Latest news with #EivindKallevik
Reuters
3 days ago
- Business
- Reuters
Norway's Hydro halts white collar recruitment amid business uncertainty
HELSINKI, June 10 (Reuters) - Norwegian aluminium maker Norsk Hydro ( opens new tab will temporarily halt recruitment for white collar positions due to global economic uncertainty, the company said in a statement on Tuesday. The hiring freeze comes in response to geopolitical tensions, trade disruptions and economic volatility impacting the business environment, Hydro said. "The world has changed, and we must adapt to the new reality," CEO Eivind Kallevik said in the statement. "We are now taking action." Hydro is also launching a review of the number of white collar employees at the group to assess current and future needs, it added. The group said it will continue to recruit for blue collar positions.
Yahoo
30-04-2025
- Business
- Yahoo
NKT signs deal for low-carbon aluminium wire rod supply from Hydro
Power cable manufacturer NKT has signed an agreement with Hydro to secure a supply of low-carbon aluminium wire rod through to 2033. The estimated contract value of €1bn ($1.1bn) is contingent on quantity, duration and future metal prices. NKT president and CEO Claes Westerlind stated: 'This long-term supply agreement with Hydro not only guarantees a long-term, European supply of low-carbon aluminium - it also reinforces our position as a sustainability leader in the power cable industry. 'It supports our strategy to continuously improve the carbon intensity of our power cables, thereby supporting both our own short and long-term targets and our customers' decarbonisation ambitions. 'Given the current geopolitical landscape, securing reliable, local supply chains is increasingly important.' The agreement will enable NKT to provide power cable solutions with a significantly reduced carbon footprint, aligning with its sustainability goals. NKT is now positioned to meet increasing demand for medium and high-voltage power cable solutions, strengthening Europe's ability to build a secure, clean power grid. NKT has the first rights to Hydro's REDUXA 4.0 aluminium - the lowest embodied carbon grade available. Hydro is targeting a further 25% reduction in carbon footprint by 2030, with NKT having first rights to Hydro's REDUXA 3.0 aluminium. To address NKT's expanding demand, Hydro has announced a €140m investment in a new casthouse. The investment is expected to ensure a sustainable, local supply chain while lessening risks associated with potential regulatory and geopolitical changes. Hydro president and CEO Eivind Kallevik stated: 'It is with a sense of urgency that Europe is now mobilising to reduce dependency on fossil fuel imports, introduce more homegrown, renewable power, and ensure security of supply of critical raw materials. 'Together with NKT, we are building a supply chain to provide responsibly sourced aluminium for the infrastructure makeover that Europe needs to bring down energy prices, accelerate the energy transition and boost European competitiveness.' In October 2025, NKT secured a framework agreement with Enexis Netbeheer to supply medium voltage power cables. "NKT signs deal for low-carbon aluminium wire rod supply from Hydro" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
29-04-2025
- Business
- Reuters
Hydro signs billion-euro deal to supply NKT with low-carbon aluminium for EU grid
Summary Companies Hydro's aluminium emits less carbon due to renewable energy use Expansion of Hydro plant ensures stable supply to NKT from 2026 to 2033 Contract between Hydro and NKT valued at around 1 billion euros LONDON, April 29 (Reuters) - Hydro has signed a long-term deal to supply low-carbon aluminium wire rod to Denmark's NKT for the production of power cable to upgrade Europe's grid infrastructure, the Norwegian company said on Tuesday. The European Union published a plan in 2023 to boost the efficiency of its electricity grids and roll out upgrades quickly to facilitate the energy, opens new tab transition. