Rio Tinto to acquire a 50% stake in Matalco from Giampaolo Group for $700m.

Rio Tinto, a global mining group, agreed to acquire a 50% stake in Matalco, a producer of high-quality recycled aluminium billet and slab products, from Giampaolo Group, a fully integrated metal management company, for $700m. “Investing in recycling is part of our drive to find better ways to deliver the low-carbon materials the world needs and provides a natural extension of our industry leading primary aluminium business. We look forward to providing customers with aluminium solutions that meet their needs for low-carbon primary and recycled materials in partnership with Giampaolo Group a leader in providing recycled material in North America,” Jakob Stausholm, Rio Tinto CEO.