Arconic is a company specializing in lightweight metals engineering and manufacturing. Arconic's products, which include aluminum, titanium, and nickel, are used worldwide in aerospace, automotive, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications. Arconic's operations consist of three worldwide reportable segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.
Alcoa Inc. was renamed Arconic Inc., and retained the operations in aluminum rolling (excluding the Warrick operations), aluminum plate, precision castings, and aerospace and industrial fasteners. It focuses on turning aluminum and other lightweight metals into engineered products such as turbine blades for sectors including aerospace and automotive. It trades on the NYSE under the ARNC ticker.
On January 31, 2017, the hedge fund Elliott Management Corporation launched a proxy contest against the company. Elliott publicly called for the firing of then CEO, Klaus Kleinfeld citing the company's lackluster stock performance, missed profit forecasts and inefficient spending. On April 17, 2017, Klaus Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.
For the £11 million renovation of Grenfell Tower, Arconic provided one component of the cladding, known as Reynobond PE aluminum composite panels, to Omnis Exteriors. Reynobond PE was not the most fire-retardant option. On 26 June 2017, short time after the Grenfell Tower fire which resulted in the death of 72 people, Arconic issued a statement that it would no longer sell its Reynobond PE (polyethylene - aluminum composite cladding) for use in high-rise buildings. The company said this is applicable worldwide due to the difficulty of being sure that its material would be used in a way compliant with building regulations in various countries. An inquiry into the fire in 2018 found that the cladding, which incorporated polyethylene material within, was the primary cause of the spread of the fire. The fire resulted in several lawsuits against Arconic.