Shares in Arconic, the manufacturer which made the cladding blamed for helping the tragic blaze at the Grenfell Tower to spread, dropped sharply last night as it said it will stop providing the cladding to high-rise builders.
Shares in the company finished almost six per cent lower at $24.01 in overnight trading, after the company said it will no longer provide Reynobond PE, the cladding used on Grenfell Tower, "in any high-rise applications, regardless of local codes and regulations".
It added that Reynobond had been used as "one component of the overall cladding system on Grenfell Tower".
"The other parts of the cladding system, including the insulation, were supplied by other parties," it added.
"We were not involved in the installation of the system, nor did we have a role in any other aspect of the building’s refurbishment or original design."
Last week the Metropolitan Police said the blaze at the tower in North West London, which is thought to have killed almost 80 people, was started by a Hotpoint fridge freezer.
Arconic's cladding was installed as part of a £10m refurbishment of the block. Both the cladding and the insulation on the tower failed fire safety tests, detective chief superintendent Fiona McCormack said last week.
Arconic's statement in full
"The loss of lives, injuries and destruction following the Grenfell Tower fire are devastating, and our deepest condolences are with everyone affected by this tragedy. We have offered our full support to the authorities as they conduct their investigations.
"While the official inquiry is continuing and all the facts concerning the causes of the fire are not yet known, we want to make sure that certain information is clear:
"Nevertheless, in light of this tragedy, we have taken the decision to no longer provide this product in any high-rise applications, regardless of local codes and regulations."