Arctic Fund Management dumps Hydro

Norwegian aluminum producer Norsk Hydro has had a rough year and at least one funds manager in Oslo seems to have lost patience. Newspaper Dagens Næringsliv (DN) reported Tuesday that Arctic Fund Management was dropping Hydro from its portfolio despite some better news last week. “We’re taking Norsk Hydro out because of weak sentiment for […]

Hydro’s production still cut in Brazil

Norwegian metals firm Norsk Hydro remains under court-imposed production cuts at its troubled aluminum plant in northern Brazil. A federal court has upheld the cuts, which have reduced Hydro’s production by half, on the grounds the plant still doesn’t have a functioning drainage system that can handle heavy rains. Hydro’s Alunorte plant has been disrupted […]

Hydro now denies polluting in Brazil

Large Norwegian aluminum company Norsk Hydro lashed back at its critics on Monday with two new reports claiming that it was not responsible for polluting water supplies near its Alunorte plant in Brazil. Hydro’s stock soared on the claims, up 6.62 percent at the close of trading in Oslo, but Brazilian authorities rejected them later […]

Hydro’s trouble deepens in Brazil

Large industrial firm Norsk Hydro hadn’t yet received the legal documents, but faces having to defend itself in a civil lawsuit over its alleged pollution of local water supplies around the large Alunorte aluminum refinery it owns and operates in northern Brazil. Local prosecutors are demanding the equivalent of nearly NOK 600 million (USD 77 […]

Hydro apologizes for spills in Brazil

Norwegian industrial firm Norsk Hydro has revealed more cases of spills from its aluminum plant in Brazil, and apologized for what may have fouled the water supply for those living nearby. The company faces fines and regulatory restrictions at its Alunorte plant, along with questions and criticism at home in Norway. “We have discharged untreated […]

Hydro admits to spills in Brazil

Norwegian industrial firm Norsk Hydro has confirmed a series of unlicensed “release” of what it calls “excess rainwater” from its large aluminum plant in Brazil last month. Others including newspaper Dagens Næringsliv (DN) call the release “ulovlige utslipp” (illegal spills) that are suspected of having polluted local water supplies and left the Oslo-based company dealing with […]

Hydro accused of pollution in Brazil

Oslo-based industrial firm Norsk Hydro is fending off accusations that its Hydro Alunorte aluminum plant in northern Brazil has polluted water sources used by the local population. After initially denying the accusations, Hydro has formed an “expert task force” to review the situation, and stresses that it is cooperating with “all relevant authorities.” Both local […]

Brazilian leaders met by protests

Rainforest destruction in Brazil led to its environment minister and president being met by tough questions and protests after they arrived in Oslo for what was called “a working visit” on Friday. Prime Minister Erna Solberg was among those letting Brazilian President Michel Temer know that the Norwegians were not pleased. “I’m worried that deforestation in […]

Norway threatens to cut Brazil’s funds

Norway has sent nearly NOK 7.5 billion (around USD 1 billion) to Brazil over the past nine years to help the country preserve its rainforests. Frustrated that deforestation in the Amazon has picked up again, Norway is now threatening to cut its funding, just as Brazil’s embattled president was arriving in Oslo for an official visit. Newspaper […]

Statoil checks its Petrobras past

Norwegian state oil company Statoil has done business with its troubled Brazilian counterpart, Petrobras, for years. With Petrobras caught in an ever-growing corruption scandal, Statoil’s management has joined other Norwegian companies in probing its past dealings with Petrobras, with an eye to uncovering any evidence of bribery. Newspaper Klassekampen reported on Wednesday that Statoil, like […]