Mining major Rio Tinto has sold off the majority of its stake in aluminium products maker Constellium NV for about $330 million.
According to Reuters a regulatory filing with the U.S. Securities and Exchange Commission states the company sold 19,316,355 shares of Constellium on November 14 at $17 per share.
The miner held a 28 per cent stake in the company which emerged from assets Rio acquired as part of its $38 billion takeover of Alcan in 2007.
This year the company recorded $14.4 billion in impairments, primarily relating to the company’s aluminium business.
In February new Rio boss Sam Walsh announced an aggressive cost cutting regime after posting its first ever full year loss of almost $3 billion.
Walsh was appointed chief executive following Tom Albanese’s shock exit earlier this year, which has reported to be a result of Rio’s struggling aluminium arm.