Smelter capacity cannot be brought back into operation until demand assurance returns: Hydro
On February 14, 2023, a top executive of the Norwegian aluminium giant stated during a discussion with international media that Hydro wouldn't increase production merely due to a decline in power costs. The company will ramp up when it feels comfortable and see that demand is more robust than expected.
In August 2022, when European gas prices reached an all-time high of €345 per MWh, Norsk Hydro and several other primary aluminium producers in Europe announced significant output reductions for the remainder of 2022. This was in response to the significant decline in domestic demand.
Hydro Karmoy and Hydro Husnes in Norway temporarily lowered their combined capacity by 110,000 to 130,000 tonnes. Also, the company declared that due to excessive energy costs, it would halt primary aluminium production at the Slovalco smelter in Slovakia.
Hydro's executive was adamant that bringing back idled capacity with strong demand or state subsidies is only economical.
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