Noranda Inc. announced that it is cutting 300 jobs due to continued difficulties in its business. The company reported a loss for the third quarter, and attributed the problems to dropping world prices for zinc, copper and aluminum; seasonal operation shutdowns; and on an ongoing strike at its Quebec smelter.
As part of a plan to restructure its business Noranda announced 300 job cuts, including around 100 at the company’s Canadian Copper and Recycling refinery in Montreal. The Montreal plant has seen a decline in copper production at the operation.