Noranda may sell assets, trim benefits
Jul 24, 2013 | 06:03 PM
| Michael Cowden
CHICAGO Noranda Aluminum Holding Corp. is exploring reducing pension contributions and selling non-essential assets as it grapples with low London Metal Exchange aluminum prices and uncertainty about Midwest premiums, company executives said.
The Franklin, Tenn.-based aluminum producers comments came in response to analysts questions during a July 24 conference call about how Noranda might respond should low aluminum prices prove to be a sign of long-term weakness in commodity markets.
Analysts also asked how the company would respond should warehouse financing arrangements unwind in reaction to proposed new LME rules. The LME proposals aim to limit long waits for metal at warehouses, and some market sources have argued that the proposed rules could drive down Midwest premiums, which have benefitted producers in the face of low LME tags (amm.com, July 19).....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.