Norsk Hydro to cut aluminium output by 20% at Slovak plant due to weak demand

Norsk Hydro to cut aluminium output by 20% at Slovak plant due to weak demand

Reuters  | Dec 02, 2019 10:21

Norsk Hydro to cut aluminium output by 20% at Slovak plant due to weak demand

OSLO (Reuters) - Norsk Hydro (OL:NHY), one of the world's biggest aluminium producers, said on Monday it plans to cut production by 20% at its majority-owned Slovalco plant in Slovakia, citing a weakening market.

The plant has an annual production capacity of 175,000 tonnes of primary aluminium, the firm said.

"This is in line with what we have said earlier: that we see a demanding market, it is something we've seen throughout the autumn, and we have lowered our growth forecast throughout the year," Norsk Hydro spokesman Halvor Molland said.

The production cut is expected to start next month, provided it is formally approved at the plant's annual general meeting.

Hydro said in October that it expected global demand outside China to be largely flat in 2020, in a range from negative 1% to 1% growth, while domestic Chinese demand will likely rise by 1-3%.

Norsk Hydro owns 55.3% of the Slovalco plant, while Penta Investments holds 44.7%.

The plant also has a casthouse capacity of close to 200,000 tonnes.

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors. is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.