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Norsk Hydro details preliminary financial impact from cyberattack


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Norsk Hydro details preliminary financial impact from cyberattack

Norsk Hydro ASA on March 26 estimated that the preliminary financial impact for the first full week after the recent cyberattack that crippled operations is between 300 million and 350 million Norwegian kroner, based on a high-level evaluation.

Most of the damage stems from lost margins and volumes in the extruded solutions business area, which is now running at an overall production rate of 70% to 80%, except for the company's building systems unit, "where operations remain almost at a standstill."

Most of the company's operations are running normally, including those within its energy, bauxite and alumina, primary metal and rolled products divisions.

Based on current progress, the company expects the building systems unit to gradually ramp up production and shipments during the week.

Hydro added that it reported the cyberattack to Norway's National Investigation Service and is cooperating with relevant authorities to investigate the case.

The company recently said its experts are taking a step-by-step approach to restoring IT systems infected by the cyberattack.

As of March 25, US$1 was equivalent to 8.54 Norwegian kroner.