Adds spokesman, background
Adds spokesman, background
OSLO, Dec 2 (Reuters) – Norsk Hydro NHY.OL, one of many world’s greatest aluminium producers, stated on Monday it plans to chop manufacturing by 20% at its majority-owned Slovalco plant in Slovakia, citing a weakening market.
The plant has an annual manufacturing capability of 175,000 tonnes of major aluminium, the agency stated.
“That is according to what we’ve got stated earlier: that we see a demanding market, it’s one thing we have seen all through the autumn, and we’ve got lowered our progress forecast all year long,” Norsk Hydro spokesman Halvor Molland stated.
The manufacturing minimize is anticipated to start out subsequent month, offered it’s formally permitted on the plant’s annual basic assembly.
Hydro stated in October that it anticipated world demand outdoors China to be largely flat in 2020, in a spread from adverse 1% to 1% progress, whereas home Chinese language demand will seemingly rise by 1-3%.
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