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4005 - Sumitomo Chemical Co News Story

¥362 -5.0  -1.4%

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Sector
Basic Materials
Size
Large Cap
Market Cap £4.46bn
Enterprise Value £16.34bn
Revenue £16.14bn
Position in Universe 212th / 3864

BRIEF-Rio Tinto Says Will Start Planning For Wind-Down Of Ops And Eventual Closure Of New Zealand Aluminium Smelters

Wed 8th July, 2020 9:09pm
July 9 (Reuters) - 
    * RIO TINTO - WILL START PLANNING FOR WIND-DOWN OF
OPERATIONS AND
EVENTUAL CLOSURE OF NEW ZEALAND ALUMINIUM SMELTERS
    * RIO TINTO LTD- NZAS HAS GIVEN MERIDIAN ENERGY NOTICE TO
TERMINATE POWER CONTRACT, WHICH WILL END IN AUGUST 2021
    * RIO TINTO LTD - NZAS BUSINESS IS NO LONGER VIABLE GIVEN
HIGH
ENERGY COSTS AND A CHALLENGING OUTLOOK FOR ALUMINUM INDUSTRY
    * RIO TINTO-IN THE NEXT 14 MONTHS, NZAS & RIO TINTO TO WORK
CLOSELY WITH PARTNERS TO PLAN TO WIND-DOWN OPERATIONS, AND
EVENTUALLY CLOSE SMELTER
    * RIO TINTO- DISCUSSIONS WITH INTERESTED PARTIES HAVE FAILED
TO
SECURE CONTRACT THAT WILL ENABLE OPERATION TO BECOME COMPETITIVE
AND PROFITABLE
    * RIO TINTO -DECISION TO WIND-DOWN OPERATIONS AT NZAS WILL
HAVE
SIGNIFICANT IMPACT ON EMPLOYEES, COMMUNITY AND CUSTOMERS

Source text: https://www.riotinto.com/news/releases/2020/NZAS-terminates-electricity-contract-and-plans-to-wind-down-operations-following-strategic-review
Further company coverage:  RIO.AX 

 ((Reuters.Briefs@thomsonreuters.com;))
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