Norðurál’s operating income amounted to around ISK 102 billion in 2025, and the company’s loss after taxes amounted to ISK 6.5 billion, compared to a profit of ISK 2.4 billion in 2024.

In October 2025, an unexpected transformer failure occurred, causing aluminum production at Grundartangi to decrease by two-thirds. Total production in 2025 therefore decreased significantly compared to the previous year, and was 260,155 tons in 2025, compared to production of 308,335 tons in 2024. We estimate that full production will resume in the summer months of 2026.

Norðurál’s tax path includes all major taxes and public charges that the company pays in Iceland, along with a counterpart contribution to the appropriate employee’s standard 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 2025

The company’s tax footprint reflects Norðurál’s direct economic contribution to Icelandic society, both through direct funds and through employee salaries. In 2025, total payroll amounted to ISK 12.7 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 7.6 billion in 2025.

Norðurál’s export value amounted to just over ISK 102 billion in 2025. Norðurál paid around ISK 49 billion to domestic parties in 2025, which corresponds to around 49% of export values that year.

The company’s tax footprint in 2025 amounted to approximately ISK 7.6 billion. The average number of employees at Norðurál in 2025 was 714, and total payroll payments to them amounted to ISK 12.7 billion. The average salary per full-time equivalent excluding salary-related costs amounted to ISK 13.9 million per year, or almost ISK 1.2 million on average per month.

Norðurál’s tax footprint was around ISK 1.2 million per employee in 2025.

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 2025

 

EU Emissions Trading System

Greenhouse gas emissions 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 EU ETS therefore functions as an economic incentive for businesses to reduce their emissions.

 

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 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 can be submitted 24 hours a day, 7 days a week, by calling 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.