Noranda Aluminum looks for $75M in IPO

Noranda Aluminum hopes to raise $75 million in its upcoming initial public offering.

That amount is significantly less than the $250 million that was outlined in its previous filing with the U.S. Securities and Exchange Commission on Monday.

The company, one of the largest U.S. producers of primary aluminum products, is now looking to sell 10 million shares at a price between $8 and $9 each.

The Franklin-based company is planning to use the proceeds of the offering to help trim the company debt load, which now stands at more than $700 million.

After the offering, Noranda would be listed on the New York Stock Exchange under the symbol "NOR."

Noranda has struggled over the past 18 months as the recession has wreaked havoc on aluminum prices — dropping from a high of $1.49 per pound in July 2008 to a low of 57 cents per pound in February 2009. The average price in 2009 was 76 cents per pound.

Still, the company made an overall profit in 2009, despite continued challenges. The company made $101.4 million in 2009, compared to a 2008 loss of about $74 million.

That profit was the result of debt reduction and other measures, after the company’s actual operations saw a loss of about $150 million, according to a company earnings report.