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Norsk Hydro Says Federal Court Lifts Final Embargo On Alunorte Deposit Area
Hydro may still find new owners for Rolled Products, CEO says
Norsk Hydro Says Federal Court Lifts One Of Two Embargos On Alunorte's Deposit Area DRS2
Norsk Hydro ASA (Hydro) is an integrated aluminum company with operations in various activities along the aluminum industry's value chain. The Company operates through six segments: Bauxite & Alumina, which includes bauxite mining activities, production of alumina and related commercial activities, primarily the sale of alumina; Primary Metal, which includes primary aluminum production and casting activities; Metal Markets, which include sales activities relating to products from the its primary metal plants and operational responsibility for Hydro's stand-alone remelters, as well as physical and financial metal trading activities; Rolled Products, which include Hydro's rolling mills; Energy, which includes energy sourcing for Hydro's aluminum operations around the world, and Other and eliminations, which consists of its captive insurance company Industriforsikring, its industry parks, internal service providers, operation of Sapa and other activities.
Independent Chairman of the Board
Hilde Merete Aasheim
President, Chief Executive Officer, Member of the Corporate Management Board
Independent Deputy Chairman of the Board
Chief Financial Officer, Member of the Corporate Management Board
Executive Vice President CSR, Compliance and General Counsel, Member of the Corporate Management Board
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Norsk Hydro, one of the world's largest aluminum producers, aims to get its cost-cutting efforts back on track after major operational setbacks in the last year-and-a-half, its chief executive said on Tuesday.
A weaker outlook for the global economy could hurt demand for aluminum in the short term, Norsk Hydro Chief Executive Hilde Merete Aasheim told investors on Tuesday.
Norsk Hydro <NHY.OL>, one of the world's largest aluminum producers, said on Tuesday it would close some production in Germany and could lay off more than 700 workers in a bid to increase profitability at its rolled products business.
Norsk Hydro, one of the world's largest aluminium producers, said on Tuesday it would close some production and lay off employees to increase profitability at its rolled products business segment.
Aluminum producer Norsk Hydro has managed to ramp up operations at its Alunorte refinery in Brazil despite a cyber attack in March, the firm said on Tuesday, boosting its shares.
Norsk Hydro, one of the world's largest aluminium producers, said a cyber attack it sustained in March would cost it more than expected in the second quarter as it reported quarterly earnings that slightly lagged forecasts on Tuesday.
Norsk Hydro reported an 82% fall in first-quarter underlying profit on Wednesday as the Norwegian aluminum producer grappled with a curb on its output in Brazil and the impact of a cyber attack.
Aluminium-maker Norsk Hydro , the victim of a cyber attack in March that paralysed its IT systems, posted an 82% drop in first-quarter core profits on Wednesday and said global market uncertainty could impact its markets.
Albras aluminum smelter in Brazil, partly owned by Norsk Hydro, started to ramp up its output on Tuesday after a Brazilian federal court lifted production restrictions at the Alunnorte alumina plant, the Norwegian company said.
A Brazilian federal court will allow Norwegian metals maker Norsk Hydro to resume full output from its Alunorte alumina refinery, the company said in a statement on Monday.
A Brazilian federal court has lifted one of two production embargoes on a key plant owned by Norwegian metals maker Norsk Hydro, the company said on Thursday, raising hopes that full production can soon resume.
A Brazilian federal court has lifted one of two production embargoes on a key plant owned by Norwegian metals maker Norsk Hydro, but output remains curtailed at 50% of capacity, the company said in a statement on Thursday.
In the cavernous chamber of Norsk Hydro's aluminum smelter on the Norwegian island of Karmoey, the magnetic forces are so strong they make heavy iron wrenches float out of the hands of workers.
Norsk Hydro's Rolled Products division has for years failed to deliver sufficient profitability, the company's new chief executive told Reuters as she took office on Wednesday.
Norsk Hydro's new chief executive vowed on Wednesday to boost the aluminum producer's profitability and enforce stricter capital discipline following 15 months of production outages that have dragged down its earnings and share price.
The incoming chief executive of Norsk Hydro will focus on improving the aluminium producer's profitability, aiming to present an improvement plan in the third quarter and review its rolled products division, the firm said on Wednesday.
Norsk Hydro said the March cyber attack that paralysed its computer networks would cost the aluminium maker up to 450 million Norwegian crowns ($52 million) in the first quarter.
Norsk Hydro, the victim of a March cyber attack that paralysed its computer networks, said the hacking would likely cost the aluminium maker up to 450 million Norwegian crowns ($52 million) in the first quarter.
* Court's decision is still pending (Adds analyst, background, bullets)
Norsk Hydro, one of the world's largest aluminum makers, will postpone its first-quarter earnings report by more than a month as it struggles to recover from a March cyber attack, the company said on Friday.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.