Third quarter 2009: Results reflect continued weak markets, volumes rise on restocking

by Hydro Aluminium AS 27 Oct 12:59

(October 27, 2009)
Hydro had an underlying loss before financial items and tax of NOK 793 million in the third quarter, compared with a loss of NOK 618 million in the previous quarter, reflecting the frail global economy, low aluminium prices and a weakening US dollar. Downstream results continued to improve, supported by higher volumes and cost saving measures.
Third quarter underlying loss before financial items of NOK 793 million
Stable demand at low level, positively influenced by restocking
Upstream results remain weak due to low aluminium prices and weakening US dollar
Downstream results improve on higher volumes and continued cost savings
Capacity adjustments and cost reduction program delivered as planned
Agreement to divest automotive structures business signed on October 26
Qatalum 90 percent complete end-September, on schedule for start-up around year-end

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