Spanish industrial group, Riesgo bought a majority stake in the Aviles and La Coruña aluminium smelters in Spain from Swiss private equity firm Partel Capital Group, nine months after Partel bought it from Pittsburgh’s Alcoa Corporation.
Alcoa had withdrawn from operations at the Spanish smelters citing high prices of raw material making it unfeasible to produce primary aluminium. Grupo Industrial Riesgo has now taken over the responsibility to keep the Alu Ibérica plants running, according to local media reports.
Production was stalled at these plants at the end of March, due to the impact of COVID-19. Normal operation, however, resumed normal operations on April 10. Riesgo plans to reindustrialize both plants and bring them up to full capacity.