Slovakia will reopen one of Europe's largest aluminum plants
Slovakia plans to resume aluminum production at a plant that was once among the largest producers of this metal in Europe.
The plant’s launch is expected to increase domestic aluminum production, strengthen the country’s industrial sector, and reduce dependence on imports of strategically important raw materials.
The country will begin firing up the furnaces at the Slovalco aluminum plant around the end of August or beginning of September. Prime Minister Robert Fico announced this on Wednesday after the government signed agreements with the company regarding support and electricity supply.
The plant, majority-owned by the Norwegian company Norsk Hydro ASA, was shut down in 2022. This occurred after a sharp rise in electricity prices in Europe and carbon emission costs plunged the region’s aluminum industry into crisis.
“Slovalco has the potential to restore a significant share of domestic primary aluminum production in the EU,” Fico noted, adding that the company “has faced severe challenges due to high energy prices.”
State support for Slovalco will be provided through a new state aid scheme for energy-intensive companies. It will be financed by revenue from emissions allowances, not by taxpayer funds. According to Fico, part of this money will be used to resume production.
Slovalco plans to invest 100 million euros in restarting the plant. Production is expected to begin during the fourth quarter of 2026. The company has also secured a 10-year electricity supply agreement with the state-owned company Vodohospodarska Vystavba.
This was reported by Bloomberg.
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