Norsk Hydro will postpone its plan to restart 95,000mt production capacity its Husnes Aluminium plant in Norway in the wake of diminishing aluminium demand amid COVID-19 outbreak, according to a company statement.
The ramp-up operation earlier scheduled to begin in the first half of 2020, has been postponed to Q3 2020 (July-September). The company has also decided to freeze 25pc of its remaining capital expenditure in 2020 amounting to NOK2bn ($191.84mn) until the situation stabilises.
To ensure safety, maintain operations and generate revenue, the company is taking various measures to reduce the cost including temporary curtailments and layoffs.