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Rio Tinto (ASX: RIO) and Giampaolo Group, one of North America’s largest fully integrated metal management businesses, have entered an agreement to form a joint venture to manufacture and market recycled aluminum products.
Under the terms, Rio Tinto will acquire a 50% equity stake in Giampaolo Group’s wholly owned Matalco business for $700 million, subject to closing adjustments.
Matalco produces recycled aluminum billet and slab products, operating six facilities in the United States and one in Canada, with the capacity to produce approximately 900,000 tonnes of recycled aluminum per year.
Giampaolo Group subsidiary Triple M Metal will be responsible for the supply of recyclable feed to the joint venture with Matalco’s leadership team continuing to manage its operations. Rio Tinto will be responsible for sales and marketing of Matalco products following a transition period after completion of the transaction.
The joint venture partners will provide oversight to the Matalco management team on matters such as strategic decisions, including executive appointments, safety and ESG standards through a board with equal representation.
The joint venture will enable Rio Tinto to provide a broader range of high-quality and low-carbon, primary, recycled, and blended aluminum products, at a time when customers are looking for solutions to lower their carbon footprint, the miner said.
The joint venture will also enhance Matalco’s current service offering to a wider array of customers, while securing access for low-carbon primary metal for its operations.
Recycled aluminum is forecast to account for more than half of United States demand by 2028.
“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 aluminum business,” Rio Tinto chief executive Jakob Stausholm said in the statement.
“We look forward to providing customers with aluminum 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.”
The transaction is expected to be completed in the first half of 2024.
