Hydro's Low-Cost Position on the Aluminum Cost Curve Will Protect Profits Amid Lower Aluminum Prices
Hydro struggled in late-2018 as its vertically-integrated business model was challenged by a production embargo at its Alunorte alumina refinery. Having updated our valuation model, we now forecast lower near-term profits. The government-imposed Alunorte curtailment has remained in place longer than we previously expected and the negative impact on companywide profits has been larger than we anticipated. This represents a major missed opportunity for Hydro from a profit perspective, as alumina p...Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.
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