London-based RTZ (NYSE) is closing its wholly owned Capper Pass tin smelter at Ferriby, North Humberside, England, because of deteriorating commercial conditions. The controlled closure is expected to take place over a 6-month period.
The company said deteriorating tin prices have reduced the availability of tin concentrates necessary to sustain the operation. As well, strengthening of the British pound against the dollar has affected the smelter’s competitive position.
“Closure is necessary to prevent increasing losses and is the only available option,” the company said.
Capper Pass, part of the RTZ group since 1967, operated as a custom smelter, specializing in the recovery of tin from concentrates and residues. All existing suppliers and customers are being informed of the decision to phase out the plant. RTZ wrote off its investment in the smelter following a reorgaization in 1988.
The company said every effort will be made to find alternative employment for the 489 employees affected the smelter shutdown.
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