New Zealand Aluminium Smelters will immediately halt USD 70 million in planned capital expenditure including USD 15 million for the remainder of 2012 and for 2013.
Capital work that is critical to business operations and health, safety and environment will continue. The move follows a review of all capital and major maintenance project expenditure.
Mr Ryan Cavanagh GM of NZAS said that "Given the extremely challenging market conditions, halting project work on site is one of a number of actions being taken to try and return NZAS to viability as quickly as possible."
Mr Cavanagh said that other initiatives include the completion of an organizational restructure including implementing redundancies by the end of November. NZAS is losing money. We are continuing to work with all of our key suppliers and stakeholders to reduce costs and grow revenues.
He said that "NZAS is working closely with impacted contractors and suppliers to ensure the project work are stopped in a safe and orderly manner."
Source - Tvnz.co.nz
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