Reportedly, the mining giant Rio Tinto hit a five-month high amid speculation that the miner was moving closer to selling its Alcan aluminum division.
Rio Tinto’s management was now focused on understanding the business. While closing parts of Pacific Aluminum would have disrupted the sale of that unit, the necessary cost cuts would be easier within Alcan, the broker argued.
The company paid US$38.1 billion for Alcan in 2007, at the peak of the aluminum cycle. Analysts now value the division at about a third of that.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65846&division=A9
