Norsk Hydro A S Stock Price, News & Analysis

Hydro has entered an agreement with Glencore for the acquisition of a 30% stake in the Brazilian alumina refinery, Hydro Alunorte, along with Hydro's 5% stake in Mineracão Rio do Norte (MRN). Glencore will also buy an additional 40% stake in MRN from Vale, leading Hydro to exit its ownership in MRN completely.

Post-transaction, Hydro will maintain a 62% ownership in Alunorte, which continues as a strategic asset for low-carbon alumina supply. The total net enterprise value for these transactions is estimated at USD 1.11 billion, with a net debt adjustment of USD 335 million as of March 31, 2023. The deal is subject to regulatory approval and expected to close in the second half of 2023.

Hydro will use proceeds for strategic growth and shareholder distributions while continuing to develop Alunorte towards a lower carbon emissions profile.

On April 20, 2023, primary insiders in Norsk Hydro ASA acquired shares as part of the company's employee share purchase scheme in Norway. The shares were purchased at a price of NOK 77.24 each before discounts.

The following primary insiders participated:

• Hilde Merete Aasheim, President & CEO: 388 shares, New holding: 141,292
• Arvid Moss, EVP, Hydro Energy: 388 shares, New holding: 184,357
• Eivind Kallevik, EVP, Hydro Aluminium Metal: 388 shares, New holding: 85,382
• Hilde Vestheim Nordh, EVP, People & HSE: 388 shares, New holding: 11,146
• Pål Kildemo, EVP & CFO: 388 shares, New holding: 24,472
• Trond Olaf Christophersen, EVP, Corporate Development: 388 shares, New holding: 5,772

This transaction is in accordance with Section 5-12 of the Norwegian Securities Trading Act.

Hydro will announce its first quarter results for 2023 on April 28, 2023, at 07:00 CET (01:00 EST, 06:00 UTC/GMT). The quarterly report and presentation will be accessible on www.hydro.com at the same time.

Following the release, President and CEO Hilde Merete Aasheim and Executive Vice President and CFO Pål Kildemo will lead a webinar in English at 08:30 CET. A Q&A session will follow the presentation. Note that there will be no on-site presentation at the corporate headquarters.

To participate in the webinar, registration is required via the webcast page. A confirmation email will be sent after registration. Please check for any potential restrictions from your company regarding the Livestorm platform.

The Norwegian Labor Union (LO) and The Confederation of Norwegian Enterprise (NHO) have resolved the labor dispute that initiated a strike on April 17. Operations at Hydro Karmøy and Hydro Årdal will return to normal, and product shipping to customers will resume. The financial impact on the company and potential delivery delays are anticipated to be minimal.

Norsk Hydro ASA has announced its Annual General Meeting (AGM) scheduled for May 10, 2023, at 10:00 CEST. The meeting will be conducted in a hybrid format, allowing shareholders to participate either in-person at the company's Oslo offices or digitally. Shareholders must register for in-person attendance by May 8, 2023, at 12:00 CEST. Digital attendance does not require enrollment, and all necessary documents for the meeting are available on the company's website. This notice complies with the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.

Industries affected by employee strike at Hydro Karmøy and Hydro Årdal are set to begin on April 17 due to a mediation breach involving major labor unions. The strike will progressively impact operations, with a structured plan for responsible production reduction. This gradual decrease in aluminum production will span several months, leading to delays in shipping and deliveries. Additionally, corporate accounting staff engaged with the Handel og Kontor union have also initiated a strike.

Due to reduced aluminum production, the excess energy will be redirected to the power market, potentially affecting revenue streams during this period. The outcome of the strike may influence Hydro's operational efficiency and financial stability in the short to medium term.

Hydro will release its Q1 2023 results on April 28, 2023, at 07:00 CET (01:00 EST). The quarterly report and presentation slides will be accessible on www.hydro.com. Following the results, President and CEO Hilde Merete Aasheim and CFO Pål Kildemo will host an audio webcast and conference call at 08:30 CET. Participants can join the Q&A session after the presentation. The event will not be held at Hydro's headquarters. For inquiries, contact Line Haugetraa at +4741406376 or line.haugetraa@hydro.com.

Martine Rambøl Hagen has been appointed the new Head of Investor Relations at Norsk Hydro ASA, effective May 1, 2023. She takes over from Line Haugetraa, who is transitioning to M&A Director at DNV. Rambøl Hagen previously served as Investor Relations Manager since September 2022 and has been with Hydro since 2015, holding various roles in Aluminium Metal. Her educational background includes a master’s degree in Industrial Economics and Technology Management from the Norwegian University of Science and Technology. She will report directly to Pål Kildemo, CFO.

Norsk Hydro ASA has completed a significant share buyback program from September 23, 2022, to March 10, 2023. During this period, the company bought back a total of 18,268,564 shares, with an average price of 71.97 NOK, amounting to a total transaction value of 1,314,799,953 NOK. Post-buyback, Norsk Hydro ASA now owns 34,720,967 shares, representing 1.68% of its share capital. The initiative aims to enhance shareholder value and reflects the company's confident outlook.