SMM: recently, Hydro (Norsk Hydro) released a report on its website for the first quarter of 2020, saying that the EBIT (profit before interest and tax) in the first quarter of 2020 was 2.247 billion Norwegian kroner, higher than the 559 million Norwegian kroner Alunorte alumina refinery in the same period last year, which reduced production costs, as well as positive exchange rates and other factors made a positive contribution to the first quarter performance. However, these positive factors are offset by lower alumina prices and aluminum prices. The Covid-19 pandemic led to huge uncertainty in the market, which mainly affected extrusion plants and recycling plants, but had a limited financial impact in the first quarter.
During the reporting period, Hydro bauxite production was 2.585 million tons, an increase of 90% over the same period last year; alumina production was 1.531 million tons, an increase of 90% over the same period last year; and electrolytic aluminum production was 528000 tons, an increase of 9% over the same
President and CEO Hilde Merete Aasheim said: "the Covid-19 pandemic is challenging the global economy and creating significant uncertainty for the company's operations and business development, but our top priority is the health and safety of our employees and communities. However, in the face of huge market uncertainty, the improvement of Hydro is moving forward, and I am glad to see that the capacity and cost improvements of Alunorte have exceeded the plan. In response to the current Covid-19 pandemic, we have taken strong mitigation measures (temporary cuts and temporary layoffs, postponement of the restart of the Husnes aluminum plant, etc.) and will continue to assess further measures as the situation evolves. "
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