Arconic no longer considering sale, shares slide
NEW YORK (AP) — Shares of Arconic are sliding at the opening bell after the aluminum maker said it’s no longer exploring a sale.
The company formerly known as Alcoa had considered a sale over the past year, but said Tuesday that it didn’t receive any offers it thought was in its best interests.
The maker of aluminum parts for the aviation and automotive industries was created after Alcoa split into two companies in 2016.
Shares in Arconic Inc. have lost about one-third of their value in the past 12 months, at tumbled 20 percent in early trading.