Hydro's adjusted EBITDA for the second quarter of 2024 was NOK 5,839 million, positively influenced by increasing revenue drivers in the quarter. The second quarter adjusted EBITDA was down from NOK 7,098 million for the same quarter last year, negatively impacted by lower Extrusions volumes, recycling margins and Energy spot sales, and higher fixed costs. This was partly offset by higher alumina prices and lower raw material costs resulting in an adjusted RoaCE of 4.4 percent over the last twelve months and free cash flow of NOK 2.8 billion. Revenue drivers continue to rise, supporting solid upstream results Weak demand and low recycling margins impacting downstream results, mitigating measures in place Hydro Rein joint venture established, supporting industrial decarbonization and long-term value creation  Strong demand for Hydro CIRCAL, scaling up recycling to meet increased demand Shaping the greener aluminium market in partnership with Porsche "The positive development in our key revenue drivers from the first quarter continued into the second quarter, supporting solid results in our upstream businesses. We are mitigating the challenges of a weak downstream market by executing cost-saving measures and maintaining extrusion margins," says Eivind Kallevik, President & CEO of Hydro. On July 9, a contractor passed away while performing maintenance work at Hydro's joint venture Albras in Brazil. "I am deeply saddened by this tragic incident which underlines the critical role safety has in everything we do. My deepest condolences go out to the family and the affected colleagues," says Kallevik. Economic growth forecasts stabilized at relatively low levels during the second quarter, while the economic uncertainty continued to decrease with both headline and core inflation trending downwards, and external sources estimating real GDP growth of around 2.7 percent in 2024. Global primary aluminium demand was up 2 percent year-on-year during the second quarter, driven by a 3 percent increase in China, supporting overall growth in global primary demand of 3 percent year-on-year for 2024. Key uncertainties going forward are inflation stickiness, policy support, Chinese economic growth, the conflicts in Ukraine and the Middle East, and the geopolitical situation. Positive revenue drivers continued into the second quarter, supporting solid results in Bauxite & Alumina and Aluminium Metal. The Platts Alumina Index (PAX) started the quarter at USD 367 per tonne, gradually increasing to USD 505 per tonne at the end of the quarter, driven by alumina production curtailments and disruptions in Australia and India, bringing the World ex-China market into balance. The three-month aluminium price ended the quarter at USD 2,524 per tonne. "We are pleased to see solid results in Bauxite & Alumina as well as Aluminium Metal. Positive revenue drivers, combined with ongoing improvement initiatives, including the ongoing fuel switch at Hydro Alunorte, are expected to further strengthen value creation from upstream activities going forward," says Kallevik. Downstream, demand in the residential building and construction segments in Europe and North America remains weak, but is expected to improve with lower interest rates and a positive industrial outlook. Low activity in these markets continues to challenge aluminium scrap availability and pressures recycling margins, with several recyclers running on reduced capacity, impacting both Hydro Extrusions and Metal Markets. The automotive extrusion demand has been challenged by lower electrical vehicle sales growth, and weak trailer build rates in the transportation segment adversely affected Hydro Extrusions during the second quarter. CRU revised down their extrusion demand forecasts for the second half of 2024, expecting a slower recovery. Hydro Extrusions has responded with mitigating measures to handle challenging markets. Current production flexibility and adaptation abilities are utilized to maneuver weak demand, while cost cutting programs and manning reductions are used as means to uphold margins. Managing short-term volatility enables Extrusions to continue positioning for long-term growth with the customers, and two new OEM contracts were added to the portfolio during the second quarter, accumulating contracts worth EUR 3.1-3.3 billion since the beginning of 2023. Hydro Extrusions is positioned to deliver on the 2025 EBITDA target of NOK 8 billion when markets recover, though recent extrusion demand forecasts indicate a delayed realization. Recycling margins pressured by weak markets underscore the need to diversify the portfolio, and strengthen margins and scrap sourcing. During the second quarter, Hydro decided to invest USD 85 million in a new casting line at the recycler in Henderson, Kentucky, to supply the U.S. automotive market with high-quality recycled automotive components. The project introduces HyForge technology to the U.S., serving the automotive market's ...