Corus aluminium divestment still in progress
The Anglo-Dutch steelmaker Corus has denied the rumours it might discard the plans to sell its aluminium unit.
Company officials state that the £500 million deal with Pechiney of
France, is still valid and deny the existence of an opposition from the Dutch side of the group as speculated. The group aims to focus on carbon steel business and raising funds to reduce its debts from a total of £1.2 billion down to some £ 650 million, by divesting the aluminium unit.
The sale of the aluminium business is said to be delayed due to lack of internal approvals arising from the unit's Dutch workforce opposition.