Norsk Hydro: Qatalum maintaining scaled down aluminium production

Rhea-AI Summary

Hydro (OTC:NHYDY) said Qatalum will maintain aluminium production at around 60% capacity after a controlled shutdown following a gas supply disruption. QatarEnergy confirmed continued reduced gas supply enabling stable operation. The plant's nameplate capacity is 648,000 tonnes; casthouse capacity 687,000 tonnes. Restart timing is unknown. Shipping disruptions in the Strait of Hormuz are being managed and employee safety remains the top priority.

Positive

• Production stabilized at ~60% capacity
• Nameplate capacity 648,000 metric tonnes confirms scale
• Casthouse capacity 687,000 metric tonnes supports downstream output
• Qatalum is fully integrated with smelter, casthouse, carbon plant, and power plant
• Qatalum reported NOK 1.3 billion adjusted net income (50% basis) in 2025

Negative

• Gas supply reduced, forcing initial controlled shutdown
• Restart date unknown, creating operational uncertainty
• Shipping disruptions in the Strait of Hormuz affect logistics and exports
• Production cut to 60% implies potential shortfall vs full capacity

On March 3, 2026, Hydro announced a controlled shutdown of aluminium production at its joint venture Qatalum in Qatar. Following confirmation from Qatalum’s gas supplier that it will maintain supply at reduced levels, Qatalum has decided to halt further curtailment and maintain aluminium production at around 60 percent capacity.

The controlled shutdown of aluminium production at Qatalum was initiated after gas supplier QatarEnergy informed the company of a forthcoming suspension of gas supply. QatarEnergy has now confirmed that gas supply will continue until further notice at a level enabling Qatalum to maintain aluminium production at around 60 percent capacity.

The curtailment has been carried out in a safe and controlled manner. Together with continuing operation at around 60 percent, this improves conditions for a future restart. It is not known when the restart will commence.

On March 2, 2026, Iran’s Revolutionary Guard Corps announced that the Strait of Hormuz was closed and shipping remains disrupted. Hydro is working to mitigate the consequences of the curtailment and shipping disruptions. The safety of Qatalum employees remains the highest priority.

Qatalum is a 50/50 joint venture owned by Hydro and Qatar Aluminum Manufacturing Company Q.P.S.C. (QAMCO). The plant has a nameplate capacity of primary aluminium of 648,000 metric tonnes and casthouse capacity of 687,000 metric tonnes. Qatalum is fully integrated with a smelter, casthouse, carbon plant and a dedicated gas fired power plant. In 2025, Qatalum generated an adjusted net income of NOK 1.3 billion on a 50 percent basis.

Investor contact: 
Elitsa Blessi
+47 91775472
Elitsa.Blessi@hydro.com

Baard Erik Haugen 
+47 92497191 
Erik.Haugen@hydro.com

Media contact: 
Halvor Molland
+47 92979797
halvor.molland@hydro.com

FAQ

Why is Qatalum (NHYDY) operating at 60% capacity in March 2026?

Qatalum is operating at about 60% because gas supply was reduced, halting further curtailment. According to the company, QatarEnergy confirmed continued reduced gas supply that enables operation at roughly 60% capacity while improving restart conditions.

How does the 60% production level affect Qatalum's annual capacity (NHYDY)?

At 60% output, Qatalum would run below its nameplate 648,000 tonnes smelter capacity. According to the company, the plant’s full nameplate is 648,000 metric tonnes with a 687,000-tonne casthouse, so lower throughput reduces annual primary aluminium output proportionally.

When will Qatalum (NHYDY) fully restart aluminium production?

A full restart date is not known at this time and remains uncertain. According to the company, continued reduced gas supply allows safe operation at 60% and improves conditions for a future restart, but no timing was provided.

What operational assets does Qatalum (NHYDY) have to support production continuity?

Qatalum is fully integrated with a smelter, casthouse, carbon plant and a dedicated gas-fired power plant. According to the company, this integration supports continued operation and potential phased ramp-up when supply improves.

How are shipping disruptions affecting Hydro's Qatalum (NHYDY) operations?

Shipping disruptions in the Strait of Hormuz have affected logistics and exports linked to Qatalum. According to the company, Hydro is working to mitigate consequences from both the gas curtailment and regional shipping disruptions.

What financial signal did Qatalum send for investors in 2025 (NHYDY)?

Qatalum generated an adjusted net income of NOK 1.3 billion on a 50% basis in 2025. According to the company, this figure reflects the joint venture’s prior-year profitability on Hydro’s 50% share.