Magnitude 7 Metals to slash most workforce due to hard operations
Views : 73
Update time : 2024-01-29 16:35:57
Magnitude 7 Metals, one of the aluminum smelters in the US, announced that it would reduce operations and would not require most employees after January 28 due to the severely injured plant’s operations owing to the cold weather. However, the company would continue to seek new funding from potential investors for the future restart of the smelter.
Located in Marston, Missouri, Magnitude 7 Metals’ plant employs around 450 union workers. The plant accounts for approximately one-third of the nation’s total primary aluminum production.
Industrious Labs, a non-profit organization dedicated to the energy transition, said that the main challenge that aluminum plants are facing today is the high electricity cost, which accounts for around 40% of their total production costs. Therefore, the Biden Administration must rapidly take measures to secure affordable renewable energy.
EMR’s low-carbon aluminium project secures £3.4M funding from APC
China’s tax policy reforms propel mining gains; USD strength could pose risks
