NHYDY - Norsk Hydro hoping to take an even larger presence in the US
--News Direct--
Norsk Hydro ASA (OTCQX:NHYDY) chief financial officer Pål Kildemo speaks to Thomas Warner from Proactive after the Norwegian aluminium and renewable energy company released its results for the second quarter.
Kildemo says that the company's revenues demonstrated resilience despite a quarterly fall in demand for aluminium that was especially acute in the building and construction markets. The company successfully managed to increase gross margins by shifting production towards higher-margin segments, exemplified by an 11% year-on-year increase in automotive sales driven by the green transition and rising demand for aluminium in electric vehicles.
Kildemo emphasises the company's focus on becoming a lower carbon aluminum producer, enabled by their control over the entire value chain, from bauxite and alumina production to recycling. This control not only allows them to impact the production process but also provides greater resilience in the face of volatile aluminum and energy markets.
Looking ahead, Norsk Hydro is investing significantly in greener aluminium production and intends to "take an even larger presence in the US market while maintaining a strong presence in Europe."
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