Norsk Hydro shares jump as Brazil operations ramp up [Reuters]
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
Norsk Hydro shares jump as Brazil operations ramp up - Reuters 3 Min Read OSLO (Reuters) - Aluminum producer Norsk Hydro has managed to ramp up operations at its Alunorte refinery in Brazil despite a cyber attack in March, the firm said on Tuesday, boosting its shares. The Norwegian company’s stock rose as much as 6% in early trade after it also reported a slightly smaller than expected decline in second-quarter underlying earnings. “There was no doubt this would be another tough quarter but operationally the company is seemingly on track with the various ramp ups with B&A (the bauxite and alumina division) a notable beat,” Credit Suisse said in a note to clients. That division, which includes Alunorte, earned 415 million Norwegian crowns ($48 million) in the quarter, beating analysts’ forecast for 163 million crowns. Alunorte, which turns bauxite into alumina, the refined white powder needed to produce aluminum at smelters, had been forced to operate at half of capacity since a spill
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