First quarter 2011: Results rise on higher aluminium prices and stronger sales

Friday, 29. April 2011 07:02
Hydro had underlying earnings before financial items and tax (EBIT) of NOK
1,448 million in the first quarter, up from NOK 588 million in the fourth
quarter. Higher realized aluminium prices and premiums, higher volumes and lower
operating costs lifted underlying results for the quarter.

* Underlying EBIT NOK 1,448 million
* Stronger sales supported by seasonally improved markets
* Stable Bauxite & Alumina result, weak production performance
* Primary Metal up on higher prices, partly offset by increased raw material
costs
* Down- and midstream lifted by higher sales and lower costs
* Energy up on increased prices and high production
* Vale deal closed, organization in place and integration proceeding as
planned
* Qatalum ramp-up on schedule for full production from June
* Sunndal line 3 to restart 15,000 tonnes per year capacity in June, preparing
to resume full production


"Closing the deal to acquire Vale's aluminium assets was a milestone in Hydro's
history as a global and truly integrated aluminium company. This transforming
move secures access to bauxite and alumina for aluminium production for decades
to come, providing us with a solid platform for the future," Hydro's President
and CEO Svein Richard Brandtzæg said.

"At the end of the first quarter, the large Qatalum aluminium plant was
producing at more than 60 percent of full capacity, and ramp-up is continuing
towards full production from June. Completion and full output at the Qatalum
smelter will be another landmark event for Hydro," Brandtzæg said.

After closing the Vale deal on February 28 this year, Hydro is reporting results
for its new Bauxite & Alumina business area for the first time this quarter,
including the acquired assets from March 1. Underlying EBIT for Bauxite &
Alumina improved due to higher LME-linked alumina prices and the effect of
including the acquired bauxite and alumina activities. Weak production
performance had a negative impact.

Underlying results for Primary Metal rose significantly in the first quarter
from the fourth, due to higher realized aluminium prices, higher realized
premiums and lower fixed costs. Positive developments were partly offset by
rising raw material costs. Operating results for Qatalum, the joint venture
between Qatar Petroleum and Hydro, improved in the quarter. Underlying EBIT for
Primary Metal included NOK 145 million of insurance proceeds relating to the
power outage at the plant in August last year.

In light of recent positive market developments, Hydro will restart 15,000
tonnes annual capacity at its Norwegian Sunndal aluminium plant line 3 in June,
preparing to resume full production at the plant, which has been running at
reduced capacity since March 2009 due to a very weak market for aluminium.

"We are preparing to restart Sunndal 3, as markets showed considerable recovery
throughout 2010, stabilizing into the first quarter 2011. Conditional on
continued satisfactory market conditions, Hydro's intention is to restart the
complete 100,000 tonnes line in the second half 2011," Brandtzæg said. The
timing for a full restart will be decided later.

Hydro's mid and downstream operations delivered substantially higher underlying
EBIT, due to higher sales volumes, higher margins and lower operating and
maintenance costs.

Underlying EBIT for Energy increased on higher spot prices, higher net spot
sales and lower transmission costs.

Net cash used in operating activities amounted to NOK 0.6 billion for the
quarter including increased working capital. Including the Vale transaction, net
cash used in investment activities amounted to NOK 6.4 billion in the quarter.
Following the Vale transaction debt increased by NOK 5.8 billion resulting in a
net debt position of NOK 2.0 billion at the end of the quarter.
Key financial First Fourth % change First % change Year
information quarter quarter prior quarter prior year 2010
2011 2010 quarter 2010 quarter
NOK million,
except per
share data
--------------------------------------------------------------------------------


Revenue 21 138 19 406 9 % 18 145 16 % 75 754



Earnings before 5 855 768 >100 % 985 >100 % 3 184
financial items
and tax (EBIT)

Items excluded (4 408) (180)   (297)   167
from underlying
EBIT
--------------------------------------------------------------------------------
Underlying EBIT 1 448 588 >100 % 688 >100 % 3 351
--------------------------------------------------------------------------------


Underlying EBIT
:

Bauxite & 155 113 38 % 162 (4) % 633
Alumina

Primary Metal 583 86 >100 % (169) >100 % 617

Metal Markets 143 62 >100 % 65 >100 % 321

Rolled Products 232 105 >100 % 223 4 % 864

Extruded 105 24 >100 % 117 (10) % 444
Products

Energy 573 482 19 % 588 (3) % 1 416

Other and (344) (284) (21) % (297) (16) % (945)
eliminations
--------------------------------------------------------------------------------
Underlying EBIT 1 448 588 >100 % 688 >100 % 3 351
--------------------------------------------------------------------------------


