Norsk Hydro leads green aluminum transition
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Update time : 2024-12-03 15:19:42
Norwegian aluminum producer Norsk Hydro said sales of its low-emissions Hydro Reduxa and high-recycle content Hydro Circal aluminum products will grow by more than 20% this year despite weak markets in Europe and North America.
The company is committed to advancing decarbonization efforts with partners and plans capital expenditures of around US$1.35 billion by 2025 and the medium term, including strengthening its recycling and extrusion operations through 2030.
Although facing short-term challenges such as tight scrap supply and weak demand, Hydro is confident in the long-term value of the recycling business. It expects to use 700,000 tons of post-consumer scrap (PCS) in 2024 and achieve its 2030 PCS consumption target of 850,000 to 1.2 million tons.
In addition, recycling activities combined with other business units are expected to reduce the cost of hot metal by US$20 to US$30 per ton by 2030.
President and CEO Eivind Kallevik said Norsk is steadily implementing its strategy to lead the green aluminum transition, drive growth in aluminum recycling, extrusion, and renewable energy, and support broader sustainability goals.
