Norsk Hydro ASA (NHYDY), an aluminum production company, Wednesday announced that it has initiated the controlled shutdown of its Qatalum smelter on March 3 and is expected to be completed by March end.
The decision to shut down was made after the company's gas supplier informed it of a forthcoming suspension of its gas supply.
A full restart could take six to twelve months, but it is not known when the plant can potentially restart if fully closed, the company said in a statement.
Qatalum is a 50/50 joint venture owned by Hydro and Qatar Aluminum Manufacturing Company and is fully integrated with a smelter, cast house, carbon plant and a dedicated gas fired power plant.
On Tuesday, NHYDY shares closed at $9.25, down 2.84% on the OTC markets.
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