Arconic Sheds 6% Of Market Cap After Report It Made Grenfell Tower Cladding

Shares of Arconic dropped 6% in early trade after The New York Times reported the company produced the sandwich of aluminum sheets and polyethylene for Grenfell Tower , which burned and killed at least 79 people. Arconic made panels called Reynobond PE for the cladding. According to the report, Arconic marketed the material differently in the U.K. than in the rest of Europe, where sales materials explicitly instructed that the flammable material could not be used. In the U.K., the marketing said such use depends on local building codes, the report said.