Slovalco, a primary aluminum producer in Slovakia with majority shares owned by Norsk Hydro, said that the company decided to reduce its production to 60% due to high costs of electricity and emission allowances and the lack of government compensation, the company decided to further reduce its production to about 60%. This smelter has an annual production capacity of 175,000 tons.
Slovalco said that this output reduction completed its production cut plan announced last December 30, and it will continue the plan throughout 2022.
The company said that the electricity price of this year is triple from last year. Under current power prices, Slovalco would face a loss of tens of millions of euros as the government’s compensation for energy-requiring industries is relatively low compared to other EU countries.
Slovalco to cut production to 60% due to high power costs
9 Feb 2022 16:09 reported by Joy Liu
- A
- A
- A