Norsk Hydro ASA expects to close the planned acquisition of Vale SA’s aluminium assets in the first half 2011, representing a delay from the original plan to close the transaction in the fourth quarter 2010.
Hydro has decided to phase out its extrusion plant at Karmøy in 2012 as part of its work to restructure the production of aluminum profiles in Norway. Operations at the company’s extrusion plants at Magnor and Raufoss will be strengthened.
The price increases on Hydro's rolled products in aluminium, planned for the second quarter 2011, will be considerably more differentiated than before in the market, better reflecting actual manufacturing costs and evening out current local price differences.
One person died in an accident at the Alunorf rolling mill in Neuss, Germany, on Saturday morning.
Industry forecasts point toward 75 percent growth in aluminium recycling in the next decade. Roland Scharf-Bergmann, head of Hydro's Recycling unit, attributes the growth to a change in mindset and perceptions in our society.
Hydro will introduce its ArchiWizard building energy-use simulation software while showcasing its aluminium extrusion-based building systems at GreenBuild Expo 2010. The show and conference takes place November 16–19 at Chicago's McCormick Place West.
Tomago Aluminium in New South Wales, Australia, in which Hydro holds 12.5 percent, Friday announced that it has secured its power supply up until 2028, following the signing of an 11-year base-load power supply contract with Macquarie Generation.
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.
Svein Richard Brandtzæg, president and CEO of Hydro, has been elected vice chairperson of the European Aluminium Association (EAA).
Norsk Hydro ASA’s share of underlying earnings in Qatalum for the third quarter 2010 is expected to be a loss of about NOK 225 million including the effects of lost production and sales, but excluding write-offs of certain fixed assets of about NOK 115 million charged to the third quarter results.
Hydro will be exhibiting aluminium components at Chillventa 2010 for use in air conditioning and refrigeration systems. The move from copper to aluminium is on its way as customers are discovering better performance, lower refrigerant volumes and more cost-effective solutions. Hydro is a frontrunner in material substitution in this market segment.
The Norwegian Ministry of Petroleum and Energy approved on Wednesday Brazilian Vale's planned takeover of 22 percent of the shares in Hydro, as part of the agreement under which Hydro buys Vale's aluminium assets. The concession is unconditional.
Hydro will invest about 850 million Norwegian kroner from 2011 to 2015 to upgrade the Rjukan hydropower system in Telemark, southeast Norway, modernizing the major hydro-electric river facility to ensure long-term safe and stable power supplies.
Hydro has updated its financial calender for 2010 and 2011.
Since Hydro in March started measuring energy production and consumption at the company’s German test center for energy-efficient aluminium building solutions, the building has produced as much as four times more power than it has used.
Hydro’s ambition to improve earnings from its wholly owned smelters by USD 100 per tonne is now being increased to USD 300 per tonne. The measures aim to improve the aluminium smelters’ competitiveness and restore profitability to a sustainable level.
The Qatalum plant in Qatar restarted aluminium production on Wednesday from the first cell, following a shutdown on August 10.
Ritter Energie & Umwelttechnik GmbH, a German pioneer company in solar thermal technology and development partner of Hydro, has won the European Aluminium Award 2010 in the category Industrial Products - Building & Construction.
The markets for aluminium casthouse products are currently very tight, and Hydro expects this to continue into 2011, Kjetil Ebbesberg, head of the Metal Markets business area in Hydro, said during the international Aluminium 2010 trade fair in Essen, Germany.
Hydro is presenting an exciting array of aluminium products and solutions at the prestigious Aluminium 2010 trade fair in Essen, Germany, on September 14-16.
Hydro will increase prices for uncoated rolled aluminium products from its General Engineering Product Group (GE) by EUR 100 per tonne, effective January 2011, for all quarterly and monthly negotiated agreements.
Hydro has again been named a component of the Dow Jones Sustainability World Indexes (DJSI World).
