UPDATE 1-Novelis to Close Smelter in Brazil-Shanghai Metals Market

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UPDATE 1-Novelis to Close Smelter in Brazil

Industry News 03:34:29PM Dec 07, 2010 Source:SMM

Dec 6 (Reuters) -- Novelis Inc, a unit of Indian aluminium maker Hindalco Industries Ltd (HALC.BO: Quote), said it will shut a 60,000 tonnes-a-year smelter in Brazil due to high operating costs and energy prices, affecting about 300 employees.

Novelis said the Aratu plant has been operating at a loss for nearly two years despite the company's efforts to improve performance through restructuring its workforce, installing new leadership and adjusting production levels.

"High energy prices and other structural costs will keep the plant unprofitable at expected aluminum prices for the foreseeable future," the company said in a statement.

Novelis said the shutdown, by Dec. 31, will not impact its other operations in Brazil.

UPDATE 1-Novelis to Close Smelter in Brazil

Industry News 03:34:29PM Dec 07, 2010 Source:SMM

Dec 6 (Reuters) -- Novelis Inc, a unit of Indian aluminium maker Hindalco Industries Ltd (HALC.BO: Quote), said it will shut a 60,000 tonnes-a-year smelter in Brazil due to high operating costs and energy prices, affecting about 300 employees.

Novelis said the Aratu plant has been operating at a loss for nearly two years despite the company's efforts to improve performance through restructuring its workforce, installing new leadership and adjusting production levels.

"High energy prices and other structural costs will keep the plant unprofitable at expected aluminum prices for the foreseeable future," the company said in a statement.

Novelis said the shutdown, by Dec. 31, will not impact its other operations in Brazil.