Press Trust of India / London Mar 05, 2009, 17:52 IST
To tide over the prevailing economic downturn, Aditya Birla Group firm Novelis will shut down its aluminium mill in the UK, a move that would affect as many as 440 jobs.
"...The aim of which (the move) had been to help get the business through the downturn by identifying measures that could be taken in light of the weak economy. The closure will affect 440 jobs," the company said in a statement.
Novelis posted a net loss of $1.8 billion in the third quarter of the present fiscal, primarily on account of asset impairment charge and derivative losses amid the global industrial downturn which pushed metal prices including aluminium down by as much as 60 per cent against the highs of 2008.
The North-America based firm said with this decision it has joined other global entities adjusting to present economic realities in a bid to remain efficient.
"This has been a very difficult decision to make," Novelis Europede President Arnaud de Weert, adding "like many companies we must adjust to the economic realities of today. Novelis is going through a process to ensure that we emerge from the downturn with an asset configuration that is lean and even more competitive."
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