Qatalum is preparing for an imminent restart of primary aluminium production, following a power outage in early August this year. The plant is expected to reach full capacity by the end of the first quarter 2011.
Hydro has started the blasting of new feeder tunnels this week from the two lakes Holsbruvatn and Rausdøla to the old hydropower station at Tyin in the county of Sogn, Norway.
Arvid Moss has been appointed executive vice president of Hydro's Energy business area.
“We will do what we can to get aluminium production at Qatalum back on track as soon as possible in a safe and responsible manner,” says Hilde Merete Aasheim, executive vice president for Hydro’s Primary Metal business area.
The Qatalum aluminium plant in Qatar halted metal production following a power outage at 04.40 Monday, August 9.
Hydro has signed an agreement to acquire the remaining 15.1 percent of the Formosa Alloy Materials Company (Famco). The Taiwan aluminium remelt plant consequently becomes a fully owned subsidiary of Hydro.
Hydro had underlying earnings before financial items and tax of NOK 1,110 million in the second quarter, rising from NOK 688 million in the first quarter. Higher realized aluminium prices, continued improvements in alumina operations and higher downstream sales lifted underlying results for the quarter.
Hydro’s work for contact with investors and analysts has been so good that it has won three prestigious awards.
Reference is made to the stock exchange notice published by Norsk Hydro ASA (Hydro) on July 13, 2010. The share capital increase related to the rights issue resolved by the Extraordinary General Meeting of Hydro on June 21, 2010, has now been registered with the Norwegian Register of Business Enterprises and the rights issue has hence been completed.
With reference to the final result of the rights issue in Norsk Hydro ASA announced earlier today, the following primary insiders have been allocated shares at a subscription price of NOK 26.30 in accordance with the procedures and on the terms set out in the prospectus dated June 21, 2010.
Norsk Hydro ASA’s (Hydro) Board of Directors has today approved the final allocation of the shares offered in the rights issue based on the allocation criteria set out in the prospectus dated June 21, 2010. 381,053,600 new shares were offered in the rights issue and have now been allocated. At the end of the subscription period on July 9, 2010, Hydro had received subscriptions for a total of 513,248,736 shares. The rights issue was consequently oversubscribed by 34.7 percent.
The subscription period in Norsk Hydro ASA's (Hydro) rights issue expired at 17:30 (Oslo time) on July 9, 2010. Preliminary counting indicates that Hydro has received subscriptions for approximately 513 million new shares at the end of the subscription period. 381,053,600 new shares were offered, and the rights issue has consequently been oversubscribed by approximately 35 percent.
In relation to the ongoing subscription period in the Hydro rights issue Norsk Hydro Employee Trust Ltd, an independent trust established for a stock option purchase program for Hydro’s employees in the United Kingdom, has been allocated 124,117 subscription rights based on its shareholding in Hydro.
In relation to the ongoing subscription period in the Hydro rights issue the following additional primary insider transactions have taken place after June 25, 2010.
In relation to the ongoing subscription period in the Hydro rights issue, the list below gives an overview of purchases and sales of subscription rights and subscriptions for Hydro shares carried out by primary insiders in Hydro and the primary insiders' related parties on June 25, 2010.
Norsk Hydro ASA (Hydro) has today published the prospectus in connection with its fully underwritten rights issue, the terms and conditions for which where were announced on June 21, 2010. The prospectus has been reviewed and approved by the Financial Supervisory Authority of Norway.
The aluminium industry can be CO2 positive in a decade’s time. Reduced emissions from recycling, as well as the use of aluminium in automotive, buildings and in solar energy, will more than offset CO2 emissions from primary aluminium production.
An Extraordinary General Meeting of the shareholders of Norsk Hydro ASA (Hydro) was held today, June 21, 2010, at 09:00 (Oslo time). 743,851,737 shares were represented at the meeting, corresponding to 61.6 percent of the share capital.
