Corus sells its stake of Aluminerie Alouette

Corus sells its stake of Aluminerie Alouette

The Anglo-Dutch steelmaker Corus is planning to sell its 20 percent stake in Aluminerie Alouette, a Canadian aluminium smelter, to Alcan for $165m in cash. Corus will further receive a payback from the working capital of Alouette upon completion of the sale to take place in September. This is a further step for Corus towards its drive in focusing on carbon steel while raising cash to reduce its debt and shore up finances.