Noranda's Newport Aluminum Plant Will Lay Off 38 PeopleFirmensprecher John Parker said,Noranda's Newport aluminum plant will lay off 38 people in early December. Parker said the job cuts is mainly for aluminum prices down to reduce the cost of adjustment, since the global financial crisis, aluminum prices have dropped to the lowest level. Newport will continue to run spraying and shearing business.Although production has declined, but if demand rises will restore equipment capacity.
This is a year ago Newport aluminum plant announced lay off 88 people later again the planned layoffs. As of the third quarter (September 30),Noranda announced a net loss of $175 million,loss of $ 3.9 million in the same period last year.The same period, the per-share loss of $ 17.49, $ 0.40 per share loss in the same period last year.
Newport is the listed subsidiary of Noranda's flat-rolled products business,including the aluminum rolling facilities which located in Huntingdon,Tennessee and Salisbury,North Carolina.The Newport factory is the smallest one in the three factories,tt accounts for less than 5% of the rolled aluminum business.By contrast, Huntingdon accounted for nearly 80% of the business.