Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK), a Norwegian aluminium and renewable energy company, said on Thursday that it has decided to slash around 750 white collar positions as part of its efforts to cut annual costs by NOK 1 billion.
Eivind Kallevik, CEO of Norsk Hydro, said: "By taking this step now, rather than later, we strengthen Hydro's resilience and position ourselves to compete and succeed in a world where geopolitical unpredictability accelerates volatility and creates new risks."
The company will begin this process immediately, resulting in a reduction of 600 FTEs by year-end 2025, with a further 150 to be identified through efficiency initiatives from 2026 onwards.
Norsk Hydro will axe white collar roles, including engineering, commercial, supply chain, and others. The process will not hurt blue collar jobs, such as production, maintenance, and press operators within the business areas.
This new measure is in addition to the previously announced improvement program and reduction in the full-year 2025 capital expenditure estimate to NOK 13.5 billion from NOK 15 billion.
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