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    17.3000
  • TODAY'S CHANGE (%)
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    below average

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  • Jun 11, 2024

      Show headlines and story abstract
    • 9:49PM ET on Tuesday Jun 11, 2024 by Dow Jones
      Companies Mentioned: RIO, ASA

      0149 GMT - Rio Tinto's acquisition of Mitsubishi's nearly 12% interest in an Australian aluminum smelter illustrates the company's continued commitment to its aluminum business, especially Pacific Aluminium, Morgan Stanley analysts say in a note. "We see Rio as a key long-term player that could benefit from long term aluminum demand," especially through its low-cost and low-carbon Canadian operations, the analysts say. Rio's aluminum unit is estimated to account for 11% of 2024 group Ebitda, and the Boyne smelter in which the company has raised its stake accounts for roughly 9% of its attributable aluminum output. "Pacific Aluminium (of which Boyne is a part of) is the biggest single contributor to Rio's production carbon footprint," which the company is seeking to reduce, the MS analysts add.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
  • May 30, 2024

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