New York-listed salmon farmer Marine Harvest announced cuts of up to 500 jobs and the restructure of its operations in Chile due to poor results and a severe algal bloom that has killed millions of fish.

The Norway-based salmon farming company said earlier this month that it expected to lose 3.7 million salmon at four farming sites in Chile\'s southern Region X due to a rapid increase in the population of marine algae in February and March, caused by high sea temperatures. The fish were insured, it said.

\"Marine Harvest will revert with a complete restructuring plan of Marine Harvest Chile in connection with the first quarter results release on 11 May,\" the company said.

Source: Kjetil Malkenes, Market Watch. Read the full story here