Aluminum producer Norsk Hydro will increase investment expenditures and reduce costs

Hydro predicted that demand for lower carbon aluminum produced with fewer emissions will increase as industrial customers seek to reduce their CO2 footprint.

Hydro reported that it aims to reduce its annual costs by an additional 3.5 billion crowns ($358.7 million) by 2027.

The group, which made an investment estimate of 11 billion for 2022 a year ago, expects a capital expenditure of 13.5 billion crowns in 2023, including 2.1 billion transfers from 2022 and 1.7 billion exchange rate and inflation effects.