Welcome to our dedicated page for Norsk Hydro A S news (Ticker: NHYDY), a resource for investors and traders seeking the latest updates and insights on Norsk Hydro A S stock.
NORSK HYDRO A S (NHYDY) generates frequent news flow through its detailed stock exchange announcements, quarterly reports and strategic updates. The company’s news covers its aluminium value chain, energy activities and its stated ambition to pioneer a green aluminium transition powered by renewable energy. Readers of this page can follow how the company responds to uncertain markets, adjusts capital allocation and executes on long-term improvement programs.
Recent news has highlighted performance in business areas such as Bauxite & Alumina, Energy, Aluminium Metal, Metal Markets, Extrusions and Recycling. Updates include adjusted EBITDA developments, free cash flow, net debt movements and return on capital employed, along with commentary on global alumina and aluminium markets, Nordic power prices and regional extrusion demand in Europe and North America.
Company announcements also describe strategic initiatives, including a NOK 6.5 billion improvement program toward 2030, a strategic workforce and cost reduction program targeting approximately 750 white collar positions, and capital expenditure guidance changes to preserve financial flexibility. News items detail the proposed closure of five European extrusion plants, the ramp-up of recycling capacity and the company’s focus on greener products and circular aluminium solutions.
Energy-related news includes the Illvatn pumped storage power plant investment in Norway, long-term power agreements for the Alouette smelter in Québec and the voluntary termination of a Swedish wind power purchase agreement with Cloud Snurran AB. Visitors to this page can review these announcements to understand how NORSK HYDRO A S manages its power portfolio, supports low‑carbon aluminium production and navigates legal, regulatory and market developments over time.
On October 6, 2022, the European Commission initiated a Phase II review of Hydro's acquisition proposal for Polish recycler Alumetal S.A. This review arises from initial concerns identified during the preliminary assessment stage. Hydro launched a tender offer for 100% of Alumetal's shares on April 29, 2022, extending the subscription period to October 10, 2022. However, due to the Phase II review, the public tender offer will now expire before the subscription period concludes. Hydro remains dedicated to collaborating with the Commission throughout this process.
On October 6, the Norwegian government announced its 2023 budget proposal, impacting Hydro's operations.
The key aspects include an increase in the resource rent tax on hydropower from 37% to 45%, expected to cost Hydro NOK 250 - 300 million for 2022.
Additionally, the CO2 compensation scheme, crucial for power-intensive industries, now sets a floor at NOK 200 per ton CO2, with Hydro anticipated to receive NOK 2.2 - 2.3 billion in compensation for 2022, up from NOK 1.7 billion for 2021. These changes aim to support Hydro's competitive position amid rising power costs.
Norsk Hydro ASA announced the completion of its share buyback program, which ran from September 23, 2022, to March 29, 2023. During this period, a total of 865,000 shares were repurchased at an average price of 57.13 NOK, totaling 49,415,263 NOK. Following these transactions, Norsk Hydro owns 17,317,403 shares, amounting to 0.84% of its share capital. This buyback aims to enhance shareholder value and reflects confidence in the company's future performance.
Trond Olaf Christophersen has been appointed as the Executive Vice President for Corporate Development at Hydro, effective November 1. He succeeds Helena Nonka, who is leaving for new opportunities. Christophersen, with Hydro since 1997, previously served as Senior Vice President and Head of Recycling in Aluminium Metal, and has held various leadership roles across Hydro’s operations. Additionally, Therese Rød Holm has been named Executive Vice President for Communication & Public Affairs, effective October 1, continuing her previous role.
Hydro is partially curtailing aluminium production at its Karmøy and Husnes plants in Norway due to reduced market demand in Europe. This decision results in a 110,000-130,000 tonnes reduction in annual production capacity. The company cites market uncertainty and a drop in demand leading to stock accumulation as primary reasons. Despite the short-term decline, Hydro remains optimistic about long-term demand for aluminium, particularly in the green transition, and plans to utilize this time for necessary plant investments.
Hydro plans to release its third quarter 2022 results on October 25, 2022, at 07:00 CEST. The quarterly report and presentation will be accessible on hydro.com.
Additionally, Hydro will hold an in-person presentation at 08:30 CEST and a virtual Q&A session at 11:00 CEST on the same day.
Helena Nonka, Executive VP of Corporate Development at Norsk Hydro, sold 1,528 shares at NOK 59.58 each on September 23, 2022. These shares were allocated to her through the Long-Term Incentive program in May 2022. Nonka plans to leave the company, with her final day being September 30, 2022. The proceeds from the sale will benefit Norsk Hydro ASA. This information complies with the Norwegian Securities Trading Act disclosures.
Norsk Hydro ASA's Board of Directors announced a share buyback program aimed at enhancing shareholder value by reducing share capital. The program involves repurchasing up to 100 million shares for a total of NOK 2,000 million, representing about 1.6% of the company's current market value. Set to begin on September 26, 2022, and conclude by March 29, 2023, the buyback will redeem shares on a pro-rata basis for the Norwegian State. The share price for repurchase will range between NOK 20 and NOK 150, managed by DNB Markets under the EU Market Abuse Regulation.
Norsk Hydro ASA's shares are now trading ex-dividend of NOK 1.45, effective from September 21, 2022. Investors should note this adjustment, as it will impact the share price going forward. This dividend indicates the company's commitment to returning value to its shareholders. The payment details and any further inquiries can be directed to the investor contact, Line Haugetraa.
Vianode, jointly owned by Elkem, Hydro, and Altor, announces a NOK 2 billion investment in its first industrial plant for sustainable battery materials in Herøya, Norway. This facility will produce anode graphite for approximately 20,000 electric vehicles (EVs) annually by 2024 and aims to address Europe's impending graphite material shortage by 2030. Vianode's eco-friendly materials will slash CO2 emissions by up to 90%, enhancing battery performance. The company plans to recruit around 100 new employees by the end of 2023, potentially increasing to 300 by 2026.