More than 300 jobs could be lost in the state's North, with a review underway into future operations of the Tasmanian Electro Metallurgical Company.
In a statement, a company spokesman said South32 was reviewing options for its manganese alloys smelters, including TEMCO at Bell Bay.
"We have two operations producing manganese alloys - Metalloys in Gauteng, South Africa, and TEMCO in Tasmania, Australia," the spokesman said.
"Over the next few months we will undertake an assessment of the options for each operation including divestment, care and maintenance, or closure.
"No final decision has been made on the way forward. We will provide a further update in October 2019."
Established in 1962, TEMCO is Australia's only manganese alloy smelter with more than 300 employees and contractors based at the Bell Bay site.
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On Thursday, Bass Labor MHR Ross Hart said he had received a short briefing from South32, but said it would be premature to speculate on job losses.
"My understanding is that no decisions have been made, or taken with respect to the organisation, its future or its workforce," he said.
"That review will be concluded as I understand, in October.
"My duty is to the work force, here in Tasmania. I have made it perfectly clear that I wish to be in the loop as to any decisions that are communicated, regarding the future of the TEMCO smelter.
"My thoughts are with the workforce. I have met many of these people. I know these people and we want to ensure they will remain in employment."
Bass Liberal candidate Bridget Archer said she had also been engaging with stakeholders.
"We have had a long relationship with TEMCO in the George Town community. Certainly, from my point of view, I will be a fierce advocate to keep TEMCO here in Tasmania," she said.
"I have had a number of conversations in the last few days, with stakeholders who are involved in the George Town area and the Bell Bay economic development zone, around the future strategic direction of TEMCO.
"I am confident we will continue to work through those groups and ensure the ongoing viability of those jobs here in Tasmania."
Premier Will Hodgman said the state government had been in contact with the company to ensure it would have input through the review process.
"Obviously, [it is] an important employer in our state. We have a good, strong, lasting relationship with them [South32] and we expect that will continue," he said.
"We will certainly do everything we can as a government to engage with the company, to protect, secure more jobs there and indeed the ongoing presence of our business here in Tasmania."