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Norsk Hydro ASA 2017 Annual Report

“Among the many highlights of 2017, the increase in the Hydro family was a decisive event. Although our organization has renewed and expanded, welcoming a new chapter at Hydro, and had a promising start to 2018, the situation in Alunorte, Pará, shows us that we still have a lot of work to do at more basic levels ”, Wrote Hydro's President and CEO, Svein Richard Brandtzæg, in his letter to shareholders.

“The situation at the Alunorte alumina refinery demands the best of all of us and will be a testament to our ability to put our words and aspirations into action. Resolving the situation at Alunorte in order to comply with the highest standards and satisfy our shareholders is also a precondition for maintaining the dynamic moment we are experiencing throughout Hydro. I strongly believe that the lessons learned will accelerate strong improvements in the way we operate in the area of corporate social responsibility - because we want to, but also because we must. We have not done enough to demonstrate that we are on the same side as the communities of which we are a part to contribute to sustainable growth and development that is mutually beneficial. We should have been better prepared, as this mindset is embedded in our company's history and culture - but now it's time to act and not to speak, ”said Brandtzæg.

“With the creation of Extruded Products Solutions, expanding our connection with customers and shaping our creative spirit, Hydro's aluminum operations now range from mining to recycling, including every step between these two points and making Hydro a truly complete aluminum company. Working ahead with 35,000 competent and dedicated colleagues in 150 places in 40 countries is inspiring. As a complete aluminum family, we make good use of our metal and material in more and more applications, making the world lighter and more dynamic with our smart solutions - and bringing us ever closer to end users. With each passing day we are closer to those who create the products. We can also learn from the agility of new members of our family, and our innovators and entrepreneurs have an excellent time to explore and take advantage of every opportunity to discover between extruded and laminated aluminum, ”continued Brandtzæg.

“The advantages in operational, financial and technological terms give me the conviction that our Best, Biggest, Greenest aspiration is not just a great line of action in itself, as measures to support one of its parts can often contribute to the progress of others. Good examples of this are the start of operations of the Karmoy pilot project in Norway, the Automotive Line 3 and the used soda recycling line in Germany, the Hydro 75R product brand recently launched on the market (ensuring a recycled content of , at least 75% post-consumer scrap), the Hydro 4.0 certified product (with a carbon footprint of less than 4 kg of CO 2 per kilo of aluminum), in addition to the purchase offer the Icelandic primary aluminum plant ISAL (electricity-based) and the decision to modernize and restart the second line at the Norwegian Husnes plant. Such initiatives, investments and measures are part of the Better, Bigger, Greener aspiration and will contribute to both the climate and financial gains. In addition, they reflect our firm belief in aluminum as a metal, material and part of the solution - and that business goals and climate goals can very well complement each other, ”he said.

“As a 360º aluminum company, fully integrated in the entire aluminum value chain, Hydro has exceptional conditions to control every step of production and be responsible for the land, water and vegetation, for employees and communities where we operate, due to energy consumption and emissions in our processes and, finally, to bring final products to the production cycle to be used again. At the same time, the situation in February and March, after heavy rains in the region of Barcarena where our Alunorte alumina refinery is located, illustrates very clearly that adaptation to climate change and high ambitions of corporate social responsibility, dialogue with communities and Human rights are not resolved once and for all. On the contrary, they are issues that demand more and more determination, and it is essential that we are always ahead, so that we are not caught off guard by unpredictable incidents, "he recalled." As for security, we need to make efforts additional measures to improve our performance, as we cannot accept that the positive trend we were experiencing in recent years will be reversed and setbacks. Two fatalities in 2017 demonstrate that we have to intensify not only our efforts, but also our skills - at the leadership level and in the operational area, where high-risk incidents can have fatal consequences ”, asserted Brandtzæg.

“Global megatrends support the future of aluminum as a metal and material and an integral part of modern society. Our fully integrated value chain and our creative capacity are factors that will allow our company to be a pioneer in our industry. At the same time, our belief in continuous improvement proves to be more crucial than ever, in operations, of course, but even more importantly in the area of corporate social responsibility as well, ”concluded Brandtzæg.

This report, which complies with the requirements required by Norwegian legislation for the preparation of annual reports, is called “Financial Statements and Report of the Board of Directors - 2017” and is available in English and Norwegian.

In addition, we offer a more extensive report, the “Annual Report - 2017”, with detailed information about Hydro's business, including its operational, financial and feasibility performance, corporate governance and financial statements. The report is available in English. & Nbsp;

On the www.hydro.com/reporting2017 page, the content of the two reports is presented with supplementary information. All parts of the report can be downloaded from the website and printed in PDF format, if necessary.

Hydro's main report on feasibility performance is included in the “Annual Report - 2017”, with further details at www.hydro.com/reporting2017.

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