Annual and Sustainability Report 2024
Norðurál is publishing its first Annual and Sustainability Report in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).
Norðurál is one of Iceland’s largest industrial companies, one of the country’s biggest employers, and among the largest purchasers of Icelandic electricity. The core of Norðurál’s sustainability strategy is to create long-term economic value in a sustainable and responsible manner, and to conduct operations in a way that maximizes positive impacts on society. We emphasize respect for human rights, the community, and the environment. Continuous efforts are made to minimize the environmental footprint of our operations and to use energy and raw materials efficiently.
More on Sustainability and Social Responsibility at Norðurál
Norðurál
Norðurál Grundartangi ehf. operates an aluminum smelter at Grundartangi, producing primary aluminum and aluminum alloys for the global market. The company is licensed to produce up to 350,000 metric tons of aluminum annually. Norðurál’s operations are located at Grundartangi and Skógarhlíð in Reykjavík.
General Information
Norðurál ehf., a subsidiary of Century Aluminum Company, produces low-carbon aluminum at its Grundartangi smelter. 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 among Iceland’s ten largest companies in terms of both total assets and operating results. The company is a leader in its field and plays an active role 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 and Society
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.