High energy price stirs Hydro to axe aluminium production at Slovalco
On 30th December 2021, the Norwegian aluminium giant, Norsk Hydro stated that it will axe around 60% production of Slovalco, its majority stake owned aluminium plant in Slovakia countering high energy prices.
In 2021, the swelling cost of power and natural gas covering the European continent has driven production curtailments at aluminium smelters and many other plants affecting the manufacturing industries.
Slovalco already declared in 2019 its capacity cut to 80% and also stated that the fresh deduction to 60% proportional to an annual abatement of 35,000 tonnes of aluminium. However, the company has not commented on its time to effect.
Hydro said: "Slovalco will continue to monitor the situation closely in the coming weeks and months.”
While in Norway, Hydro has not emerged for any other production cutback and is safeguarded from price erratic by the company's hydroelectric capacity and long-term renewable supply details.
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