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Arconic no longer considering sale, shares slide

January 22, 2019
FILE - In this July 26, 2017 file photo, the office building for Alcoa and Arconic are seen from the north shore of the Allegheny River, in Pittsburgh. Shares in Arconic Inc., the company formerly known as Alcoa, have been dropping fast in pre-market trading after the company said it was no longer considering selling the company. Chairman John Plant said Tuesday, Jan. 22, 2019, that Arconic’s board and management have been conducting a comprehensive strategy and portfolio review for the past year, but that the company didn’t receive any offers it thought was in its best interests. (AP Photo/Keith Srakocic, File)

NEW YORK (AP) — Shares of Arconic are sliding at the opening bell after the aluminum maker said it’s no longer exploring a sale.

The company formerly known as Alcoa had considered a sale over the past year, but said Tuesday that it didn’t receive any offers it thought was in its best interests.

The maker of aluminum parts for the aviation and automotive industries was created after Alcoa split into two companies in 2016.

Shares in Arconic Inc. have lost about one-third of their value in the past 12 months, at tumbled 20 percent in early trading.

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