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. "Europe's energy transition is about one thing, more renewable power production, and the power produced must be transported over long distances," said Hydro's CEO Eivind Kallevik. Last month Hydro ( opens new tab announced a 1.65 billion crown ($159.3 million) investment in a new facility at its smelter in Karmøy, Norway to expand its aluminium capacity. The plant is expected to start production in 2028. Hydro said the expansion will allow it to ensure a stable supply of low-carbon aluminium wire rod to NKT ( opens new tab from 2026 through 2033, with a total committed volume estimated at 274,000 metric tons. The deal includes an option for additional volumes. The contract with NKT has an estimated value of around 1 billion euros ($1.14 billion), Hydro said. NKT and Hydro have an existing contract for 2025. Hydro's wire rod is made from aluminium produced in Norway, which emits less than four metric tons of carbon per ton of aluminium, about a quarter of the world industry average, as it is made with renewable energy. Kallevik said Europe was mobilising "with a sense of urgency" to cut dependency on fossil fuel imports, introduce more homegrown renewable power, and ensure security of critical raw materials supply. Aluminium is classified by the EU as a critical material, and Norway accounts for 40% of its primary European output. The metal is used as a substitute for copper in power grids when cost and weight matter, in uses including overhead transmission lines and underground cables. It has lower conductivity than copper, but is cheaper and lighter. ($1 = 0.8789 euros) ($1 = 10.3603 Norwegian crowns)
Yahoo
24-03-2025
- Business
- Yahoo
Hydro to build new $156m wire rod casthouse in Norway
Hydro, an aluminium and renewable energy company, is investing Nkr1.65bn ($156m) to build a new wire rod casthouse at its aluminium smelter in Karmøy, Norway. The facility is designed to produce aluminium wire for power cables for the European market and support the region's critical energy infrastructure. The casthouse will have a production capacity of 110,000 tonnes per annum (tpa) and is expected to begin production in 2028. A final decision on the project is expected in the fourth quarter of 2025. The new facility will allow Hydro to capitalise on the growing market for aluminium wire and is part of the company's annual investment plans, which total around Nkr15bn. Hydro president and CEO Eivind Kallevik said: 'This investment will expand the capacity of wire rod to supply our customers with low-carbon solutions needed to develop and expand Europe's most critical infrastructure. This demonstrates that a productive aluminium industry has good growth opportunities in Norway.' Aluminium has been categorised by the EU as a critical material and is favoured in the energy transition for its light weight, durability and recyclability. Norway is a major producer, contributing 40% of Europe's aluminium output. Despite a recent dip in global demand due to a turbulent landscape and decreased industrial activity, Hydro has seen an uptick in sales of low-carbon aluminium. Kallevik added: 'We see in our own sales figures an increasing awareness in the market that future renewable energy must be transported with renewable materials. Despite generally weaker demand in 2024, Hydro sold more low-carbon and recycled aluminium last year than in both 2023 and our record year in 2022.' The casthouse is set to enhance Hydro's product flexibility in a fluctuating market, particularly benefitting sectors such as automotive and building systems that are currently facing challenges. Hydro Karmøy produces approximately 270,000 tonnes (t) of primary aluminium and 220,000t of casthouse products each year. In January 2025, Hydro collaborated with Rio Tinto to assess carbon capture technologies in the aluminium electrolysis process. "Hydro to build new $156m wire rod casthouse in Norway" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
21-03-2025
- Business
- Reuters
Norway's Hydro invests $156 mln in new aluminium wire facility
COPENHAGEN, March 21 (Reuters) - Norwegian aluminium producer Hydro ( opens new tab said on Friday it will invest 1.65 billion crowns ($156.29 million) in a new facility at its aluminium smelter in Karmoy, Norway, to supply aluminium wire for power cables in Europe. The new wire rod casthouse in Karmoy will have a capacity of 110,000 tonnes per year, Hydro said in a statement. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Completion of the casthouse is scheduled for the first quarter of 2028 and production is expected to start the same year, according to Hydro. "By expanding the capacity to deliver low-carbon aluminium from Norway to the EU, we help ensure that the infrastructure, the very backbone of the future energy system, supports both Europe's security and climate policy goals," Hydro CEO Eivind Kallevik said. Norway currently accounts for 40 percent of the aluminium produced in Europe, the company added. ($1 = 10.5570 Norwegian crowns)
