Slovalco, the only primary aluminum producer in Slovakia with majority shares owned by Norsk Hydro, is reducing its production due to the surging electricity prices.
The prices of emission allowances hit a record high and the state’s compensation through the Environmental Fund was not enough, both of which were also the reasons for production cuts.
Milan Veselý, CEO at Slovalco, expected that the decision to shut down the plant will be made in one year if the state doesn’t solve the current problem. The closure of this plant is likely to lead to a loss of 500 direct jobs and 2,000 indirect jobs.
Slovakia’s Slovalco reduces aluminum output due to surging electricity prices
4 Oct 2021 16:29 reported by Joy Liu
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