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Norsk Hydro Q2 underlying EBIT up

Christian Fernsby ▼ | July 22, 2020
Norsk Hydro’s underlying EBIT for the second quarter was NOK 949 million, compared with NOK 875 million for the same quarter last year.
Norsk Hydro
Norsk Hydro   Hydro has taken forceful actions in response to the uncertain situation
The ramp up of Alunorte’s production and reduced costs, including record low production cost at Alunorte, contributed positively to the second quarter results.

Topics: Norsk Hydro

These positive elements were partly offset by reduced realized alumina and aluminium prices in addition to reduced downstream volumes.

Hydro has taken forceful actions in response to the uncertain situation, including strict precautionary actions to ensure health and safety, extensive social and community support, financial measures to protect liquidity and operational measures to adjust capacity, curtail production and cut costs.

Extruded Solutions, Rolled Products and recycling facilities were impacted the most, with capacity utilization starting to improve towards the end of the quarter.

Extruded Solutions and Rolled Products are operating at reduced capacity utilization.

Metal Markets recycling facilities were operating under a combination of full curtailments or reduced capacity utilization during the quarter but were largely back to normal operations by the end of the quarter.

Bauxite and Alumina, Primary Metal and Energy have been operating largely as normal during the quarter.

Hydro’s improvement efforts, targeting NOK 4.1 billion by 2020 and NOK 7.3 billion by 2023, are moving forward with full speed, focusing on the cost levers Hydro can control in these uncertain times.