Rio’s loss-making smelter must stand on its own feet-New Zealand

Rio Tinto’s loss-making aluminium smelter in New Zealand, which wants a government break on its electricity bill to stay afloat, must learn to “stand on its own two feet,” New Zealand Prime Minister John Key said after the firm rejected a short-term subsidy offer.

The 350,000-tonnes-per-year smelter in Tiwai Point in southern New Zealand is a victim of dire market conditions caused by weak demand and high Chinese production that’s sent world aluminium prices into free fall since mid-February.

via Business feed http://www.scmp.com/business/companies/article/1205451/rios-loss-making-smelter-must-stand-its-own-feet-new-zealand