Norsk Hydro ASA

Norsk Hydro's majority-owned alumina refinery Alunorte has reached a deal with gas supplier CELBA, part of New Fortress Energy, for temporary terminal access to continue receiving natural gas for alumina production. Alunorte has begun increasing alumina production following the agreement. Lost output during the period of reduced production is estimated at 100,000 to 120,000 tons. The company said the potential third-quarter 2026 financial impact for Bauxite & Alumina from reduced production and purchasing gas above contract price may be 75 to 100 million dollars. Earlier, there was a disruption to the supply of natural gas from CELBA.

Rio Tinto has reached an agreement with the Australian government and the New South Wales government to secure the long-term future of Australia's largest aluminum smelter. Under the agreement, Tomago Aluminium will enter into a 10-year power purchase agreement for electricity supply to the smelter to 2038, with the power to be supplied entirely from renewable sources starting in 2033. Tomago will support the new agreement with A$1.1 billion of investment in the smelter between now and 2038, including A$100 million for decarbonization initiatives. Rio Tinto had warned that Tomago, Australia's largest electricity user, could be forced to close if it failed to secure commercially viable power beyond 2028. Tomago Aluminium is an independently managed joint venture owned by Rio Tinto, Gove Aluminium Finance, and Norsk Hydro.

Norsk Hydro reported a sharp rise in second-quarter profit, driven by one-time gains and higher revenues. Net income reached 5.97 billion Norwegian kroner, up from 2.45 billion kroner a year earlier, with earnings per share climbing to 2.90 kroner from 1.04 kroner. The results included unrealized derivative gains of 3.09 billion kroner, mainly on LME-related contracts. Adjusted EBITDA rose 15 percent to 8.92 billion kroner, while revenue grew 6 percent to 56.49 billion kroner, supported by higher aluminium prices and improved recycling margins.