tredegar Corp said on Monday that its subsidiary Bonnell Aluminum has acquired 100-percent ownership of AACOA Inc, a U.S. manufacturer of extruded aluminum for machinery and equipment. The purchase price of about $50.8 million was funded using financing under Tredegar`s existing $350 million credit...
Hydro agrees to sell Taiwan remelter
Hydro has entered into a binding agreement to sell its aluminium remelt plant in Taiwan to Ting Sin Metal Co. Ltd. The transaction is expected to close during October. Hydro invested in the remelt plant in March 2008, and the company is a fully owned subsidiary. Ting Sin Metal Co. Ltd., a company...
Reliance Steel & Aluminum Co.to Acquire GH Metal Solutions, Inc.
Reliance Steel & Aluminum Co. announced today that, through its wholly-owned subsidiary Feralloy Corporation, it has reached an agreement to purchase all of the outstanding capital stock of GH Metal Solutions, Inc. (formerly known as Gas House, Inc.), a value added processor and fabricator of...
Wisconsin company to buy Scott Aluminum Corp
A Wisconsin-based aluminum company plans to buy Scott Aluminum Corp. in Clarksburg and hire 13 workers within the next few years. The West Virginia Economic Development Authority approved a request to transfer a $2.7 million agency loan from Scott Aluminum to Skana Aluminum Co. Thursday. The loan...
O2 Investment Partners Invest in Greco Aluminum Railings Ltd
Greco Aluminum Railings Ltd, a welded aluminum balcony railing manufacturer based in Windsor, Ontario, Canada, announced today that O2 Investment Partners, LLC based in Bloomfield Hills, MI, USA, has partnered with Frank and Larry Greco and acquired a majority interest in Greco. Greco is a leading...
Benada Aluminum Motions to sell Extrusion equipment and Related Assets to Tubelite
Benada Aluminum Products LLC, which filed for Chapter 11 bankruptcy in August, has motioned for approval of an asset sale of certain of its extrusion equipment and related assets to Tubelite Inc. for a purchase price of $2.9 million. The motion was made in the U.S. District Court for the Middle...
General Cable Aquires North American Business of Alcan Cable
General Cable Corporation announced today that it has completed the acquisition of the North American portion of Alcan Cable for $151 million, subject to customary adjustments primarily related to working capital levels at closing. The North American portion of Alcan Cable represents approximately...
FreightCar calls off Joint Venture with Titagarh Wagons India
FreightCar America Inc has called off its joint venture with Titagarh Wagons due to latter’s failure to get approval from Indian Railways for a prototype of an aluminium wagon, which the US-based wagon maker specialises in. Chicago-based FreightCar is a leading manufacturer of aluminium railcars...
Alcoa Acquires Biggest Global Buyer of Recycled Cans
Aluminum producer Alcoa has bought beverage can recycling company Evermore Recycling, which it describes as the world’s biggest purchaser of recycled cans. Alcoa and Novelis previously were partners in the recycling company, but Alcoa took control of Evermore at the end of August. Alcoa’s Evermore...
