Norsk Hydro needs to extend its cost cutting after a production halt in Brazil erased the benefits of previous cuts, according to its new CEO.
“We’ve been heavily affected by the Brazil situation,” Hilde Merete Aasheim, who started as CEO on Wednesday, said in an interview in Oslo. “The effect of the improvement programs was erased to zero because the volumes fell significantly. We will reestablish the improvement programs, but also accelerate and see what more we can do.”