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Alcoa to receive $1.02 billion for Rio Tinto stake

Alcoa to receive $1.02 billion for Rio Tinto stake

Alcoa said it will receive $1.02 billion in cash over the next six months from the sale of its stake in mining giant Rio Tinto.

The aluminum maker said it will record a non cash, after-tax loss of $102 million related to the sale. President and Chief Executive Officer Klaus Kleinfeld said the cash "strengthens Alcoa's ability to weather the economic downturn." The announcement comes two days after Standard & Poor's downgraded Alcoa debt to the lowest investment grade rating.

First Published: February 12, 2009, 7:45 p.m.

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