Noranda Aluminum Reaches Agreement with United Steelworkers of America; Shares Hit New Year Low

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Noranda Aluminum Holding Corporation ( NOR ) shares are down 2.7% to $5.80, slightly above a new year low of $5.73 established earlier in the session, after the company announced that it has agreed with the United Steelworkers of America (USW) to extend the collective bargaining agreement at its aluminum smelter in New Madrid, Missouri.

The agreement was set to expire on August 31, 2012. The extension, which expires on September 7, 2012, is needed to allow local USW leadership to bring Noranda's proposal for a new agreement to a vote by local union membership.

The contract covers approximately 80% of the workforce in New Madrid.

NOR shares have traded in a year range of $5.73 - $13.18.

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This article appears in: Investing , Commodities

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