NEW YORK (AP) — Alcoa will split into two independent companies, separating its bauxite, aluminum and casting operations from its engineering, transportation and global rolled products businesses.
The metals maker has been dealing with a downturn in its smelting business because of lower aluminum prices. The split will create one company focusing on upstream products, including aluminum. The other company will focus on engineered products, which includes the automotive and aerospace segments.
Alcoa, which is based in New York and Pittsburgh, expects the split to be complete by the second half of 2016. The upstream products company will retain the Alcoa name, while no name has yet been determined for the engineered products company.