Corus Begins Sale Of Aluminum Assets

Jan. 13, 2005
By Agence France-Presse Anglo-Dutch steel group Corus Group PLC said Aug. 16 it had sold the first chunk of its aluminum operations. Corus said it had agreed to sell its 20% stake in the Canadian Aluminerie Alouette smelter in Sept-Iles, Quebec, to ...
By Agence France-Presse Anglo-Dutch steel group Corus Group PLC said Aug. 16 it had sold the first chunk of its aluminum operations. Corus said it had agreed to sell its 20% stake in the Canadian Aluminerie Alouette smelter in Sept-Iles, Quebec, to aluminum giant Alcan Inc., Montreal, for US$165 million in cash. Alcan already owns 20% of the smelter. Corus will also receive a payment for working capital. "The sale of our interest in Alouette represents the first step in the divestment process of our aluminum businesses as announced in March this year, which will enable the group to focus its activities on carbon steels," Corus Chief Executive Tony Pedder said. "We expect to sell our remaining aluminum interests before the end of 2002 as scheduled." London-based Corus, formed from the 1999 merger of British Steel and Hoogovens of the Netherlands, put its aluminum operation up for sale in March, selling one of the few profitable parts of its business as part of efforts to stem losses. Copyright Agence France-Presse, 2002

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!