Rio Tinto, Giampaolo Group Signed Agreement on Aluminum Recycling Joint Venture

SEATTLE (Scrap Monster): Rio Tinto has entered into an agreement with Giampaolo Group on setting up a joint venture towards manufacturing and marketing recycled aluminum products.

According to the agreement, Rio Tinto will acquire 50% equity stake in Matalco- Giampaolo Group’s wholly owned metal management business. The deal is subject to closing adjustments and is expected to be completed in the initial half of 2024.

The operations of the joint venture will be managed by Matalco’s leadership team. The group subsidiary company Triple M Metal will supply recyclable feed, while Rio Tinto will be responsible for sales and marketing of products manufactured by the joint venture. The board will have equal representation of joint venture partners.

The joint venture will broaden Rio Tinto’s offering of primary, recycled, and blended aluminum products with low car bon footprint. Furthermore, it will enable Matalco to expand its presence to a wider array of customers. As per forecasts, recycled aluminum will represent more than 50% of the total U.S. demand by 2028.

Jakob Stausholm, Chief Executive, Rio Tinto said that the company looks forward to providing its customers with low-carbon primary and recycled materials, in partnership with Giampaolo Group.