UPDATE 4-Hydro to stop Brazil alumina output, lay off 4,700 people [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
Hydro to stop Brazil alumina output, lay off 4,700 people | Reuters 3 Min Read OSLO (Reuters) - Norsk Hydro will halt production and layoff 4,700 people at the world’s largest alumina refinery, Brazil’s Alunorte, which has been operating at half capacity since March due to an environmental dispute, it said on Wednesday. The decision to close the plant indefinitely is a major setback for the Norwegian metals maker, which only last month signed two deals with Brazilian authorities that it believed would help it resume full production. Hydro’s shares fell 12 percent on the news to a 21-month low, making it the worst performer in the European STOXX 600 Index. The price of aluminum, the product made from alumina, climbed 5.5 percent to its highest since June. The decision also triggered a shutdown of Hydro’s Paragominas bauxite mine, which supplies Alunorte, and will lead to the imminent closure of the nearby Albras aluminum smelter, Chief Executive Svein Richard Brandtzaeg said. “Thousand
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