Noranda in profit
Noranda Aluminum Holding Corp reported a profit of $6.9M in the second quarter compared to a loss of $12.1M a year ago.
It cited higher prices, a ramp up in production at its New Madrid smelter and the benefits of 100% ownership of the alumina and bauxite operations for the improvement.
It is the first quarter the company has traded as a publicly traded company. It used revenue from the initial public offering to help pay off debt.
Hydro takes control of Famco
Hydro has acquired the remaining 15.1% of Formosa Alloy Materials Company (Famco).
The Taiwan aluminium remelt plant consequently becomes a fully owned subsidiary of Hydro.
The plant has a capacity of 75kt/y of extrusion ingot.
“The remelter is positioned in a market of strategic importance to Hydro, especially considering that the Qatalum aluminium plant is expected to reach full production in the fourth quarter this year, with Asia as its main market,” said Kjetil Ebbesberg, executive vice president of Hydro’s Metal Markets business area.
LME sets H1 record
The London Metal Exchange (LME) had record trading volumes for the first six months of 2010.
Total lots traded on the exchange rose 7.5% to 59304271 compared with the corresponding period last year while the average daily volume rose 8.1% to 478260 lots.
The exchange has also invested in IT infrastructure so it is ready for future growth.
5th Rodding Conference
The 5th International Conference on Electrodes and Suport Services for primary Aluminium Smelters (incorporating the 5th Rodding Conference) takes place at the Hilton Nordica Hotel, Reykjavik, Iceland between 10-12 May, 2011.
For more information contact email@example.com.