CENX
Century Aluminum CompanyNASDAQ
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  • Mon, Aug. 29, 1:48 PM
    • Shares of aluminum makers are higher after privately-held aluminum rolled products producer Aleris agreed to be acquired by China's Zhongwang for $2.33B, in a bet that the U.S. automotive aluminum sector will be the industry's next big growth market.
    • Since 2010, Aleris has been owned and controlled by a group led by investment funds of Oaktree Capital Management (NYSE:OAK).
    • Aleris is in the midst of a $350M expansion of its Lewisport, Ky., rolling mill to produce automotive body sheet for U.S. auto manufacturers, and hopes to produce 200K metric tons/year and begin shipping in 2017.
    • Shares of other publicly traded aluminum companies are up, including Alcoa (AA +2.4%), Century Aluminum (CENX +2.7%), Kaiser Aluminum (KALU +1%) and Constellium (CSTM +12.9%).
    | Mon, Aug. 29, 1:48 PM