Underlying 2 415 1 383 75 % 1 440 68 % 6 420
EBITDA
--------------------------------------------------------------------------------


Net income 5 154 658 >100 % 924 >100 % 2 118
(loss)
--------------------------------------------------------------------------------


Underlying net 1 244 376 >100 % 401 >100 % 1 852
income (loss)
--------------------------------------------------------------------------------


Earnings per 2.89 0.39 >100 % 0.68 >100 % 1.33
share
--------------------------------------------------------------------------------


Underlying 0.65 0.21 >100 % 0.27 >100 % 1.14
earnings per
share
--------------------------------------------------------------------------------


Financial data:
--------------------------------------------------------------------------------
Investments 41 625 1 613 >100 % 1 766 >100 % 6 231

Adjusted net (20 334) (6 427) >(100) % (16 939) (20) % (6 427)
interest-
bearing debt
--------------------------------------------------------------------------------


Key operational
information


--------------------------------------------------------------------------------
Alumina 773 493 57 % 474 63 % 1 976
production
(kmt)

Primary 415 360 15 % 339 23 % 1 415
aluminium
production
(kmt)

Realized    2 358           14 %           18 %
aluminium price  2 074   1 997    2 113
LME (USD/mt)

Realized     13 607           9 %           18 %
aluminium price 12 436  11 542 12 674
LME (NOK/mt)

Realized 5.77 6.00 (4) % 5.78 - 6.00
NOK/USD
exchange rate

Metal Markets                   12 %           13 %
sales volumes 467       417       414    1 717
to external
market (kmt)

Rolled Products 245 234 5 % 231 6 % 945
sales volumes
to external
market (kmt)

Extruded 136 127 8 % 128 6 % 529
Products sales
volumes to
external market
(kmt)

Power 2 308 2 263 2 % 2 781 (17) % 8 144
production
(GWh)
--------------------------------------------------------------------------------

Pro forma underlying financial and operating results
Key financial First Fourth % change First % change Year
information quarter quarter prior quarter prior year 2010
2011 2010 quarter 2010 quarter
NOK million
--------------------------------------------------------------------------------


Revenue     22 815         1 %         10 %
 22 590  20 788  87 272



Earnings before                 67 %           58 %
financial items  1604      960    1 018    3 696
and tax (EBIT)

Items excluded (66) (119)   (320)   445
from underlying
EBIT
--------------------------------------------------------------------------------
Underlying EBIT 1 538 841 83 % 698 >100 % 4 141
--------------------------------------------------------------------------------


Underlying                 30 %           46 %
EBITDA  2881   2 213   1 979    9 450
--------------------------------------------------------------------------------


Net income                   5 %           -
(loss) 782      745      779    2 220
attributable to
Hydro
shareholders
--------------------------------------------------------------------------------


Key operational
information


--------------------------------------------------------------------------------
Alumina                 (8) %           (4) %
production (kmt)  1336   1 448   1 394    5 805

Primary 490 475 3 % 447 10 % 1 867
aluminium
production (kmt)
--------------------------------------------------------------------------------

Hydro's pro forma underlying earnings before financial items and tax amounted to
NOK 1,538 million in the first quarter, up from NOK 841 million in the fourth
quarter.

Pro forma underlying EBIT for Bauxite & Alumina improved slightly compared to
the fourth quarter of 2010 mainly due to increased alumina prices partly offset
by higher raw material costs and lower sales volumes. Weak production
performance had a negative impact.

Pro forma underlying results for Primary Metal included about NOK 50 million
relating to Albras in the first quarter compared with NOK 144 million in the
fourth quarter of 2010. The decline in underlying results for Albras was mainly
due to lower casthouse sales volumes.

