• Adjusted EBIT of NOK 1,490 million
• Higher all-in metal prices and aluminum oxide prices
• Lower operating costs at Alunorte
• Expected 3-4 percent increase in primary aluminum demand outside of China
• Global demand for primary aluminum outside of China continues to outpace production

"The" all-in "metal price continued to rise in the quarter. This reflects the tense market we saw in the last quarter and the lack of market balance, ”said CEO Svein Richard Brandtzæg. The demand for aluminum is increasing. We are now seeing a 3-4 percent increase in demand outside of China in the world, partly due to metal replacement in the automotive industry.

Adjusted earnings for the Bauxite & amp; Alumina improved markedly in the third quarter, reflecting the higher alumina prices and lower operating costs at Alunorte. However, the prices achieved for aluminum oxide were negatively influenced by the fact that a smaller part of the aluminum oxide was sold at the index price.

"I am pleased that the From B to A improvement program is on schedule and that the improvement efforts in the Bauxite & amp; Alumina reflected in the results. Operating costs at Alunorte are declining and we are confident that we will achieve our goals, "says Svein Richard Brandtzæg.

Adjusted EBIT for Primary Metal increased significantly in the third quarter, driven by higher aluminum prices and higher product premiums. The positive development was partially offset by higher raw material costs and seasonally lower sales.

Metal Markets achieved higher adjusted earnings than in the previous quarter due to better sourcing and trading results and positive inventory valuation effects.

Adjusted earnings for the Rollec Products business area were significantly higher than in the second quarter of 2014. The decisive factor here was the positive contribution of the Rheinwerk, which reflects the higher “all-in” metal prices. The pressure on margins increased, but was partially offset by seasonally lower operating costs. Sales were stable.

Compared to the second quarter, adjusted EBIT in the Energy business area increased, primarily thanks to higher electricity prices in our production areas and smaller price differences in the areas.

Adjusted EBIT for Sapa decreased compared to the second quarter, partly influenced by seasonally lower sales in Europe.

Cash flow from operations in the third quarter was NOK 1.1 billion, which includes higher working capital of NOK 0.9 billion. Cash flow for investing activities was NOK 0.9 billion. Hydro's net debt was approximately NOK 2.1 billion at the end of the third quarter.

Reported earnings before interest and taxes in the third quarter were NOK 1,937 million. In addition to the factors mentioned above, the reported EBIT included unrealized gains from derivatives and positive metal effects totaling NOK 476 million. The reported result also included other costs of NOK 30 million.

In the previous quarter, the adjusted earnings before financial items and taxes were NOK 620 million, including unrealized gains from derivatives and positive metal effects totaling NOK 154 million. The reported result also included costs of NOK 87 million (Hydro's share) for Sapa, most of which are linked to rationalization measures.

Income from continuing operations was NOK 665 million in the third quarter, including a net currency loss of NOK 1,001 million. In the previous quarter, the result from continuing operations was NOK 269 million, including a net currency loss of NOK 101 million.

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