Ganja aluminum plant halts ops
The operation of the aluminum plant in Ganja,
Azerbaijan`s second largest city, has ground to a halt due to the
global economic crisis. All 2,265 employees of the enterprise have
been sent to a two-month unpaid leave.
Industry experts say that whereas a ton of aluminum was selling for $3,300 in world markets prior to June 2007, the price has now dropped to a low of $1,500. The Ganja plant would incur a loss of $600 per ton of aluminum if it put its products on sale, given that it costs over $2,000 to produce a ton of this metal. Production therefore had to be discontinued.
It is unknown, at this point, when this enterprise, which amounts to over 50 percent of Ganja`s economic potential, will resume its operation.
Industry experts say that whereas a ton of aluminum was selling for $3,300 in world markets prior to June 2007, the price has now dropped to a low of $1,500. The Ganja plant would incur a loss of $600 per ton of aluminum if it put its products on sale, given that it costs over $2,000 to produce a ton of this metal. Production therefore had to be discontinued.
It is unknown, at this point, when this enterprise, which amounts to over 50 percent of Ganja`s economic potential, will resume its operation.
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