Hydro's adjusted EBITDA for the first quarter of 2024 was NOK 5,411 million, down from NOK 7,525 million for the same quarter last year. Lower aluminium sales prices, Extrusions volumes and recycling margins, and higher fixed costs negatively impacted results, partly offset by lower raw material costs. This resulted in an adjusted RoaCE of 5.6 percent over the last twelve months. Results down on weaker demand and recycling margins, revenue drivers increasing Increasing recycling and post-consumer scrap capacity, supporting greener product offering Mendubim and Boa Sorte solar plants in commercial operation, securing renewable power for Hydro Hydro Alunorte starts using natural gas, improving profitability and executing decarbonization roadmap CO2 compensation agreement supporting decarbonization and greener investments Health and safety remain Hydro's top priority for both employees and the communities where the company operates. The total recordable injury rate (TRI) continues a positive trend, reaching 2.3 by the end of first quarter.  "Despite weaker markets impacting results, the macroeconomic indicators as well as revenue drivers are showing signs of improvement towards year end. Hydro is well positioned to capitalize on strengthening demand for aluminium products," says President and CEO, Hilde Merete Aasheim. The economic outlook improved during the first quarter, reducing the risk of recessions and central banks are re-considering rate cuts amid easing inflation. Primary aluminium demand outside China slowed and was down 2 percent year-on-year, while Chinese demand remained robust in renewables and electric vehicles (EV), supporting overall growth in global primary demand of 5 percent year-on-year. Residential and industrial building construction demand remained muted through the quarter, especially in Europe. The weak building and construction market continues the pressure on billet premiums. Decreased construction and demolition activity also leads to lower aluminium scrap generation. Coupled with rising scrap exports to Asia, this supports elevated scrap prices, squeezing recycling margins in both Metal Markets and Hydro Extrusions. Despite continued growth in EV and hybrid demand, projections were tempered due to subsidy cuts in Germany and heightened competition from China. Reduced EV production in Europe had an adverse effect in Hydro Extrusions during the first quarter, being exposed to the EV segment. The North American transport segment faced constraints from low trailer build rates. Positive indicators emerged during the first quarter with revenue drivers like LME, premiums and alumina prices showing signs of improvement. LME aluminium prices increased at the end of the quarter and into April, rising above USD 2,500 per tonne mid-April. European and the U.S. ingot premiums rose, indicating market optimism. Alumina prices trended upward, reaching USD 378 per tonne mid-April, influenced by Chinese production challenges. On April 12, the U.S. and UK sanctions restricted trade of Russian aluminium, banning imports of metal produced after April 13. Hydro ceased purchasing Russian aluminium after the Ukraine invasion in 2022, and urges the EU to sanction Russian aluminium in the forthcoming fourteenth package, expected in May. Through ongoing improvement programs and commercial initiatives, Hydro continues to reinforce robustness and remains on track to deliver additional improvements of NOK 8.5 billion by 2030. Hydro continues to safeguard recycling margins and secure scrap in the short term, while securing long-term growth through expanding scrap sourcing and utilization. Recent milestones, including the inauguration of new recycling units at Hydro Årdal and Hydro Høyanger, will increase annual recycled aluminium capacity by more than 60,000 tonnes, supporting the Hydro REDUXA 3.0 offering. Hydro also entered a multi-year agreement with Sims Alumisource in North America to secure access to 36,000 tonnes of post-consumer aluminium scrap. Plans to build a scrap sorting plant at the Wrexham casthouse in the UK, with 30,000 tonnes of scrap sorting capacity, will enable Hydro to process and recycle a wider range of post-consumer aluminium scrap. These initiatives reinforce Hydro's market presence within recycling, fostering growth and resilience in alignment with the 2030 recycling targets. Hydro Extrusions is committed to expanding its market presence through strategic investments aimed at lifting profitability and sustainability. Hydro Extrusions is growing with the customers and four new OEM contracts were signed since Capital Market Day in November, accumulating contracts worth EUR 1.9-2.0 billion since the beginning of 2023. Additional EUR 0.9-1.0 billion worth of contracts are in process, promising solid EBITDA contributions with attractive margins. Through ongoing partnerships, invested capacity expansions and sustainability focus, Hydro Extrusions is positioned to deliver on the 2025 EBITDA target ...