As a part of Hydro's investment in the automotive press business in Denmark announced earlier this year, the company introduced a new high-strength aluminum press at its plant in Szekesfehervar, Hungary, with an investment of EUR 35.7 million.

The new press will use aluminum billets produced by the new recycling plant, which is still under construction. The facility was expected to be commissioned in 2025.

The demand for aluminum extrusion is largely increased by the rapidly growing electric vehicle market. It was forecasted that electric vehicles will account for roughly 50% of the total new vehicle sales in Europe by 2029.