The project is the first investment in Alumetal under Hydro’s ownership. It will replace existing furnaces and ingot casting equipment with new and more modernized equipment that will enable capacity growth as well as providing safety and operational efficiency improvements.
“We are pleased to have Alumetal as part of the Hydro family. We have been impressed by the achievements of the Alumetal organization. In Alumetal we see a good fit with Hydro’s ambitious strategy for growth in recycling. This investment confirms our intention to develop and grow the business further,” says Eivind Kallevik, Executive Vice President in Hydro Aluminium Metal.
Hydro acquired the Polish aluminium recycling company, Alumetal on June 30, 2023. Following the tender offer process and the subsequent squeeze out process, Hydro now holds 100 percent of the shares. The acquisition of the Polish aluminium recycling company strengthens Hydro’s recycling position in Europe and widens its product offering in the low-carbon and scrap based foundry alloy market.
“We are very happy that Hydro shows their belief in our organization by investing in this important project. We look forward to contributing to Hydro’s recycling journey through our competence and capabilities in the recycling of aluminium scrap materials and to continue on our strong growth journey as part of one of the largest and leading global aluminium companies in the world,” says Agnieszka Drzyżdżyk, CEO of Alumetal.
The modernized recycling facility is expected to be operational during first half of 2025.