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"The lowered cost of producing a ton of aluminium is not simply a result of shortsighted “cost-cutting”, but a lasting result of systematic and determined improvement programs. As earnings outlook has improved, now is the time to prove the strength of our improvement culture: Stepping-up when you have to is one thing, but true culture is reflected through advancements also when not driven by external distress," Brandtzæg says.

“Improvements will be supplemented with selective growth and portfolio high-grading measures as well as further technological advancements aiming to establish Hydro as a leading industry player, and maturing some of the most competitive projects in the world when the time is right. Demand for aluminium is the fastest growing of any metal in the world. Low weight, strength and recyclability make it the material of choice to respond to the global challenge of sustainable economic growth,” Brandtzæg continues.

“For us in Hydro, aluminium is not merely a commodity. Aluminium is where natural resources come together with our intellectual capabilities. Building on the inherent properties of aluminium, we add know-how and technological edge in order to find solutions to the major challenges of our time – like saving energy and reducing greenhouse gas emissions,” Brandtzæg finishes.

The report, meeting the Norwegian statutory requirements for annual reporting, is "Financial Statements and Board of Directors' Report - 2014." This report is available in Norwegian and English.

In addition, a more extensive report is available, "Annual Report - 2014," with detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance and financial statements. The report is available in English.

At the full content of the two reports is presented with supplementary information. All parts of the reports can be downloaded from this web site and printed in PDF format on demand.

Hydro's main reporting on viability performance is included in the "Annual Report - 2014," with additional details on

Shareholders and stakeholders may request a printed copy of any of Hydro's 2014 reports at free of charge.

Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.

No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


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