Corus Set to Divest Aluminium Smelters

Corus and AIAC (Aluminium Acquisition Company Limited) have today announced that they have signed a non-binding Letter of Intent for the proposed acquisition of Corus’ aluminium smelters by an affiliate of AIAC for an undisclosed sum.

Internal consultation and advice processes related to the transaction have commenced. It is intended that a Sale and Purchase Agreement would only be entered into once these processes are completed. The proposed transaction may be subject to certain external regulatory clearances.

Following the sale of Corus’ downstream aluminium extrusions and rolling business to Aleris in August 2006, Corus has been looking at opportunities to secure a future for its aluminium smelters outside the Group. The two smelters are based in Delfzijl in the Netherlands and Voerde in Germany and produce over 200,000 tonnes of primary metal per annum. The smelters employ 481 people in Germany and 475 people in the Netherlands.