it’s a deal: Yorkshire steel giant bought for $2.85bn

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ONe of the best-known names in the Yorkshire steel industry is changing hands in a $2.85bn deal.

Alcoa has agreed to buy Sheffield-based aircraft parts maker Firth Rixson from private equity firm Oak Hill Capital Partners.

The deal will grow Alcoa’s aerospace segment, and boost the aluminum giant’s production of nickel and titanium goods.

Stubbornly low aluminum prices have been weighing on Alcoa, and the company has been pushing to grow its more profitable downstream businesses, which sell products like truck wheels and aircraft fuselages instead of low-margin, less-processed metal.

The company said it has secured interim financing for the deal from investment bank Morgan Stanley.

File photo  of an Aldi store, as the supermarket saw sales jump to record heights despite profits slipping by nearly a fifth as the supermarket drove investment into cutting prices and expanding its reach. PRESS ASSOCIATION Photo. Issue date: Monday September 25, 2017. The German discount grocer said annual sales in the UK and Ireland rose 13.5% to �8.7 billion in 2016, with the firm enticing more than one million new customers into its stores over the period.  Photo: Anthony Devlin/PA Wire

Aldi sees sales jump to record heights