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Hydro to Expand Italian Aluminium Rolling Mill
OSLO, Norway, July 16 /PRNewswire/ -- Hydro will upgrade its aluminium rolling
mill in Slim, Italy, to meet customer demand for high quality products. The
investment will strengthen Hydro Aluminium in Southern Europe and the company's
position as the leading supplier of aluminium rolled products in Europe.
The investments will expand HA Slim's capacity by roughly 10 per cent to
approximately 90,000 tonnes per year, and strengthen its capabilities to supply
value added products for the heat exchanger, packaging and construction
markets, where Hydro has competitive advantages. A new cold rolling mill will
be replacing an existing, old mill and at the same time the existing hot mill
will be revamped and logistics will be improved. Total investments are
estimated to euro 49 million (NOK 410 million). The project will be completed
during third quarter of 2006. The revamp of the hot mill will be carried out
during the summer shut downs to minimise loss of production.
Other parts of the plant in Slim, notably the casthouse, the foil mills and
finishing equipment have been modernised in the past few years. This new
investment completes the modernisation of the entire value chain in Slim. HA
Slim today has some 550 employees.
"Hydro has a leadership position in the European market," states Svein Richard
Brandtzęg, president of Hydro Aluminium Rolled Products. "Slim forms a
significant part of our strategy to improve product mix and maintaining a major
share of the Italian market, the second largest in Europe".
"This investment will foster Slim's current market position and at the same
time allow us to participate in future market growth", says Brandtzęg.
Hydro is a leading energy and aluminium supplier operating in more than 40
countries. Hydro is one of the worlds leading producers of offshore oil and
gas, the third largest aluminium global supplier. Hydro's 36,000 employees
create value developing solutions enabling customers -- and local communities
worldwide -- to become more viable.
Certain statements in this press release are or may constitute
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Statements that are not in the nature of
historical facts may be deemed to be forward-looking statements and may contain
identifying words such as "believes," "anticipates," "plans," "expects" and
similar expressions. These forward looking statements are based on Hydro's
current expectations, assumptions, estimates and projections about the company
and the industries in which it engages in business. All forward- looking
statements involve risks and uncertainties. For a detailed description of
factors that could cause Hydro's actual results to differ materially from those
expressed in or implied by such statements, please refer to its annual report
on Form 20-F for the year-ended December 31, 2002 and subsequent filings on
Form 6-K with the U.S. Securities and Exchange Commission. With respect to each
non-GAAP financial measure Hydro uses in connection with its financial
reporting and other public communications, Hydro provides a presentation of
what Hydro believes to be the most directly comparable GAAP financial measure
and a reconciliation between the non-GAAP and GAAP measures. This information
can be found in Hydro's earnings press releases, quarterly reports and other
written communications, all of which have been posted to Hydro's website
(http://www.hydro.com/).
Contact Thomas Knutzen Hydro Aluminium
Telephone +47 22539115 Drammensveien 264
Cellular +47 90612359 N-0240 Oslo
E-mail Norway
Telephone:(+47) 22 53 81 00
Fax: (+47) 22 53 27 25
http://www.hydro.com/
DATASOURCE: Norsk Hydro
CONTACT: Thomas Knutzen of Hydro Aluminium, +47-22539115, or cellular,
+47-90612359, , both of Norsk Hydro, +47-22-53-81-00,
Fax - +47-22-53-27-25
Web site: http://www.hydro.com/