Metals firm Alcoa Inc. will separate into two standalone, publicly traded companies.
"In the last few years, we have successfully transformed Alcoa to create two strong value engines that are now ready to pursue their own distinctive strategic directions,” Chairman and CEO Klaus Kleinfeld said in a news release.
Alcoa’s upstream company, which will keep the Alcoa name, will focus on bauxite, alumina and aluminum, casting and energy. The value-add company, which has not yet been named, will include global rolled products, engineered products, and transportation and construction solutions.