Corus Group plc has agreed to sell its entire 20 per cent interest in the Aluminerie Alouette smelter in Sept-Iles, Quebec, to Alcan Inc. for $165m.
This transaction increases to 40 percent Alcan’s stake in Alouette, which operates a 243,000-tonne, low-cost aluminium smelter.
The Alouette smelter entered into production in 1992. In addition to Corus, the equity partners in Aluminerie Alouette include Alcan (20%); Austria Metall AG (20%); Norsk Hydro (20%); SociÃ©tÃ© gÃ©nÃ©rale de financement (13.33%); and Marubeni (6.67%).
Commenting on the sale, Tony Pedder, Chief Executive of Corus said: ‘The sale of our interest in Alouette represents the first step in the divestment process of our aluminium businesses as announced in March this year, which will enable the Group to focus its activities on carbon steels. We expect to sell our remaining aluminium interests before the end of 2002 as scheduled.’
Completion of the transaction remains subject to the receipt of applicable regulatory approvals and is expected to be finalised by the end of September 2002.