Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Hansard source

we are clear as to what the reasons are and what the pressures are on the aluminium industry. I am very conscious of those pressures on the industry that are happening here in Australia and overseas. The reality is that the continuing fallout from the global financial crisis, along with increased global capacity, is putting downward pressure on world aluminium prices. Aluminium prices peaked at $3,300 per tonne but are now approximately $2,000 per tonne—that is US dollars—representing a fall of 40 per cent.

This depression in global aluminium prices has resulted in numerous closures around the world of older, less competitive smelters. Hydro Aluminium has consistently identified the strong Australian dollar, low metal prices and current international—

See this speech in context