Prospect in 2023 is more unpredictable
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Update time : 2023-02-20 17:29:30
Norwegian aluminum producer Norsk Hydro posted its EBITDA of NOK 7.18 billion in the fourth quarter of last year, falling by 20.3% compared to the year-ago level, lower than an average analyst forecast of NOK 7.37 billion.
The company said it would not restart the idled smelters for the time being under an unpredictable outlook of 2023.
Hilde Merete Aasheim, president and CEO of Hydro, said that the company sees a more unpredictable prospect for 2023, but the outlook is more positive regarding inflationary pressure and macroeconomic development compared to previous months.
Although the global economic outlook has improved since November-December, Hydro would not reverse the aluminum capacity reduction of around 130,000 tons per year at its Norwegian plants, said Pål Kildemo, CFO of Hydro.
