Norwegian aluminum producer Norsk Hydro reported estimated impairment losses of NOK 5.9 billion for the fourth quarter of 2023 due to challenging alumina market conditions and insecure Australian power prices.
The company planned to write down the value of its bauxite and alumina operations and primary aluminum assets in Australia and Brazil. Among them, Hydro calculates an impairment loss for the bauxite and alumina business of around NOK 3.8 billion.
In a report to investors, Hydro said that these impairments will not reduce dividends in 2023 as they are considered adjustment items in the company's alternative performance measure adjusted net income.
Norsk Hydro estimates impairment losses for Q4 2023
22 Dec 2023 16:14 reported by Joy Liu
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