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Hydro Consider Closing Canadian Magnesium Plant

Oct 30 2006

Following an otherwise strong quarter, Norsk Hydo is considering closing its magnesium plant in Canada. The following excerot is taken from their third quarter announcement to the stock exchange.

During 2006 the global magnesium market has continued to weaken from an already poor level in 2005. Competition from Chinese magnesium producers has resulted in an oversupply of magnesium on the world market, driving prices down. Hydro sees limited potential for an improvement in this market and will take further measures to reduce its exposure in this area. Closure of the magnesium plant in Becancour, Canada is under consideration.

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