NEW YORK — Shares of Arconic were down $3.25 to $17.09 as the markets closed Tuesday after the aluminum maker said it's no longer exploring a sale.
The company had considered a sale over the past year, but said Tuesday that it didn't receive any offers it thought was in its best interests.
Arconic has a manufacturing plant in Riverside.
Arconic, which specializes in the manufacture of aluminum parts for aerospace and auto makers, announced its largest contract in July — to supply aluminum sheet and plate products for Boeing.
Apollo Global Management, led by billionaire Leon Black, has been making overtures to purchase Arconic.
In December, Apollo had hoped to ink a $20 billion deal to buy Arconic, according to a New York Post story. However, the deal was derailed because of uncertainty in the credit markets.
The most recent deal was valued at $10.68 billion.
On Tuesday, Arconic spokesman Justin Falce said the company had no comment.
Arconic was created after Alcoa split into two companies in 2016.
Shares in Arconic Inc. have lost about one-third of their value in the past 12 months.