AMU
July 26, 2024
CRU aluminum news roundup
Written by Marziyeh Horeh
Hydro notes challenging demand environment in Q2 results
Norsk Hydro recently released its 2024 Q2 results. The Norwegian producer posted an adjusted EBITDA of NOK5.839 billion ($530 M), down 17.7% year-on-year (y/y) but up 7.9% quarter-on-quarter (q/q). As for the unadjusted EBITDA, it came in higher at NOK6.044 billion amid an unrealized profit of NOK147 M on power contracts and NOK321 M on divestments. The adjusted EBITDA was negatively impacted by lower extrusions volumes, recycling margins, and energy spot sales, as well as by higher fixed costs. This was partly offset by higher alumina prices and lower raw material costs.
