Form 8-K for NORANDA ALUMINUM HOLDING CORP

Posted by tjdetai on December 20th, 2015

Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities

In connection with a decision to contract the substantial portion of its bauxite mining to third party contractors, on April 21, 2010, Noranda Bauxite Limited, a wholly-owned subsidiary of Noranda Aluminum Holding Corporation, announced a workforce reduction in its Jamaican bauxite mining operations. The change to contract mining is expected to generate savings of approximately million to million annually through reduced operating costs and improved operating efficiencies.

The workforce restructuring plan reduced headcount by approximately 160 employees through a combination of voluntary retirement packages and involuntary terminations. Substantially all activities associated with this workforce reduction have been completed as of the time of the announcement. We estimate these actions will result in approximately million to million of pre-tax charges to be recorded in second quarter 2010, primarily due to one-time termination benefits and pension benefits. This charge does not reflect the amount, if any, of non-cash charges for the disposal of certain long-lived assets.

Forward-looking Statements

This report may contain "forward-looking statements" which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions that relate to Noranda's strategy, plans or intentions. All statements Noranda makes relating to its estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to the Company's expectations regarding future industry trends are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. Noranda undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Noranda's actual results or performance may differ materially from those suggested, expressed or implied by forward-looking statements due to a wide range of factors including, without limitation, the general business environment and fluctuating commodity prices. For a discussion of additional risks and uncertainties that may affect the future results of Noranda, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K.

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