UPDATE 1-Aleris mulls selling recycling, specification alloys operations
(Adds background, comment)
NEW YORK, April 15 (Reuters) - Aleris Corp said it may sell its recycling and specification alloys businesses, a sign that one of the world's biggest secondary aluminum alloy makers will focus on higher-margin rolled products and extrusion markets.
High scrap prices and low supplies in recent years have squeezed profits for secondary aluminum alloy makers which supply the automotive, aerospace and packaging sectors.
"While the businesses remain steady and profitable with excellent long-term growth potential, we are always reviewing our operations to ensure that Aleris is optimizing the value of its portfolio," said Chairman and Chief Executive Officer Steve Demetriou in a statement.
The unit could be worth more than $400 million, the Wall Street Journal said, also citing sources. (Reporting by Josephine Mason; Editing by James Dalgleish)
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- Russian-backed separatists enter southeast Ukraine town
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |