- Norsk Hydro (OTCQX:NHYDY -3%) CEO Hilde Merete Aasheim says the company aims to lift earnings by NOK6.4B ($707.5M) over the next five years and get cost cutting efforts back on track following major operational setbacks in the last year and a half.
- Aasheim plans to restructure Hydro's rolled products business, aiming to cut costs at the division by an additional NOK900M over the next five years.
- The company also presents a new target of 10% return on average capital employed and reiterates an annual dividend target of 40% of net income with a dividend floor of NOK1.25/share, while also cutting planned capex for 2019-20 combined by NOK1B to NOK12.5B-NOK13.5B.
- Following a spill at its Alunorte alumina refinery in Brazil, Hydro last year abandoned plans to cut costs by NOK3B during 2015-19, and the company has since been hit by a major cyber attack that paralyzed networks and hurt profits.