Underlying EBIT declined to NOK 6,009 million, down from the solid result achieved in 2007 of NOK 10,153 million. Higher raw material costs affecting the entire industry had a substantial impact on Hydro’s underlying results in addition to the substantial downturn in the fourth quarter. Underlying results were also impacted by inventory write-downs of about NOK 700 million due to the sharp drop in aluminium prices.
We delivered a total of 2.9 million mt of casthouse products to internal and external customers from casthouses which are integrated with our primary aluminium plants and specialized remelt facilities close to our customers in Europe and the US.
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In 2008, we shipped approximately one million mt of rolled products from our seven European plants and our Malaysian plant. Our network of extrusion plants delivered 488,000 mt of extruded products while our automotive business sold around 105,000 mt during 2008.
Our Energy business produced nearly 11.4 TWh of renewable hydroelectric power - the highest recorded production in our history.