As part of its strategy to concentrate on its core business, carbon steels, Corus is set to offload its 20% stake on Aluminerie Alouette, aluminium smelter in Canada to Alcan. The sale is worth US$165 million in cash as well as a consideration for working capital. The deal is expected top be completed by the end of September.
Corus also own other aluminium businesses which they also plan to divest before the end of the year. This follows on from the sale of its stainless business earlier this year.
Corus last month also acquired Brazilian steel maker Companhia Siderurgica Nacional for 4.3 billion, rocketing them from the sixth largest steel, manufacturer to the fourth largest.
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