Norsk Hydro Posted Robust Results in Q3 This Year

SEATTLE (Scrap Monster): Norsk Hydro ASA posted Q3 2021 adjusted EBITDA of NOK 7,219 million. This compares with NOK 3,100 million during the corresponding quarter a year before. The strong metal and alumina prices coupled with improved upstream volumes offset the higher raw material costs during the quarter. The adjusted EBITDA for the initial nine months of the year too registered significant increase.

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According to the company press release, the net income from continuing operations amounted to NOK 1,127 million in Q3 this year. This comprised of net foreign exchange loss of NOK 622 million and an unrealized loss on LM-related contracts of NOK 3,005 million. The net debt position of the company decreased from NOK 3.6 billion to NOK 1.2 billion at the end of the third quarter.

Hilde Merete Aasheim, President and CEO, Norsk Hydro noted that the company reached its full-year improvement target already during the third quarter. Extrusions have delivered ahead of plan. The improvement program was mainly driven by the robust operations in Brazil. The company foresees strong demand for its low-carbon aluminum offerings, he added.

Norsk Hydro targets to cut its carbon emissions by 30% by 2030.