About Hydro's reporting
Underlying EBIT
To provide a better understanding of Hydro's underlying performance, the
following discussion of operating performance excludes certain items from EBIT
(earnings before financial items and tax) and net income. See "Items excluded
from underlying EBIT and net income" later in this report for more information
on these items.
Acquisition of Vale's aluminium business
On February 28, 2011 Hydro completed the take-over of the majority of Vale's
aluminium business in Brazil. Effective from the first quarter of 2011, we are
including a new operating segment, Bauxite & Alumina, in our reporting structure
in addition to our other five operating segments. In addition to the assets
acquired from Vale, Hydro's bauxite and alumina activities previously included
in the Primary Metal segment have been transferred to the new Bauxite & Alumina
segment and prior periods have been restated. Primary Metal includes the Albras
aluminium plant in addition to Hydro's pre-transaction primary aluminium
production activities. Effective from the first quarter of 2011, elimination of
internal gains and losses on alumina previously included in the Primary Metal
segment is included in Other and Eliminations, and prior periods have been
restated.

The following discussion on reported and underlying operating results includes
the acquired bauxite and alumina activities from Vale from March 1, 2011.
Amounts relating to previous periods have not been restated to reflect the
reported and underlying results of the acquired assets.
Pro forma information related to acquisition of Vale's aluminium business
To provide a presentation of Hydro's performance on comparable basis, certain
pro forma financial and operating information is also presented in this report
based on including the results of the acquired Vale assets for the full calendar
quarter and for all previous periods presented in this report. See "First
quarter report 2011" for more information on the acquisition and the pro forma
information included in our first quarter report.

Reported EBIT and net income
Reported EBIT for Hydro amounted to NOK 5,855 million in the first quarter
including net unrealized derivative losses of NOK 96 million, positive metal
effects of NOK 176 million and net transaction related gains attributable to the
acquisition of Vale aluminium amounting to NOK 4,328 million. This amount
included revaluation gains on Hydro's pre-existing interest in Alunorte and the
CAP joint venture.

In the previous quarter, reported EBIT for Hydro amounted to NOK 768 million
including net unrealized derivative gains of NOK 132 million, positive metal
effects of NOK 92 million, insurance proceeds of NOK 90 million relating to the
Qatalum power outage and other net negative effects of NOK 134 million comprised
mainly of rationalization and closure costs.

Net income for the first quarter amounted to NOK 5,154 million including net
foreign exchange losses of NOK 30 million. In the fourth quarter net income
amounted to NOK 658 million including net foreign exchange gains of NOK 232
million.

Market developments and outlook

Alumina
The alumina market was relatively strong in the beginning of 2011 with increased
prices due to higher demand. Platts alumina spot prices started the quarter at
USD 372 per mt and ended around USD 404 per mt, representing a range of roughly
15-16 percent of LME. (Due to existing sales contracts, Hydro has limited
volumes available for sale for the next few years. As a result, short-term
alumina market developments have limited influence on Hydro's earnings for this
period.)

Global demand for alumina excluding China was slightly higher in the first
quarter compared to the fourth quarter. This was mainly due to ramp-up of new
and restart of curtailed primary aluminium production capacity. Annualized
demand and production of alumina both amounted to about 84 million mt. Only
limited portions of the curtailed alumina capacity has been restarted. The
alumina market is expected to be relatively tight in 2011 due to refinery
production problems and the start-up of additional primary aluminium production
capacity.

Alumina demand and production in China increased in the first quarter compared
to the previous quarter, mainly due to the commissioning of new primary
aluminium production and alumina projects. Increased domestic capacity resulted
in China importing less alumina.
Primary aluminium
LME prices continued to increase in the first quarter. Average three-month
prices started the quarter at a level of around USD 2,500 per mt and ended
around USD 2,630 per mt. Demand and supply of primary aluminium in the world
outside China was relatively stable in the first quarter compared to the fourth
quarter amounting to an annualized consumption and production of 25.3 million mt
and 26.2 million mt respectively. We expect demand to increase by 7 percent for
2011 to around 26 million mt. The market is still expected to be in a manageable
surplus for 2011.

Production in China increased in the first quarter by almost 10 percent compared
to the previous quarter, while demand was seasonally lower. In the fourth
quarter many Chinese smelters were curtailed to meet energy saving targets. Most
of these smelters have been restarted during the first quarter. We expect the
Chinese primary aluminium market to be largely balanced for 2011.

