Hydro's Fourth quarter 2009: Upstream results weak, downstream and energy activities improve
- Fourth quarter underlying loss before financial items of NOK 651 million
- Higher realized aluminum prices, but weak alumina and trading results
- Downstream result improves for continued operations, boosted by Building Systems
- Stable demand for aluminum 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 aluminum expected to grow modestly in first half 2010 against second half 2009
- Proposed dividend of NOK 0.50 per share
“The fourth quarter was marked by the on-time start-up of Qatalum, one of the world’s most cost-effective smelters, as a solid example of Hydro’s exceptional project management skills. We have seen global aluminium markets gradually improving since reaching bottom early last year, and we expect modest growth in demand in the first half of 2010. Still, the market situation continues to be demanding, and we remain cautious in our outlook for 2010,” President and Chief Executive Officer Svein Richard Brandtzæg said.
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