NEW MADRID, Mo.--(BUSINESS WIRE)--Noranda Aluminum Holding Corporation (???Noranda???) and Missouri Governor
Jay Nixon announced that Noranda???s New Madrid aluminum smelter has
initiated steps to complete a $38 million capital project. The project
will infuse more than $20 million into the local economy during
construction. Noranda expects the project to increase the smelter???s
annual metal production by approximately 35 million pounds by 2013.
“Noranda???s plan to complete its $38 million expansion program is
positive news for Southeast Missouri”
Governor Nixon also announced an additional $1 million in economic
development support for Noranda???s New Madrid operations, bringing the
total economic development package to $9 million.
???Noranda???s plan to complete its $38 million expansion program is
positive news for Southeast Missouri,??? said Governor Jay Nixon. ???This is
my third visit to Noranda???s New Madrid smelter, and I am thrilled at the
continued reports of growth and expansion. The State of Missouri values
Noranda???s presence, which provides jobs to more than 850 Southeast
Missouri citizens. It is my pleasure to deliver this latest $1 million
installment of an economic development package totaling $9 million.???
???Our New Madrid smelter is critical to building a sustainable,
integrated aluminum company founded on growth and successful long-term
relationships with our customers, co-workers, suppliers, communities and
investors,??? said Layle K. ???Kip??? Smith, Noranda???s President and CEO. ???We
appreciate the continued contributions of Governor Nixon and the State
of Missouri in supporting our employees and strengthening the
sustainability of our operations in New Madrid.???
In mid-2008, Noranda launched a $48 million capital project to increase
production capacity at the New Madrid smelter. In early-2009, as a
result of declining market conditions, the Company suspended the New
Madrid expansion program. Today???s announcement marks the re-launch of
that program.
About Noranda
Noranda Aluminum Holding Corporation is a leading North American
integrated producer of value-added primary aluminum products, as well as
high quality rolled aluminum coils. Noranda is a public company (NYSE:
NOR) controlled by affiliates of its private equity sponsor.
Noranda is the largest employer in the Southeast Region of Missouri,
comprising 15 counties, including New Madrid County. Noranda???s New
Madrid aluminum smelter has annual production capacity of approximately
580 million pounds (263,000 metric tonnes), which represented more than
15% of total 2009 U.S. primary aluminum production.
Cautionary Note Regarding Forward-Looking Statements
This press release contains ???forward-looking statements.??? In some cases,
you can identify these statements by forward-looking words such as
???may,??? ???might,??? ???will,??? ???should,??? ???expect,??? ???plan,??? ???anticipate,???
???believe,??? ???estimate,??? ???predict,??? ???potential??? or ???continue,??? the
negative of these terms and other comparable terminology. These
statements are not historical facts but instead represent only the
Company???s belief regarding future results, many of which, by their
nature, are inherently uncertain and outside of the Company???s control.
It is possible that actual results may differ, possibly materially, from
those anticipated in these forward-looking statements. For a discussion
of some of the risks and important factors that could affect future
results, see the discussion in our reports filed with the Securities and
Exchange Commission.