Corus Selling Smelter to Alcan

Corus Group has sold its 20 percent stake in the Aluminerie Alouette smelter in Quebec, Canada to Alcan for $165 million.

The move follows the European company’s announced plan to sell all its aluminum assets by the end of the year. The announcement was made this past March.

Corus was initially expected to sell all of its aluminum assets by this summer. The sale of the interest in the Canadian smelter leaves two additional smelters in the Netherlands and Germany and plants in Germany, Canada, Belgium and China which make aluminum metal products.

Tony Pedder, CEO of Corus said:' ”The sale of our interest in Alouette represents the first step in the divestment process of our aluminum 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 aluminum interests before the end of 2002 as scheduled.”

The sale of the Alouette stake, subject to approval by the Canadian competition authorities, is expected to complete during September.