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Alcan Proves Costly to Rio Tinto
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Rio Tinto took a $8.9 billon writedown for 2011 on its Alcan aluminium acquisition. In total Rio Tinto has now taken a writeoff of $18.2 billon of the $38 billion paid for Alcan. CEO Tom Albanese says this is because of the heavy price Rio Tinto paid. He will forgo his 2011 bonus as a result. Analysts say Rio Tinto paid a higher price trying to outbid Alcoa and because aluminium prices which were $3000 at the peak in 2007 when Alcan was acquired, have since dropped to $1500. Chinese production expanded from 12.5 million tons in 2007 to 17.8 million tons in 2011.
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Rio Tinto's Alcan aluminium acquisition
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Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
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Rio Tinto Digs In as Rival Spins Off
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For Mining Chiefs, Doomsday Scenarios Could Become Reality
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Alcan Proves Costly to Rio Tinto
Wall Street Journal 02/10/2012
China's Iron Demand Turns Down Under
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Rio Tinto management
04/13/2006
Grouped Articles
Rio Tinto's First-Half Profit Falls 71%
Wall Street Journal 08/09/2013
Rio Tinto's Time-Consuming Turnaround
Wall Street Journal 08/08/2013
Rio Tinto's Walsh Still Faces Major Challenges Ahead
Wall Street Journal 02/25/2014
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Rio Tinto strategies
02/02/2009
Grouped Articles
Rio Tinto's First-Half Profit Falls 71%
Wall Street Journal 08/09/2013
Rio Tinto's Time-Consuming Turnaround
Wall Street Journal 08/08/2013
Rio Tinto's Walsh Still Faces Major Challenges Ahead
Wall Street Journal 02/25/2014
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
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