The Board of Directors of Norsk Hydro ASA (“Hydro”) has set the proposed terms of its underwritten rights issue originally announced on May 2, 2010. The terms are expected to be resolved by Hydro’s Extraordinary General Meeting today, June 21, 2010 at 09:00 (Oslo time).
An Extraordinary General Meeting in Hydro is being held on Monday morning June 21, 2010. If you cannot attend in person, you can follow a webcast of the proceedings on the internet.
Hydro's building systems business is among the winners of the 'Intersolar Awards 2010' for an innovative aluminium-based façade with an integrated solar energy solution.
The CRU World Aluminium Conference in Oslo on June 22-23 will ponder hot topics facing the aluminium industry.
HySelect, the world's first selectively coil-coated aluminium sheet for solar thermal energy, is one of Hydro's many rolled and extruded aluminium solutions for solar technology on display at the Intersolar trade fair in Munich, Germany, on June 9-11.
Norsk Hydro ASA has today published an information memorandum in connection with Hydro’s takeover of the majority of Vale S.A.’s bauxite, alumina and aluminium business in Brazil referred to as Vale Aluminium.
Notice is hereby given that an Extraordinary General Meeting of Norsk Hydro ASA will be held at the company's head office at Vækerø, Drammensveien 260, 0283 Oslo on Monday 21 June 2010, at 09:00 CET.
One of Hydro's research and development projects in the area of aluminium building systems has been nominated for Intersolar Award 2010 in "solar thermal technology."
Hydro will build Norway’s largest plant for aluminium recycling at Karmøy.
Hydro is planning the first groundbreaking for the Holsbru project this fall. In addition, the company has delivered a concession application for two hydropower projects in Sogn. Altogether, the three projects will increase Hydro’s power production by about 300 GWh.
Hydro's President and CEO Svein Richard Brandtzæg has been elected chairperson of International Aluminium Institute (IAI), the global aluminium industry association.
The Corporate Assembly in Norsk Hydro ASA on Friday approved two new members of the company’s Board of Directors, Liv Monica Bargem Stubholt and Eva Persson.
The Annual General Meeting of Norsk Hydro ASA today adopted all the items as proposed on the agenda, including the proposal to distribute a dividend of NOK 0.50 per share. The dividend will be paid on May 18, 2010 to ordinary shareholders listed in the Norwegian Central Securities Depository as of May 7. The share will be traded ex-dividend from May 5.
A closely related party to Executive Vice President Johnny Undeli has on May 4, 2010 purchased 1,000 shares in Hydro at NOK 45.35. Jonny Undeli's new holding, including relatives, is 1,980.
This year's annual general meeting in Norsk Hydro ASA is being held on Tuesday afternoon, May 4. If you cannot attend in person, you can follow a webcast of the proceedings on the internet.
Norsk Hydro ASA has signed an agreement to take over Vale S.A’s aluminium businesses to form a resource-rich and fully integrated aluminium company, securing Hydro's bauxite supplies in a 100-year perspective.
The planned addition of the bauxite, alumina and aluminium production activities in Brazil will move Hydro into the top class of global aluminium companies.
Hydro had an underlying result before financial items and tax of NOK 688 million in the first quarter 2010, improving significantly from a loss of NOK 651 million in the fourth quarter of 2009, reflecting increased aluminium prices, reduced costs and higher volumes in a seasonally stronger quarter.
Norsk Hydro ASA`s employees have purchased shares under a general arrangement offered to the employees of Norsk Hydro ASA each year.
Wicona, one of Hydro's global aluminium building systems brands, has launched Wicona Finder, a new internet platform that offers unique possibilities for architects, planners and metal builders.
Hydro's internally enhanced aluminium tubing shows performance equal to helical enhanced copper tube, but with less cost, in the heat exchanger units traditionally used within the HVAC&R industry.
Hydro is coming closer to the building industry in Qatar with aluminium systems and services that support the nation's ambition to take leadership in the Arabian Gulf in energy-efficient commercial and residential buildings.
