Norsk Hydro to cut 250-300 positions

Norwegian aluminum producer Norsk Hydro said on March 5 they will cut 250 to 300 jobs this year as part of its effort to reduce annual administrative and staff costs by 700 million to 800 million kroner.

In addition the company said that it would slash aluminum production by 400,000 tonnes, or 23%, by the end of April, compared to 2008.

The production adjustments will reduce manning by 2,200 people by the end of 2009 compared to the middle of 2008. It added that planned investments, excluding Qatalum, have been reduced by 40% compared to 2008.

Hydro is a Fortune Global 500 supplier of aluminium and aluminium products. Based in Norway, the company employs 23,000 people in 40 countries and has activities on all continents.

Source: MarketWatch.com / Hydro.com