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Arconic plunges report supplied flammable panels to Grenfell Tower


A worker loads an aluminum coil onto a loading dock at the Arconic manufacturing facility in Alcoa, Tennessee.

Luke Sharrett | Bloomberg | Getty Images

A worker loads an aluminum coil onto a loading dock at the Arconic manufacturing facility in Alcoa, Tennessee.

Shares of Arconic dropped nearly 10 percent in the premarket Monday after Reuters reported the U.S.-based aluminum company knowingly supplied flammable panels for use at London’s Grenfell Tower.

Reuters said that six emails sent to and by an Arconic manager raised questions about why the company supplied the combustible panels despite a public warning that they posed a risk.

Grenfell Tower, which is more than 200 feet tall, was badly damaged in a fire June 14 that killed at least 79 people. London police said Friday the fire started after an appliance malfunction, adding they were considering manslaughter charges over the disaster.

Arconic, a former Dow component called Alcoa, did not immediately respond to CNBC’s request for comment but told Reuters in a statement it’s not up to them to decide what’s compliant with local building regulations.

Shares of Arconic had been on a tear entering Monday’s session, rising 37.8 percent for the year.

Click here to read Reuters’ full story.

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