Reuters reported that Argentina's biggest aluminum producer, Aluar will not meet its expected output of 475,000 tonnes this year as recent heavy rains flooded its smelter.
Mr Javier Madanes CEO of Aluar said that its primary aluminum production plant in the southern city of Puerto Madryn will be fully operational in 90 days. We're no longer on track to produce 475,000 tonnes. This will without a doubt result in a loss of production.
Mr Madanes said that electrical cabinets that flooded after torrential rains on Sunday night affected power reception and generation at the smelter. I'm upset about this but it's not catastrophic it's nature, no one was harmed and it will be solved in the short term. Aluar aims to have the plant normalized in 90 days.
He said that the flooding might have a minor impact on the company's results this year. With this situation that we're going through, we're going to have to do our math. The aluminum sector is having a rougher time in 2011 than last year due to the worsening global economy.
Mr Madanes said that we're resisting several onslaughts: a European economy in crisis, a cooler economy in the United States. Fortunately Asia and emerging markets maintain a positive activity level but the world economic outlook is troubling. Prices are poor right now. They dropped to USD 2,100 from USD 2,600 in just 4 months."
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