Alcoa's announcement that it is to close its Point Henry smelter came as no surprise to most observers. While the Australian dollar and the high cost of labour played a part, the global impediments to a viable industry proved impenetrable.
Since 2008, the price of aluminium has tumbled on the London metal exchange. In the 1990s, aluminium sold north of $US3000 per tonne, now it’s struggling to fetch $1700.
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