LME stocks increased by 0.3 million mt to around 4.6 million mt during the
quarter which is believed to partly reflect unreported metal moved into reported
warehouses. Demand for metal products (extrusion ingot, sheet ingot, primary
foundry alloys and wire rod) remained stable with no significant change from the
previous quarter in most regions except for normal seasonal effects. Demand in
Southern Europe showed some signs of weakening.
Rolled products
Consumption in the European rolled products market increased seasonally in the
first quarter of 2011 compared to fourth quarter of 2010 and was further
supported by improved end-use demand. We expect a robust growth in demand across
most end-use market segments in 2011 with the exception of the building and
construction segment which has shown signs of weakening.
Extruded products
European demand for extruded aluminium products exhibited a seasonal increase in
the first quarter. Demand remained weak within the building and construction
sector, in particular in southern Europe. Demand in the engineering and
transport industries continued to improve in most European markets. However,
margins came under pressure as European extruders shifted capacity from the weak
building and construction sector to other market segments.

In North America demand improved compared with the fourth quarter of 2010, and
was also higher than the first quarter of 2010 primarily driven by strong
transport and automotive segments. Developments in South America continued to be
positive, especially in Brazil, and the outlook remains positive. Demand for
precision tubing continued to be strong in the quarter, driven by strong demand
for premium cars.

The European and US extrusion markets are expected to be seasonally stronger in
the second quarter. Recovery in the building and construction segment is
expected to remain slow.
Energy
Nordic electricity spot prices started the quarter at very high levels driven by
the dry hydrological situation. However, lower than normal demand, milder
weather, higher imports and stable Swedish nuclear production put downward
pressure on prices which declined in January and stabilized for the remainder of
the quarter. Reservoirs remain at historical low levels in many areas, and
uncertainties including concerns about future nuclear production in Germany and
the effect of the unrest in the Middle East and North Africa on oil supplies,
are expected to limit the downside for spot prices.

Water reservoir levels in Norway declined to about 18 percent by the end of the
first quarter. This is almost 20 percentage points lower than normal and more
than 8 percentage points lower than the same period in 2010.
Additional factors impacting Hydro
Hydro has sold forward substantially all of its primary aluminium production for
the second quarter at a price level of around USD 2,450 per mt. This includes
expected volumes from Albras, but excludes expected volumes from Qatalum.

Hydro has hedged the majority of the net aluminium price exposure in the
business acquired from Vale until the end of 2011 at about USD 2,400 per mt.

Hydro will start up 15,000 mt of annual primary aluminium capacity at its
Sunndal 3 production line in June this year. Conditional on continued
satisfactory market conditions, Hydro's ambition is to resume full production at
the Sunndal 3 line by the end of 2011.

Hydro's water and snow reservoirs were lower than normal at the end of March,
but higher than the end of the corresponding period last year. Production in
second quarter 2011 is expected to be seasonally lower than in first quarter.

Bauxite & Alumina
Underlying EBIT for Bauxite & Alumina was positively influenced by higher LME-
linked alumina prices and the inclusion of the acquired bauxite and alumina
activities from Vale from March 1.

Primary Metal
Underlying results for Primary Metal improved significantly during the quarter
compared to the fourth quarter mainly due to higher realized aluminium prices,
higher realized premiums and lower fixed costs. Positive developments were
partly offset by higher raw material costs. Underlying EBIT also included
results from the Albras smelter acquired from Vale from March 1, 2011.

Primary aluminium and casthouse production and casthouse sales volumes increased
compared to the fourth quarter mainly due to the inclusion of Albras from March
1, 2011, and increased volumes from Qatalum.

Our USD 300 per mt cost improvement program targeted to reach USD 175 per mt by
the end of 2011 continued according to plan.

Underlying results for Qatalum improved during the quarter mainly due to higher
realized aluminium prices. Underlying results for the quarter included NOK 145
million of insurance proceeds relating to the power outage at the plant in
August 2010 compared with NOK 210 million in the fourth quarter.

Metal Markets
Underlying EBIT for Metal Markets increased in the first quarter due to positive
currency effects and improved operational performance.

Excluding currency and ingot inventory valuation effects, underlying EBIT for
Metal Markets improved in the quarter. Production from remelt operations was
relatively stable compared to the fourth quarter, but higher margins contributed
to increased results. Increased sales volumes for resale of third party products
made a positive contribution to underlying results for the quarter. Compared to
the previous quarter, sourcing and trading activities delivered lower results.

Total metal product sales excluding ingot trading increased reflecting
seasonally higher shipments of all products in all markets.

