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4005 - Sumitomo Chemical Co News Story

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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

Rio Tinto to shutter aluminium smelter in New Zealand on bleak industry outlook

Wed 8th July, 2020 9:19pm
July 9 (Reuters) - Global miner Rio Tinto  RIO.AX  said on
Thursday it will wind down operations and eventually close its
New Zealand Aluminium Smelters (NZAS) venture citing
non-viability of the business due to high costs and challenging
outlook for the aluminium industry. 
    As a result, NZAS has given New Zealand power producer
Meridian Energy  MEL.NZ  notice to terminate an existing power
contract, which will end in August 2021, when the wind-down of
operations is expected to complete, the miner said in a
statement.
    NZAS is New Zealand's largest single power user, and is a
joint venture between Rio holding a 79.4% stake and Sumitomo
Chemical Co Ltd  4005.T  holding 20.6%. It employs around 1000
people directly.

 (Reporting by Rashmi Ashok in Bengaluru, Editing by Franklin
Paul)
 ((Rashmi.Ashok@thomsonreuters.com; +918061822604;))
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