Norsk Hydro President & CEO Eivind Kallevik said that global aluminum deficits will worsen if Strait of Hormuz shipping constraints persist. Kallevik noted that Middle Eastern smelters are seeking alternative logistics routes due to hostilities, and a protracted conflict would push the market supply gap beyond Hydro's current expectation of a 900,000-ton shortfall.

European manufacturers have drawn down ample port inventories built up ahead of a new carbon levy, but Kallevik explained that the test for the rest of 2026 is cargo replenishment.

Norsk Hydro reported its second-quarter recycling output rose by 15% to 225,000 tons, with adjusted earnings growing by 15% year on year to 8.92 billion kroner.