Rolled Products
Underlying EBIT for Rolled Products improved substantially compared to the
fourth quarter of 2010 mainly due to higher shipments and increased margins.
Operating costs per mt declined compared to the previous quarter and were stable
in absolute terms. Energy costs increased due to higher prices while maintenance
costs were lower.

Shipments for all of our business sectors were up, supported by continued good
demand and a normal increase in business activities from the seasonally lower
fourth quarter. Automotive applications and other packaging and building
products in particular showed significant improvement. Volumes for can beverage,
thin gauge foil and general engineering also increased while lithography
shipments were stable. Overall margins were higher, in particular for general
engineering applications.

Extruded Products
Underlying EBIT for Extruded Products improved compared with the fourth quarter
of 2010 mainly due to lower operating costs and seasonally higher volumes.
Positive developments were partly offset by lower volumes from our high-margin
building systems operations and somewhat lower margins for our European
extrusion operations. Demand for building systems in southern Europe was
particularly weak during the quarter.

Our precision tubing business delivered strong underlying results in the quarter
compared to the fourth quarter. Underlying EBIT improved significantly for our
north American business in the first quarter and our south American extrusion
operations continued to deliver solid underlying results compared to the fourth
quarter.

Energy
Underlying EBIT for Energy increased compared to the previous quarter due to
higher spot prices, higher net spot sales and lower transmission costs. Cold
winter weather and the tight hydrological balance resulted in high spot prices
during the period.

Other and eliminations
Underlying EBIT for Other and eliminations amounted to a charge of NOK 344
million in the first quarter compared with a charge of NOK 284 million in the
previous quarter and a charge of NOK 297 million in the first quarter of 2010.
Eliminations, mainly comprised of unrealized gains and losses on inventories
purchased from group companies amounted to a charge of NOK 157 million in the
first quarter, compared with a charge of NOK 19 million in the previous quarter,
and a charge of NOK 162 million in the first quarter of 2010.

Underlying results for the fourth quarter included year-end adjustments for
employee and pension costs.

Items excluded from underlying EBIT and net income
To provide a better understanding of Hydro's underlying performance, the items
in the table below have been excluded from EBIT and net income.

Items excluded from underlying EBIT are comprised mainly of unrealized gains and
losses on certain derivatives, impairment and rationalization charges, effects
of disposals of businesses and operating assets, as well as other items that are
of a special nature or are not expected to be incurred on an ongoing basis.

Linked to the acquisition of Vale S.A.'s aluminium businesses on February
28, 2011, the transaction involves certain one-time gains and losses affecting
the results in the first quarter 2011. These transaction related effects are
excluded from underlying EBIT.

Items excluded from underlying net income First Fourth First Year
quarter quarter quarter 2010
NOK million 2011 2010 2010
--------------------------------------------------------------------------------


Unrealized derivative effects on LME related 79 (162) (253) 489
contracts

Derivative effects on LME related contracts (Vale 42 55 - (166)
Aluminium)

Unrealized derivative effects on power contracts (40) 151 272 609

Unrealized derivative effects on currency (1) (20) 23 (50)
contracts

Unrealized derivative effects on raw material 16 (156) - (156)
contracts

Metal effect, Rolled Products (176) (92) (314) (560)

Significant rationalization charges and closure - 131 (19) 130
costs

Impairment charges (PP&E and equity accounted - 12 61 187
investments)

Pension - - - (151)

Insurance compensation - (91) - (91)

Impairment (Qatalum) - (16) - 98

(Gains)/losses on divestments - (7) (67) (74)

Transaction related effects (Vale Aluminium) (4 328) - - -
--------------------------------------------------------------------------------
Items excluded from underlying EBIT (4 408) (180) (297) 167
--------------------------------------------------------------------------------
Net foreign exchange (gain)/loss 30 (232) (468) (513)

Calculated income tax effect 467 129 241 80
--------------------------------------------------------------------------------
Items excluded from underlying net income (3 911) (282) (523) (266)
--------------------------------------------------------------------------------


Finance
Financial income was lower in the first quarter compared with the previous
quarter due to lower cash positions. Interest expense increased in the first
quarter compared to the fourth quarter due to debt assumed relating to the Vale
transaction. In addition, the fourth quarter included a credit to interest
expense relating to tax claims in Germany.


The net currency loss in the first quarter included losses on financial
positions denominated in USD amounting to NOK 167 million. Other net currency
gains amounted to NOK 137 million, mainly on intercompany balances denominated
in EUR.

