Third quarter 2010: Firm cost control in seasonally weak quarter

by Hydro Aluminium AS 27 Oct 08:27

(October 27, 2010)
Hydro had underlying earnings before financial items and tax (EBIT) of NOK 965 million in the third quarter, down from NOK 1,110 million in the second quarter. Seasonally lower sales volumes, weaker underlying results for Alumina and Raw Materials and losses for the Qatalum joint venture weighed down underlying results.

Underlying EBIT NOK 965 million
Volumes down on seasonal decline in demand
Upstream weaker on lower alumina result and Qatalum power outage
Midstream operating performance stable and positively affected by currency effects
Downstream seasonally weaker, positive effects of internal measures
Energy stable with continued low power production
Takeover of Vale’s aluminium business on track for closing in Q4
Qatalum ramp-up expected to reach full output by end-Q1 2011
2010 ex-China growth outlook about 17 percent