Rio Tinto Mulls Closure of Iceland Smelter
By Adria Calatayud
Rio Tinto PLC said Wednesday that it will review strategic
options, including the possibility of a closure, for its ISAL
smelter in Iceland, which is expected to remain unprofitable in the
"The strategic review will consider all options including
curtailment and closure, and will be complete in the first half of
2020," Rio Tinto aluminum chief executive Alf Barrios said.
The review aims to determine the operation's viability and
explore options to improve its competitive position, the mining
The smelter's uncompetitive energy costs, historically low
aluminum prices, and challenging conditions facing the aluminum
industry mean it is expected to remain unprofitable, the company
Rio Tinto said it will continue discussions with the Icelandic
government and power provider Landsvirkjun on how the smelter can
return to profitability and become competitive.
Rio Tinto shares in London at 0807 GMT were up 0.5% at 4,172.50
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
February 12, 2020 03:27 ET (08:27 GMT)
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