Tax
Income tax expense amounted to a charge of NOK 608 million in the first quarter
compared with a charge of NOK 401 million in the previous quarter and a charge
of NOK 605 million in the first quarter of 2010.

For first quarter of 2011 income tax expense was 11 percent of pre-tax income.
The low tax rate results from a tax-free gain on the revaluation of Hydro's
previous ownership interests in Alunorte and the CAP joint-venture project
recognized in the quarter.

Pro forma information

  First quarter Fourth quarter First quarter Year 2010
2011 2010 2010

Underlying EBIT Underlying Underlying Underlying Underlying
and EBITDA

  EBIT EBITDA EBIT EBITDA EBIT EBITDA EBIT EBITDA
--------------------------------------------------------------------------------


Bauxite & 237 725 223 693 205 643 1 225 3 061
Alumina

Primary Metal 592 1 137 230 808 (203) 320 816 3 006

Metal Markets 143 168 62 88 65 91 321 428

Rolled Products 232 342 105 226 223 335 864 1 318

Extruded 105 237 24 162 117 252 444 987
Products

Energy 573 600 482 502 588 623 1 416 1 540

Other and (344) (328) (285) (266) (297) (285) (945) (889)
eliminations
--------------------------------------------------------------------------------
Underlying EBIT 1 538 2 881 841 2 213 698 1 979 4 141 9 450
/ EBITDA
--------------------------------------------------------------------------------

Bauxite & Alumina
Pro forma underlying EBIT for Bauxite & Alumina improved slightly compared to
the fourth quarter of 2010 mainly due to increased alumina prices partly offset
by higher raw material costs and lower sales volumes. Weak production
performance had a negative impact.

Higher realized alumina prices driven by higher LME prices had a positive
influence on underlying EBIT, but was partly offset by lower sales volumes.
Alumina production declined from the fourth quarter due to operational
disruptions in the older part of the Alunorte refinery. The decline was also
influenced to some extent by reduced bauxite production at Paragominas and
consequently lower bauxite deliveries to Alunorte.

Energy costs increased due to higher coal and oil prices. In addition lower
utilization of the coal boilers in the Alunorte refinery required a higher
relative consumption of more costly fuel oil. Costs for caustic soda increased
due to higher prices, partly offset by lower consumption per mt.

Bauxite costs increased somewhat during the quarter mainly due to planned
maintenance activities. Operating costs at Paragominas increased due to
increased energy prices and higher maintenance costs. Bauxite production at
Paragominas declined, mainly due to maintenance and a temporary shut-down of the
bauxite slurry pipeline for a planned inspection.

Underlying results from our commercial operations declined from fourth quarter
due to significantly lower external sales volumes compared with high volumes in
the fourth quarter in 2010.
Primary Metal
Pro forma underlying results for Primary Metal included about NOK 50 million
related to Albras in the first quarter compared with NOK 144 million in the
fourth quarter of 2010. The decline in underlying results for Albras was mainly
due to lower casthouse sales volumes which amounted to around 100,000 mt in the
first quarter compared with roughly 130,000 mt in the fourth quarter.

Investor contact
Contact     Stefan Solberg
Cellular    +47 91727528
E-mail     Stefan.Solberg@hydro.com
Press contact
Contact     Halvor Molland
Cellular    +47 92979797
E-mail     Halvor.Molland@hydro.com

*********
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start-up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.

Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty.  Various factors could cause our actual results to differ
materially from those projected in a forward-looking statement or affect the
extent to which a particular projection is realized.  Factors that could cause
these differences include, but are not limited to: our continued ability to
reposition and restructure our upstream and downstream aluminium business;
changes in availability and cost of energy and raw materials; global supply and
demand for aluminium and aluminium products; world economic growth, including
rates of inflation and industrial production; changes in the relative value of
currencies and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political factors.

No assurance can be given that such expectations will prove to have been
correct.  Hydro disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.



Bauxite and Alumina presentation:
http://hugin.info/106/R/1510444/445543.pdf

Q1 presentation:
http://hugin.info/106/R/1510444/445542.pdf

Q1 report:
http://hugin.info/106/R/1510444/445540.pdf




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Source: Norsk Hydro via Thomson Reuters ONE

[HUG#1510444]
Related Links: Norsk Hydro ASA
Author:
Hugin
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