Hydro's EBITDA Down Significantly in Q3 2023

SEATTLE (Scrap Monster): Hydro- the Oslo, Norway- headquartered aluminum and renewable energy company announced results for the third quarter of 2023. The company blamed challenging and uncertain markets for the weaker quarterly results.

The company’s adjusted EBITDA stood at NOK 3,899 million, which is significantly down from NOK 9,721 million for the corresponding quarter a year before. Upon comparison with Q2, Hydro’s adjusted EBITDA decreased from NOK 7,098 million to NOK 3,899 million in Q3 this year. The company reported net loss from continuing operations of NOK 625 million. The net debt of the company increased from NOK 11.3 billion to NOK 13.8 billion during the quarter.

The results were negatively impacted by lower aluminium and alumina sales prices, lower extrusions and recycling volumes, reduced carbon dioxide compensation and provision for donation in Brazil. Meantime, the results benefited from lower raw materials costs, said the company press release.

Hilde Merete Aasheim, President and CEO, Hydro stated that the company has already exploring mitigating measures to respond to declining markets. The company will focus on strengthening its position in low-carbon aluminum and expanding further in attractive market segments.

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