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OSLO, Sept 27 (Reuters) – Norwegian aluminium producer Norsk Hydro NHY.OL will cut output at two of its plants in Norway due to falling demand, the company said in a statement on Tuesday.
“The extraordinary situation in the European economy and energy market is causing market uncertainty and a decline in demand for our aluminium products,” Hydro said.
The combined cuts at Karmoey and Husnes correspond to an annual production capacity reduction of 110,000-130,000 tonnes of primary aluminium, including production recently taken out for ordinary maintenance and not yet restarted, Hydro said.
“Even if 50% of Europe’s primary aluminium production capacity has been curtailed during the last year, (the) recent drop in demand is causing a buildup of stock, forcing us to take firm actions,” the company added.
There will be no change in staffing at the affected plants, Hydro said.
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
((terje.solsvik@thomsonreuters.com; +47 918 666 70))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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