Reuters
Norsk Hydro takes $195 million charge on Kurri Kurri plant
Edited by : AL CIRCLE
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Norwegian aluminium producer Norsk Hydro will take an impairment charge of 1.2 billion Norwegian crowns ($195.10 million) and redundancy expenses of 200 million crowns as it closes its Kurri Kurri aluminium plant in Australia, the firm said on Tuesday.
Hydro announced its plans to shut the plant on May 23. The decision follows a consultation process with the local employees. The decision is a response to the weak macro-economic environment, with low metal prices, uncertain market outlook and overcapacity in the aluminium industry, in combination with a strong Australian dollar.
Hydro announced its plans to shut the plant on May 23. The decision follows a consultation process with the local employees. The decision is a response to the weak macro-economic environment, with low metal prices, uncertain market outlook and overcapacity in the aluminium industry, in combination with a strong Australian dollar.
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