Arconic sells off its operations based in Russia
In response to Russia's invasion of Ukraine, Arconic divested its assets in Russia to comply with international sanctions on the country. Arconic has also ceased all new contracts with Russian clients. The company's operations have struggled in Russia with the segment’s EBITDA dropping year-over-year even before 2022. Russia, though, has been one of the world’s most prolific aluminum manufacturers; the departure limits access to inexpensive supply and labor costs in the region.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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