The aluminum processor Aleris Corp., based in Cleveland, has withdrawn its $500 million initial public offering (IPO), citing uncertain economic conditions. According to Reuters, the decision to rescind the offer comes three years after the Aleris had earlier sought to sell shares in the company.
The owners of Aleris include the private equity firms Oaktree Capital Management LP, a unit of Oaktree Capital Group LLC, and Apollo Global Management.
Over the past 12 months, the company has attempted to position itself to take advantage of the expected surge in aluminum demand from the auto industry. The company recently sold off both its recycling and extrusion businesses to allow it to increase its rolled products business.
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