Fourth quarter 2009: Upstream results weak, downstream and energy activities improve

by Hydro Aluminium AS 17 Feb 08:21

(February 17, 2010)
Hydro had an underlying loss before financial items and tax of NOK 651 million in the fourth quarter of 2009, compared with a loss of NOK 793 million in the previous quarter, firming slightly on higher realized aluminium prices. Hydro reached a major milestone in December with the start-up of the first cell at Qatalum, and production from all 704 cells at the world-leading aluminium plant in Qatar is expected by fourth quarter 2010.
Fourth quarter underlying loss before financial items of NOK 651 million
Higher realized aluminium prices, but weak alumina and trading results
Downstream result improves for continued operations, boosted by Building Systems
Stable demand for aluminium products, seasonal decline partly offset by restocking
Energy result up on higher production and spot power prices
Qatalum production started in December, on schedule for full production by fourth quarter 2010
Divestment of Automotive Structures and Inasa rolling mill completed
Demand for aluminium expected to grow modestly in first half 2010 against second half 2009
Proposed dividend of NOK 0.50 per share

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