Hydro is planning to cut down annual costs by NOK 1 billion ($97.8M).
This includes descaling its overall workforce by cutting 750 white-collar positions.
The initiative also includes reducing travel costs and consultancy costs.
This measure follows the already communicated improvement programme and reduction in the capex estimate for 2025 from NOK 15 billion ($1.5 billion) to NOK 13.5 billion ($1.3 billion).
“By taking this step now, rather than later, we strengthen Hydro’s resilience and position ourselves to compete and succeed in a world where geopolitical unpredictability accelerates volatility and creates new risks," said Hydro President and CEO, Eivind Kallevik.
The decision also follows the temporary hiring freeze implemented in June and the evaluation of the number of white collar positions across the company.
As a result, Hydro has decided to reduce the number of white-collar employees.
The workforce adjustment process will begin immediately and result in a reduction of 600 FTEs by year end 2025, with an additional 150 to be identified through efficiency initiatives from 2026 onwards.
The cuts will primarily affect roles such as staff and support functions, engineering, commercial, supply chain and IT across group functions, business areas and global business services.
Blue-collar positions like production, maintenance and press operators will not be affected by this process.
