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Markets News

UPDATE 1-Aluminium maker Norsk Hydro reinstates dividend as outlook brightens

(Adds detail, background)

OSLO, Nov 12 (Reuters) - Norsk Hydro will pay a dividend to shareholders next week, the company said, reinstating a payout for 2019 that had been suspended in April because of uncertainty caused by the COVID-19 pandemic.

“The board’s decision to distribute dividends for 2019 is based on the improved financial situation and outlook for the company,” Hydro said in a statement.

The payout of 2.6 billion Norwegian crowns ($285.6 million) equates to 1.25 crowns per share, the company said.

Hydro last month reported a surprise rise in profit for the July-September period, powered by a rebound in its extruded aluminium business, which turns slabs of metal into products for construction and other industries.

After falling sharply in the early phase of the pandemic, Hydro’s share price has risen by 43% in the past six months, closing at 31.29 crowns in Oslo on Thursday.

$1 = 9.1043 Norwegian crowns Reporting by Terje Solsvik Editing by David Goodman

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