UPDATE 1-Apollo's Noranda IPO prices in cut range-source

* Prices at $8/shr vs $8-$9 cut range-underwriter

* Sells 10 mln shares, raises about $80 mln-underwriter

NEW YORK May 13 (Reuters) - Noranda Aluminum Holding Corp (NOR.N), which smelts and refines aluminum and mines bauxite, priced shares in its initial public offering at the bottom of a cut range on Thursday, according to an underwriter.

The company sold 10 million shares for $8 each, raising about $80 million. It earlier delayed the pricing of its offering and cut the value of the deal by about 66 percent. On Thursday, it said it hoped to sell 10 million shares for between $8 and $9, less that the 16.67 million shares it had planned to sell for $14 to $16 each.

Private equity firm Apollo Management LP [APOLO.UL] is the majority owner of Noranda Aluminum. The firm had planned to sell 2.5 million shares in the offering but had decided not to sell shares in the IPO, according to the revised prospectus.

Shares in Metals USA Holdings Corp (MUSA.N), also backed by Apollo, lost 9 percent in their New York Stock Exchange debut and are currently trading about 24 percent below their IPO price. The company upsized the deal and it priced above the expected range.

Noranda's sales rose 83.5 percent to $301.5 million in the three months ended March 31. The company swung to a $100,000 loss from a $44.3 million profit a year earlier.

Noranda said it would use proceeds from its IPO to pay back debt and loans.

Another metals processor, Ryerson Holding Corp (RYI.N), canceled its IPO due to market volatility last Thursday after U.S. markets took a sudden plunge. Ryerson was backed by private equity funds associated with Platinum Equity Capital Partners and Moelis Capital Partners.

Bank of America Merrill Lynch led 10 underwriters on the Noranda offering. The shares are expected to begin trading on the New York Stock Exchange on Friday under the symbol "NOR." (Reporting by Clare Baldwin, editing by Bernard Orr)