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Norsk Hydro cuts aluminum production due to lower demand

Norsk Hydro cuts aluminum production due to lower demand

Foreign media, Sept. 27: Norwegian aluminum producer NorskHydro said Tuesday that it will cut production at two plants in Norway due to falling demand in Europe.

Hydro said that the special situation of the European economy and energy market caused market uncertainty and led to a decline in demand for aluminum products.

Hydro said the plants in Karmoey and Husnes will cut a combined 110,000-130,000 tons of primary aluminum capacity per year, including capacity that was recently suspended for maintenance and has not yet restarted.

Hydro’s Norwegian plant has a capacity of slightly more than 1 million tons of aluminum per year, a company spokesman said.

The company said that despite a 50 percent cut in primary aluminum capacity in Europe last year, the (recent) drop in demand has led to an inventory build-up that has forced the company to take firm action. If the cuts take full effect by the end of 2022, they will result in a reduction in power consumption of about 170-200 megawatts.

The company said there would be no staff changes at the affected plants, in addition to the company moving ahead with its investment plans. Hydro said the fundamentals for aluminum remain positive in the long term, as higher demand is needed to support Europe’s green transition.

 


Post time: Sep-28-2022