“We will continue to fully support the authorities as they investigate this tragedy.”
The cladding, known as Reynobond PE, has a combustible core and is already barred in the United States for buildings above a certain height. Arconic is expected to be a central part of litigation over the Grenfell fire that is likely to last for years.
Shares of Arconic, which have been falling steadily since the fire, were down more than 4 percent on Monday.
The June 14 fire at the 24-story apartment block has claimed at least 79 lives and forced many more to find accommodation elsewhere. Investigators have found that at least 11 other buildings in Britain are clad in the combustible material, and one local council has evacuated a building over safety concerns.
The fire at the housing project, located in one of Britain’s wealthiest districts, has heightened frustrations over class inequality. Critics and residents accuse officials at all levels of ignoring repeated warnings of risks to fire safety at Grenfell Tower.
The cladding was added to the building as part of a renovation that concluded in May 2016.
A formal government inquiry is now underway. Tenants, industry executives and fire safety engineers have collectively pointed to a gross failure of oversight, a refusal to heed warnings from within Britain and around the world, and a drive by successive governments from both major parties to cut safety regulations in the name of promoting business-friendly policies.
Continue reading the main story