Hydro's underlying earnings before financial items and tax was NOK 559 million in the first quarter, down from NOK 3 147 million in the same quarter last year.

This mainly reflected lower realised aluminium prices, higher raw material costs and the effects of the production curtailment at the Alunorte alumina refinery.

"I am pleased that the production embargoes at Alunorte have been lifted, so that we can focus our efforts on safely returning Alunorte, Paragominas and Albras towards normal operations. Our Brazilian operations are a fundament for Hydro’s overall agenda and our ambition to lift profitability,” says President and CEO Hilde Merete Aasheim.

“We remain optimistic about the long-term prospects for aluminium. However, due to current market uncertainty and industry-wide profitability challenge, we will lift our improvement ambitions, perform a strategic review of Rolled Products and ensure stricter financial discipline and higher earnings,” says Aasheim, adding that Hydro will host an Investor Day on September 24 to present updated ambitions for the company.