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Norsk Hydro says March's cyberattack hit Q1 output, earnings

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Norsk Hydro says March's cyberattack hit Q1 output, earnings

London — Norsk Hydro said the March cyberattack that compromised its IT systems and the continued Alunorte curtailment in Brazil will have an impact on its overall production volumes and financial results for Q1, the Norway-based aluminium and renewable energy company said Tuesday.

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"The cyberattack that hit us on March 19 has affected our entire global organization, with Extruded Solutions having suffered the most significant operational challenges and financial losses," President and CEO Svein Richard Brandtzaeg said in a press release.

Preliminary data shows that external sales volumes in Extruded Solutions fell to 333,000 mt in Q1 from 362,000 mt a year earlier, the company said.

The financial impact in Q1 would be NOK400 million-NOK450 million ($46 million-$52 million).

Hydro's other business areas -- Bauxite & Alumina, Primary Metal, Rolled Products and Energy -- have been able to achieve close to normal production despite the attack, "although based on work-intensive workarounds and manual procedures."

The company also said that its overall Q1 production fell on the year due to the continued curtailment at its Alunorte alumina refinery in Brazil.

Earlier this month, Hydro and Brazil's Public Prosecutor's Office delivered a joint petition to the federal court, asking for the production embargo to be lifted. The petition is currently being considered by the court.

Hydro added it continues to expect the global primary aluminum market to be in deficit for the remainder of the year.

Hydro has postponed its Q1 earnings report to June 5 from April 30 as a result of the cyberattack.

-- Annalisa Villa, annalisa.villa@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com

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