Hydro’s underlying earnings before financial items and tax increased to NOK 2,930 million in the second quarter from NOK 2,284 million in the first quarter, mainly driven by higher aluminium prices and favourable currency developments.
Lower realized alumina prices and increased raw material costs had a negative impact on results.
President & CEO, Svein Richard Brandtzæg said:
“Higher aluminium prices in the quarter are lifting results, and I am pleased to see Sapa delivering record results, continuing the strong trend. Hydro will confirm its position as the world’s leading integrated aluminium company with the agreement to acquire Orkla’s 50 percent interest in world-leading extrusion company Sapa.
The transaction reinforces our strategic direction to become better, bigger and greener, with a solid asset base, unique competencies and capabilities along the full value chain,” says Brandtzæg. Closing is expected in the second half of 2017, pending regulatory approvals.”