Noranda reports smaller 3Q losses, 23 New Madrid layoffs

Noranda Aluminum reported a smaller third-quarter loss this year than last, despite equipment failures at its facility in New Madrid. The failures caused production at the plant to drop 5 percent below normal volume, the company said.

The Franklin, Tenn., company reported a net loss of $3.9 million for its third quarter, compared with a loss of $18.2 million in the same quarter last year. The increase in revenues came due to a 10 cents-per-pound rise in aluminum prices.

Noranda, which is Ameren Missouri’s largest customer, has been pushing since February for lower electric rates from the St. Louis-based utility. The company said Ameren’s high rates would force it to lay off 125 employees at its New Madrid smelter. Noranda said it laid off 23 employees in September.

Read more from the St. Louis Post-Dispatch

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