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Norwegian Hydro's second-quarter earnings exceeded expectations due to lower costs and increased production at Alunorte Aluminum Plant.
Jul 22,2020 15:17CST
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Source:SMM
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SMM7, March 22: Norwegian Hydro said recently that Hydro's profit before interest and tax in the second quarter of 2020 was 949 million Norwegian kroner ($104.32 million) due to the weak market caused by Covid-19, which affected prices and sales.

Increased production and lower costs at the Alunorte alumina refinery in Brazil, including Alunorte's record low production costs, made a positive contribution to the second quarter results. These positive factors were partially offset by the decline in downstream alumina production and the decline in realized prices of alumina and aluminum.

The Brazilian Alunorte alumina refinery is expected to reach full capacity by the end of 2020. The production cost of the factory reached a record low in the second quarter. Its bauxite alumina, raw metal and energy businesses were operating normally in the second quarter, while the Calendering products division reduced production capacity due to falling demand.

Global primary aluminium consumption fell 9 per cent in the second quarter from a year earlier and is expected to remain depressed for the rest of the year, resulting in a supply glut of 300-4.7 million tons, Hydro said.

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