Aluminum smelter Slovalco to cut output by 20%
Norsk Hydro, one of the world’s biggest aluminum producers, plans to cut output by 20% at its majority-owned (55.3%) Slovalco plant in Žiar nad Hronom, citing soft demand and high electricity prices. Penta owns the rest of the shares. The plant has an annual capacity of 175,000 ton of primary aluminum. Slovalco is the largest electricity consumer in the country, taking a tenth of SE output. It would not discuss the impact on employment and SE. Slovalco’s net profit fell from €75.6m in 2011 to last year’s €25.6m, but its sales rose from €319.9m in 2016 to €405.1m.