UPDATE 2-Noranda takes writedown, closes magnesium plant

Newswire

(Updates throughout) TORONTO, Jan 28 (Reuters) - Noranda Inc. said on Tuesday it will temporarily close its Magnola magnesium plant in Quebec until prices improve and take a C$630 million ($410 million) after-tax charge in the fourth quarter as the base metal company keeps up a vigorous cost-cutting drive. Over the past 12 months the company, one of the world's largest producers of zinc and nickel, has implemented a series of production cutbacks and closed underperforming assets as it ...

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