NewCo Ferronikeli has decided to temporarily halt production due to high production costs resulting from low prices in the global nickel market and the anticipated recession for commodities in 2024. The company aims to resume production once a more favourable climate for the industry is established.
In 2013, NewCo Ferronikeli produced 7,700 tons of nickel. The company has demonstrated a long-term commitment to sustainable development through its activities in previous years.
During this production hiatus, NewCo Ferronikeli will focus on developing projects to reduce production costs and update technology to increase efficiency, ensuring readiness for the future restart of production. The company is working with its employees to navigate this challenging period and prevent negative impacts on its 1,000 employees.
The nickel industry, including NewCo Ferronikeli, has faced severe challenges due to high production costs and significant discounts in the metal market. However, the company remains optimistic about the prospects of nickel and is committed to resuming production when conditions improve.
In the past, the company monitored energy and nickel prices to make production decisions. NewCo Ferronikeli will likely continue this practice to determine the best time to restart production.
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