Norðurál is one of the ten largest companies in Iceland, whether in terms of turnover or performance. Norðurál is a leading company in its field and plays an active role in the development of Icelandic society.

Norðurál’s operating income amounted to approximately ISK 109 billion in 2024 and the company’s profit after taxes was ISK 2.4 billion.

Norðurál’s tax path includes all major taxes and public charges that the company pays or collects in Iceland, along with a counterpart contribution to the appropriate employee’s pension funds.

Information presented in Norðurál’s tax path is intended to shed light on the extent of what Norðurál’s operations return to society in the form of statutory fees.

Norðurál returns various other values to society in the form of salaries, grants and transactions within the Icelandic economy.

Taxes and public charges 2024

The company’s tax footprint reflects Norðurál’s direct economic contribution to Icelandic society, both through direct funds and through employee salaries. In 2024, total payroll amounted to ISK 11.4 billion, and the average salary per full-time equivalent (excluding wage-related charges) was almost ISK 1.2 million per month.

In total, Norðurál’s paid and collected taxes, together with public charges, amounted to ISK 7.8 billion in 2024.

Norðurál’s tax footprint was around ISK 11.5 million per employee in 2024.

Norðurál’s export value amounted to just over ISK 109 billion in 2024. Norðurál paid around ISK 50 billion to domestic parties in 2024, which corresponds to around 45% of export values that year.

The company’s tax footprint in 2024 amounted to approximately ISK 7.8 billion. The average number of employees at Norðurál in 2024 was 675, and total payroll payments to them amounted to ISK 11.4 billion. The average salary per full-time equivalent excluding salary-related costs amounted to ISK 13.4 million per year, or almost ISK 1.2 million on average per month.

Key figures from operations in 2024

 

EU Emissions Trading System

Greenhouse gas emissions directly linked to the production process of Norðurál fall under the scope of EU’s emission trading system (ETS). Its aim is to reduce emissions from the production processes of major industrial concerns in Europe, where companies must purchase emissions allowances. The trading system therefore functions as an economic incentive for industrial concerns to reduce emissions.

 

Green financing for a new production line

A new production line allows Norðurál to produce more valuable products in Iceland with less energy consumption and a smaller carbon footprint. This is an investment project amounting to approx. USD 120 million, or around ISK 16 billion. The project is financed by Arion Bank through its Green Financing Framework. Arion bank’s Green Financing Framework is based on the standards of the International Securities Markets Association, ICMA, and looks to the European Union’s classification system and the United Nations Sustainable Development Goals.

 

Business integrity

Century Aluminum Company, Norðurál’s parent company, and all affiliated companies are committed to complying with the strictest requirements for honesty, ethics and integrity in business. A code of conduct has been set for management to counter dishonesty and immorality and to ensure that all of the company’s operations meet these requirements.

No employee shall promise, give, or accept payments in cash or other valuables, whether personally or through an intermediary, to parties public or private, or to a spouse, partner, or child or other relative of such a party, for the purpose of influencing or rewarding the actions or decision-making of such parties, or to gain any advantage.

Stakeholders and employees can report suspected violations to the Compliance Officer, generalcouncel@centuryaluminum.com or anonymously through an independent third-party reporting system, Ethical Advocate. Reports may be submitted 24/7 by calling the number 800 9610. Following a notification, an internal investigation is launched.

We require all Norðurál suppliers and partners, whether customers, contractors, agents, or consultants, to act with integrity and be honest in their business transactions.