Europe's Smelters Call for Action to Combat Soaring Energy Costs [Business News Network (BNN) (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Business News Network
aid and tapping national gas reserves to ease the regional power crisis and avert further smelter shutdowns. Eurometaux, which represents producers including Glencore Plc, Rio Tinto Group and Norsk Hydro ASA, sent a letter to the European Commission warning that more producers could be forced to cut output or shutter plants entirely without additional support to protect smelters from the surge in power costs. Aluminum and zinc producers have been hit particularly hard by soaring gas and electricity prices, with smelter cutbacks and closures over the past few months sparking regional shortages and sending product prices sharply higher. About 650,000 tons of aluminum capacity has been curtailed due to the crisis already, which equates to about 30% of the region's total, the group said in the letter. While power prices have retreated from last month's peaks, smelters are still exposed to heavy losses from the spot market in countries like France. Europe's gas inventories, meanwhile
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