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Swiss-based ARG International AG, the trading house set up by Glencore Plc's former No. 2 aluminum trader Matt Lucke, is buying a bankrupt smelter in the United States, its first acquisition since its founding nearly three years ago. Noranda Aluminum Holding Corp said on Friday it sold its 263,000 tonne-per-year New Madrid primary aluminum 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 aluminum prices amid a global glut.
Franklin, Tennessee - June 13, 2016 - Noranda Aluminum Holding Corporation (OTC: NORN) ("Noranda" or the "Company") today announced that it has entered into an asset purchase agreement ...