In a statement, Moody's said the move reflected continued operating losses, further restructuring needs at Corus's UK assets and the cancellation of the intended sale of its aluminum businesses
has reached an agreement with Questor Management Co., Southfield, Michigan, for the sale of the aluminum business
of its subsidiary, Teksid S.p.A, Turin, Italy.
and its subsidiary, Showa Aluminum Corp., said Tuesday they will merge in July 2001 to consolidate and expand the Showa Denko group's aluminum business
The players will also transform the firm into a pure play in the aluminum business
with Algroup and Pechiney spinning off and divesting its other businesses.
Amax had conducted an aluminum business
Since the merger with Showa Aluminum Corporation in 2001, SDK has taken various steps to restructure its aluminum business
. This year, SDK decided to dissolve its subsidiary Showa Aluminum Fabrication and to consolidate its aluminum alloys business through an alliance with Sumitomo Corporation.
She added, ``The simple fact of the matter at the moment is that Corus is not able to sell its UK steel in Europe because the pound is so strong against the euro and when that is combined to the loss of capital from the sale of the aluminum business
, this is the result you end up with.''
Furukawa, Japan's third largest maker of aluminum sheets, and Sky Aluminium, the fourth largest producer, have been collaborating in the aluminum business
Meyer, which has a strong position m the upscale cookware market through its Analon and Circulon brands, enhances its efforts to build its lower-priced nonstick aluminum business
with an already established brand name.
Corus has blamed the failure of the sale of its aluminum business
and is also struggling with the current strength of the pound against the euro.
The bid came following CSR's appeal from the Federal Court that allows the company to open its doors to Sucrogen businesses aside from building products and aluminum businesses
. The decision will be released later this month.