Glencore's former No. 2 aluminium trader buys bankrupt U.S. smelter



Swiss-based ARG International AG, the trading house set up by Glencore Plc's (GLEN.L) former No. 2 aluminium trader Matt Lucke, is buying a bankrupt smelter in the United States, its first acquisition since its founding nearly three years ago.
Noranda Aluminium Holding Corp (NORNQ.PK) said on Friday it sold its 263,000 tonne-per-year New Madrid primary aluminium smelter in Missouri to ARG for $13.7 million in a court-approved auction. Noranda filed for bankruptcy in February after struggling with a sharp downturn in aluminium prices CMAL3 amid a global glut.
Lucke founded ARG six months... read more

 
1 October 2016 in Business, Views: 80
Source: Reuters
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