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UPDATE 1-Norsk Hydro to shut down U.S tubing plant

Wednesday, Apr 01, 2009
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OSLO, March 31 (Reuters) - Norwegian aluminium group Norsk Hydro will shut down an aluminium tubing plant in Michigan, United States, due to weaker global markets and demand, it said on Tuesday. "Hydro has decided to consolidate its aluminium precision tubing operations in North America as result of the extremely challenging situation in the automotive industry," the company said in a statement, adding that 120 workers would be affected. Norsk Hydro said the transfer of products and closure of the plant will be completed by the end of this year, after around 70 years in operation. The plant's current business will be transferred to the precision tubing facilities in Rockledge, Florida, and in Reynosa, Mexico, while some of the equipment will be moved to other plants. Demand for the company's aluminium from automotive customers have dropped sharply this year, and Norsk Hydro has responded with a number of capacity cuts. Demand in the North American market has been falling since 2006 and has shown no signs of rebounding, the company said. Shares in Norsk Hydro were up 4.33 percent at 25.30 crowns by 1438 GMT. (Reporting by Aasa Christine Stoltz; Editing by Greg Mahlich)

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