2024 Annual and Sustainability Report
Norðurál now publishes its first annual and sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD) legislation and the European Sustainability Reporting Standards (ESRS) criteria.
Norðurál is one of Iceland’s largest industrial companies, one of the largest workplaces in the country, and one of the largest buyers of Icelandic electricity. Creating long-term economic value in a sustainable and responsible manner and operating in a way that has maximum positive impact on society is the core of Norðurál’s sustainability policy. Norðurál strives to respect human rights, society, and the environment. Continuous efforts are being made to keep the environmental impact of activities to a minimum and to use energy and raw materials efficiently.
More about sustainability and social responsibility at Norðurál
Norðurál
Norðurál Grundartangi ehf. operates an aluminum plant at Grundartangi that produces aluminum and aluminum alloys for the international market. The company has an operating license to manufacture up to 350,000 tons of aluminum each year. The company has facilities at Grundartangi in West Iceland and Skógarhlíð in the capital, Reykjavík.
General Disclosures
Norðurál Grundartangi ehf. is 100% owned by Norðurál, which is 100% owned by the Century Aluminum Company, a company registered in the United States. Norðurál produces low-carbon aluminum at its plant at Grundartangi. Production is powered entirely by renewable hydro and geothermal energy, and the company’s products are sold on international markets, including to the automotive, construction, and power sectors. Norðurál’s business model is built on efficient, low-carbon aluminum production, with sustainability increasingly integrated into the company’s overall strategy.
Economy
Norðurál is one of the ten largest companies in Iceland, whether in terms of turnover or performance, and we are proud to be a leader in our field and to actively participate in the development of Icelandic society.
Environment
Norðurál is committed to operating in harmony with the environment. We continuously work to minimize environmental impacts and ensure the responsible use of energy and raw materials. Norðurál promotes environmental awareness and employee participation in improvements. The company complies with all requirements set out in its operating license as well as applicable environmental laws and regulations.
People & The Community
Norðurál employs a diverse group of people. Diversity strengthens our operations and helps us achieve excellence. We emphasize equal opportunities for all employees in terms of career development, pay, and benefits, and we conduct our business with respect for human rights. Professional human resource management is a key focus, guided by the company’s mission, vision, and values.
Corporate Governance
Norðurál operates in line with recognized principles of good corporate governance, emphasizing transparency and accountability. The company has established clear policies for ethics and responsible business conduct, based on the parent company’s framework and regularly implemented processes in Iceland. Norðurál is committed to continually improving its sustainability measurements and risk assessments in accordance with stakeholder expectations and ESRS standards.