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Gold/Mining/Energy : Noranda (TSE;NOR) -- Ignore unavailable to you. Want to Upgrade?

To: Link Lady who wrote (133)	2/1/1999 11:00:00 AM
From: Link Lady	Read Replies (1) \| Respond to of 197

Isn't this the same mill they were selling(trying) last year? newswire.ca : Norandal confirms sale of its Alabama mill FRANKLIN, TN, Feb. 1 /CNW/ - Noranda Inc. confirmed today that its Norandal USA business unit has concluded negotiations to sell its sheet rolling mill in Scottsboro, Alabama, to Michigan Avenue Partners for an undisclosed amount. The agreement is scheduled to close February 15, 1999. Norandal's Scottsboro plant includes a hot mill along with cold rolling and coil coating facilities. The plant produces painted and bare aluminum sheet and welded aluminum tube with an annual capacity of approximately 181,000 tons. Noranda USA, Inc., a wholly-owned subsidiary of Noranda Inc., is a major producer of aluminum sheet and foil products and currently operates four aluminum rolling mills in the United States. The company employs more than 1,200 people. Michigan Avenue Partners is a privately held investment firm based in Chicago, Illinois. Michigan Avenue Partners purchased the Reynolds Metals McCook plant last year, making it the fastest-growing metals conglomerate in the United States. According to Michael Lynch, President and CEO of Michigan Avenue Partners, ''the acquisition of the Scottsboro facility fits our overall strategy to become a major player in the aluminum industry.'' Noranda is a Canadian company whose common shares are listed on Canada's major stock exchanges (NOR). It is a leading international mining and metallurgical operating company with 50 operations in eight countries. Noranda is one of the world's largest producers of zinc and nickel and is a significant producer of copper, primary and fabricated aluminum, lead, silver, gold, sulphuric acid, cobalt and wire rope. Noranda is also a major recycler of secondary copper, nickel and precious metals. Noranda employs over 21,000 people. %SEDAR: 00004438EB