Hulamin Closes Camps Drift Mill After Component Failure
Hulamin Ltd. (HLM) closed the Camps Drift hot finishing mill until about June 11 after a parts failure.
“It is estimated that approximately 23,000 tons of production will be lost,” the Pietermaritzburg, South Africa- based maker of aluminium products said in a statement today.
A planned shutdown was moved forward to coincide with the repairs and Hulamin will submit an insurance claim once losses are worked out, it said.
Hulamin is seeking to boost rolled-product sales to about 250,000 metric tons in 2014 from 208,000 tons last year, when net income rose 8.8 percent to 79.7 million rand ($9.8 million).
The company declined 1.5 percent to 6.65 rand by the close of trading in Johannesburg, the lowest since Sept. 14.
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