Rio Tinto, leading international mining group, is facing a difficult time.
The group’s aluminum subsidiary and by far the world’s 4th largest aluminum producer, previously known as Rio Tinto Aluminum, had suffered a write down by US$ 10~US$11 billion in the financial year of 2012, resulted from the group’s acquisition of Alcan in October 2007, several months before the U.S. subprime mortgage crisis took place in 2008.
This is also connected with the up and down in global aluminum prices from 2008 to now due to the factors of 2008–2009 Chinese economic stimulus plans as well as the on-going Eurozone crisis.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63847&division=A6
