Following an agreement between Slovalco, majority-owned by Hydro, and the Slovak government, the company plans to restart 75,000 tonnes of primary aluminium production capacity that was idled in 2022 due to soaring energy prices. The restart will be supported by a €100 million investment and is expected to support more than 200 jobs in the Banská Bystrica region. Production is scheduled to resume in the fourth quarter of 2026.

The reopening is significant not only for the region but also for Europe's industrial resilience. Since 2022, around half of the EU's aluminium production capacity has been curtailed as the sector struggled with high energy costs and increasing global competition. Restoring production at Slovalco will help strengthen European supply chains for a strategic raw material that is essential for renewable energy, power grids, transport, defence and infrastructure.
For workers and their communities, the announcement brings renewed hope after the devastating impact of the 2022 shutdown, which affected not only Slovalco workers but also a wider network of jobs in the regional economy.

"The announcement of Slovalco's restart is welcome news at a time when workers across Europe have seen too many industrial closures and too much capacity disappear. The return of aluminium production in Slovakia can strengthen Europe's industrial base and bring jobs back to the region. Now it is essential that workers and their unions are fully involved in shaping the future of the plant, and that public support delivers quality jobs, fair conditions and long term industrial sustainability," said Judith Kirton-Darling, General Secretary of industriAll Europe.

IndustriAll Europe and its Slovak affiliate OZ KOVO welcome the announcement, which brings the prospect of restoring both direct and indirect jobs in the region while strengthening Europe's capacity to produce a strategic and low carbon raw material. For the Banská Bystrica region, where the curtailment of operations in 2022 had a significant social and economic impact, the decision offers renewed optimism for workers, their families and local communities.

Trade unions view the return of production as an important opportunity for the region and for European industry. At the same time, they stress that the success of the project will ultimately depend on its ability to deliver stable, long term employment and quality working conditions. They are calling for greater clarity regarding the level of public support involved, the employment guarantees attached to it and the role of social conditionalities in ensuring that public investment translates into lasting benefits for workers and communities. They have also underlined the importance of meaningful social dialogue throughout the implementation of the project.

The restart now provides an opportunity for workers' representatives, management and public authorities to work together to ensure that the reopening supports both industrial competitiveness and social progress.