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E c o n o M i c s Hydro on solid growth course Hydro is reinforcing its position as a leading aluminium company with a strong captive power position, world-class upstream growth projects and strong operational performance. At the company’s Capital Markets Day President and CEO Eivind Reiten said Hydro’s solid financial position was wellequipped to weather short-term market uncertainties and volatility, while taking advantage of promising business opportunities. “In today’s demanding financial and commodity markets, we have the necessary financial strength to comfortably carry through our sizeable organic growth programme and to Competitive cost position consider new business opportunities, confirming our tradition of value creation”, Reiten said. He confirmed the company’s sizeable organic investment programme of NOK1213 billion (€1.451.57bn) per year for 2008 and 2009, of which 75 percent is seen in the upstream business. In line with its growth strategy, Hydro announced a final agreement with Brazilian mining group Vale to construct a new alumina refinery in northern Brazil, further strengthening Hydro’s future alumina supply. The company also announced that its Qatalum smelter project in Qatar is on target for production start at the end of 2009 and within the USD5.6 billion investment budget. The Qatalum project, a joint venture with longtime partner Qatar Petroleum, was 36 percent complete at the end of August, despite a demanding construction market in the Gulf area. Hydro has a unique energy position, with around one third of its electricity need covered by captive hydropower generation. With the exception of one plant in Germany, the remaining power demand is sourced on competitive longterm contracts. When the first phase of Qatalum is fully operational, Hydro’s captive power coverage will rise to almost 50 percent. Following a sustained period of increased precipitation in Norwegian mountains, Hydro has revised its estimated average annual power production in Norway to 9.4 TWh, up from 9.0 TWh. Furthermore, Hydro wants Source: CRU, 2008. Business operating cost definition. Assumptions 3 month LME USD2,943 per tonne and 3 month LME lagged Q1 USD2,833 per tonne. Alumina spot USD352 per tonne. NOK/USD 5.16 to pursue expansion opportunities in its captive power production system further and sees a potential of an additional 0.51.0 TWh of hydropower production in Norway. In September Hydro signed a contract for the supply of close to 18 terawatt hours (TWh) of power from Vattenfall AB in Norway over an eightyear period, starting in 2013. Hydro expects the contract to secure the basis for continued operations at the Søral aluminium plant at Husnes, owned 49.9 percent by Hydro. The plant’s current power supply contracts expire in 2012. The new contract covers about 85 percent of the electricity needs at Søral. Hydro’s share of Søral’s primary aluminium production amounted to 80,000 tonnes in 2007. solid long-term outlook for the aluminium market Hydro said longterm fundamentals for the aluminium industry remained solid, with world aluminium demand outpacing global economic growth, reflecting continued strong development in China. The shortterm outlook is more uncertain with financial market turmoil expected to negatively affect short to mediumterm economic growth. The company is eying attractive opportunities in the renewable energy sector and expects to strengthen its position in the solar energy sector. “Hydro has the metallurgical competence and industrial experience to play an important role in the further development of solar power, and we will evaluate opportunities as they arise in this promising industry”, Reiten said. The aluminium industry is experiencing increasing costs for most input factors, reflecting recent years’ rising energy and commodity prices and inflationary pressures. Hydro is intent on maintaining its favourable position on the industry cost curve and will meet these challenges through continued improved operational performance and its technological expertise. The new HAL4e smelter technology will be key to Hydro’s smelter growth strategy. The company plans to use the new technology operating at amperage well above 400 kA in its next smelter projects. New smelter projects under evaluation by Hydro could potentially add up to 1.5 million tonnes of primary aluminium production capacity. In the Aluminium Products business area, Hydro sees continued growth through selective acquisitions in its highreturn Building Systems and Extrusion segments, while margin management and cash generation remain on top of the agenda for Rolled Products. ■ 18 ALUMINIUM · 11/2008
2009 138th Annual Meeting & Exhibition February 15-19, 2009 Moscone West Convention Center San Francisco, California, USA Linking Science and Technology for Global Solutions “Where the Light Metals Industry Meets” Benefit from technical sessions, short courses, lectures and networking events focused on critical issues in light metals: • Aluminum Downstream Processing • Primary Aluminum Technologies • Energy Conservation and Environmental Impacts for Industry • Recycling and Sustainability Plus an exhibition of the latest technologies in the light metals industry! Mark your calendar, and bookmark www.tms.org/annualmeeting.html to keep up-to-date on conference details! LEARN • NETWORK • ADVANCE
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