UPDATE 3-Noranda closes magnesium plant, takes writedown

Newswire

(Updates throughout, adds SGF comment, analysts' comment) By Lesley Wroughton TORONTO, Jan 28 (Reuters) - Noranda Inc. said on Tuesday it will close its Magnola magnesium plant in Quebec until prices improve and take a C$630 million ($410 million) fourth-quarter charge, a move that analysts called a "black eye" for the company. Over the past year Noranda, one of the world's largest producers of zinc and nickel, has slashed production and closed low return operations as it strives to ...

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