Constellium N.V. has announced that the company intends to record an impairment charge of approximately €400 million in the fourth quarter of 2015 against the carrying value of the Wise Metals asset.

This charge, which has no impact on cash flows, reflects management’s view of the future expected performance at Muscle Shoals in light of the challenges for the can/packaging business as previously disclosed.

The execution of the company’s Body-in-White (BiW) strategy is progressing as planned, and the company has today separately announced an expansion of its joint venture with UACJ Corporation to provide automotive BiW sheet in the U.S.

Constellium does not intend to make any further comments until its Q4 & FY 2015 Earnings call scheduled for March 15, 2016.