Political leaders from Qatar and Norway painted a positive picture for the aluminium industry when they spoke at the spectacular opening of Qatalum in Mesaieed on Monday.
Hydro is setting up a regional office in Doha, Qatar, for marketing Hydro's metal products in the Middle East, the Gulf states and Southern Africa. The office will be a part of Hydro's business area Metal Markets and its Asian Regional Organization, based in Singapore.
The official opening ceremony of Qatalum not only represents a monumental milestone for Hydro, but also the arrival of a top contender in the world of aluminium, President and CEO Svein Richard Brandtzæg said during the hectic program of festivities, seminars, site visits and business meetings to mark the start of one of the biggest and most efficient smelters in the industry.
Hydro is making its mark at the Metef aluminium trade fair at the Garda Exhibition Centre in Brescia, Italy, from April 14 to 17.
The Qatalum aluminium plant, once a dream in the desert of Qatar, is about to become a reality – with a royal inauguration.
Primary insiders in Norsk Hydro ASA have subscribed for shares under a general arrangement offered to the employees of Hydro each year. All employees in Norway are being offered to purchase shares valued at NOK 10,000 with a 50 percent discount. The offer consists of 486 shares at NOK 20.57 per share.
Notice is hereby given that the Annual General Meeting of Norsk Hydro ASA will be held at the company's head office at Vækerø, Drammensveien 260, 0283 Oslo on Tuesday, 4 May 2010 at 5 p.m.
Hydro has been fined GBP 100,000 (NOK 0.9 million) in connection with the death of a worker at the company's aluminium extrusion plant in Birtley, in the United Kingdom. The worker, Jens Hinrichs, was fatally injured in an accident on November 2, 2006.
Hydro will increase prices for converting uncoated rolled aluminium products from its General Engineering Product Group (GE) by 75 Euro per tonne, effective July 2010. To make prices more transparent, GE customers can also request a separate calculation of the fluctuating metal premium as of Q3 this year.
Hydro is going to present many of its innovative aluminium tubing products to HVAC&R industry visitors at the Mostra Convegno Expocomfort in Milan. The week-long exhibition kicks off on March 23.
“We entered last year in a state of deep pessimism - but left it with a sense of sober optimism. The bottom is probably behind us. And while the crisis is temporary, the measures we have implemented to meet the crisis are providing lasting improvements,” Hydro President and CEO Svein Richard Brandtzæg says in the company’s annual reporting, published on Hydro’s internet site www.hydro.com on Friday.
Wenche Agerup has been appointed executive vice president and head of Corporate Staffs in Hydro.
Hydro has discontinued production and closed the doors at its aluminium tubing plant in Michigan, winding up the closure process that started last year and ending 70 years of manufacturing operations at the Adrian site.
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.
From Monday, February 15, Hydro will have a new telephone number for the company's press officer on duty: +47 22 53 82 10.
Hydro and the Belgian company Umicore have decided to put the research and development activities in the joint venture HyCore on hold.
Hydro has signed an agreement to increase its ownership stake in Famco from currently 45 percent to a controlling majority stake.
SKA Invest, a Norwegian investment company, has entered into an agreement to buy Hydro Trans, which has activities in Norway, Finland and Denmark.
Production at Hydro’s power station Suldal 1 in western Norway has resumed after a long break from renovation of the water supply system at the station.
After having already reduced direct emissions from primary production by 70 percent since 1990 – equal to a staggering three tonnes CO2-equivalents per tonne metal produced – Hydro aims to curb emissions even further and take global lead in the aluminium industry within the global fight against climate change.
The sale of Hydro's rolled products plant Inasa in Irurtzun, Spain, was finalized December 31, 2009.
The sale of Hydro's Automotive Structures business to the Germany-based Benteler Group has been finalized. The unit's 1,200 employees joined Benteler on January 1.