Arconic to Pause New Contracts in Russia, Arconic Foundation to Grant $300,000 to Support Humanitarian Efforts

Rhea-AI Summary

Arconic Corp. (NYSE: ARNC) has announced a halt to new contracts in Russia, focusing solely on fulfilling existing obligations as per applicable laws and regulations. The company emphasizes the safety and well-being of its employees. To assist those affected by the conflict, the Arconic Foundation is donating $300,000 to humanitarian relief organizations and matching donations made by employees. Arconic specializes in aluminum sheets, plates, and extrusions, providing innovative products across various markets including aerospace and construction.

Positive

• Arconic Foundation is donating $300,000 to humanitarian relief organizations.
• The company is matching personal donations from employees.

Negative

• Halting new contracts in Russia may impact future revenue growth.
• The pause in contracts indicates potential business risks related to geopolitical events.

PITTSBURGH--(BUSINESS WIRE)-- Arconic Corp. (NYSE: ARNC) (“Arconic” or “the Company”) announced today that the Company will only conduct business in Russia that fulfills existing obligations in accordance with applicable laws, regulations and international rules. The Company is pausing new contracts.

The Company’s top priority remains the safety and wellbeing of its employees.

To help those directly impacted by this conflict, Arconic Foundation is granting $300,000 to support humanitarian relief organizations and is matching personal donations made by Arconic employees.

About Arconic

Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, industrial, packaging and building and construction markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220309006045/en/

Investor Contact

Shane Rourke

(412) 315-2984

Investor.Relations@arconic.com

Media Contact

Tracie Gliozzi

(412) 992-2525

Tracie.Gliozzi@arconic.com

Source: Arconic

FAQ

What is the latest news about Arconic Corp (ARNC) regarding its operations in Russia?

Arconic Corp has announced that it will pause new contracts in Russia and will only fulfill existing obligations.

How much is Arconic donating to humanitarian efforts related to the conflict in Russia?

Arconic is donating $300,000 to support humanitarian relief organizations.

What are the implications of Arconic pausing new contracts in Russia for its shareholders?

Pausing new contracts in Russia may affect future revenue growth and indicates potential business risks.