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Norsk Hydro ASA (NHY.OL)

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Latest Key Developments (Source: Significant Developments)

Norsk Hydro says completes sale of Heroeya industrial park
Friday, 24 Jun 2016 02:02am EDT 

Norsk Hydro Asa : Norsk hydro: sale of Heroeya industrial park completed .Transaction gives Hydro a book gain of approximately nok 350 million with accounting effect from june 1.  Full Article

Norsk Hydro renews metal sales agreement with Sapa
Tuesday, 7 Jun 2016 02:00am EDT 

Norsk Hydro Asa : Says renews metal sales agreement with Sapa joint venture . Says agreement covers extrusion ingot in Europe, and replaces the existing contract, which was entered into at the closing of the Sapa Joint venture in 2013, and expires by the end of 2016 .Hydro and Orkla each owns 50 percent of Sapa.  Full Article

Norsk Hydro ASA wins tax appeal
Friday, 15 Apr 2016 12:19am EDT 

Norsk Hydro ASA:Has won a tax appeal, which means that company will receive a tax reimbursement and interest of a total of around 700 million crowns.The decision will result in a tax reimbursement of approximately NOK 600 million, and approximately NOK 100 million in interest. The amounts will be included in the financial statements for Q1 2016 and are expected to be received in Q2 2016.  Full Article

Norsk Hydro ASA - Norway calls corporate corruption summit after Panama Papers - Reuters News
Monday, 4 Apr 2016 04:40am EDT 

Norsk Hydro ASA:Norway's government invited the heads of top company boards to talks on corruption as offshore banking revelations added to a string of allegations over the ethics of some of the country's largest firms - RTRS.The invitation follows the leak of more than 11.5 mln documents from the files of a Panama-based law firm, allegedly showing how clients avoided tax or laundered money.Among the leaked material on hundreds of thousands of clients in multiple jurisdictions were revelations that top Norwegian bank DNB helped customers set up offshore companies in the Seychelles.DNB, in which the state owns 34%, said it regretted assisting about 40 customers in setting up the firms between 2006 and 2010, and that the practice had ended."It's the customers' responsibility to report their own funds to tax authorities. Still, we believe we should not have contributed to establishing these companies," Chief Executive Rune Bjerke said.A parliament committee is looking into cases concerning oil firm Statoil, telecoms company Telenor and aluminium producer Norsk Hydro about their own or their affiliates' dealings in Angola, Uzbekistan and Tajikistan respectively.All three firms, in which the state has stakes, have denied wrongdoing.Norsk Hydro said it expected it would attend the June meeting.In a separate statement, the minister said bank DNB must now provide a written explanation of its policy of helping clients set up offshore companies.  Full Article

Norsk Hydro ASA - Norway trade union breaks off wage talks, could lead to strike - Reuters News
Tuesday, 29 Mar 2016 01:29am EDT 

Norsk Hydro ASA:Norway's key industrial trade union broke off wage negotiations with employers, in a move that could lead to a large strike, it said on Tuesday. - RTRS.A deal between Fellesforbundet, the most important union within the main confederation of unions in Norway, and the Federation of Norwegian Industries, representing employers, must be reached by the latest midnight (2200 GMT) on April 2.If an agreement is not reached, 26,000 workers from 800 firms will go on strike from April 3, the union said in a statement.Fellesforbundet said workers from oil services firm Aker Solutions AKSOL.OL, aluminium producer Norsk Hydro NHY.OL and industrial conglomerate Kongsberg KOG.OL, among others, would be affected by a strike.The outcome of the talks will set a benchmark for the upcoming negotiations for all other workers, including those in service industries and the public sector.  Full Article

Norsk Hydro ASA denies wrongdoing in Tajikistan - Reuters News
Sunday, 6 Mar 2016 09:42pm EST 

Norsk Hydro ASA:Norsk Hydro enied on Monday any wrongdoing in its past trade in Tajikistan and dealings with Tajik Aluminium Company (Talco). A Norwegian parliamentary committee is investigating Hydro's trade with Talco from 1993 to 2013.- RTRS."There are no indications of Hydro having acted in violation of applicable laws, internal rules or guidelines," Hydro's chairman, Dag Mejdell, said in the statement."The company has zero tolerance towards corruption." Hydro said it had handed a 17-page report to Norwegian Trade and Industry Minister Monica Maeland on Monday to brief her on the case.The Norwegian government is Hydro's biggest shareholder, with a 34.3 percent stake.The report was triggered by questions from the Norwegian parliament's Committee on Scrutiny and Constitutional Affairs, following media reports alleging possible corruption in connection with Hydro's dealings with Talco."In Tajikistan Hydro has exclusively bought and sold products at market prices and did not engage any agents or intermediaries," the company said.Norsk Hydro ceased trading with Talco three years ago. State-owned Talco did not immediately reply to an e-mailed request for comment and did not respond to phone calls.  Full Article

Norsk Hydro signs contract to buy power from new wind farm
Tuesday, 23 Feb 2016 01:41am EST 

Norsk Hydro ASA:Says subsidiary Hydro Energi AS has signed a long-term power contract with Nordic Wind Power DA, a Norwegian wind power consortium, for annual baseload supply of between 0.6 and 1 TWh in the period from 2020 to 2039.The contract covers annual supply of around 0.6 terawatt hours (TWh) during 2020, around 1.0 TWh annually in the period from 2021 to 2035, and around 0.7 TWh annually from 2036 to 2039, resulting in around 18 TWh over the 20-year period.The contract will contribute to supplying power to Hydro's aluminium plants, including the Karmøy Technology Pilot, after the existing long-term power contract with Norwegian state utility Statkraft expires in 2020.Renewables producer Statkraft STATKF.UL and partners will build what it said was Europe's largest onshore wind farm for 1.1 billion euros ($1.21 billion) in Norway, it said on Tuesday.  Full Article

Norsk Hydro ASA goes ahead with pilot plant in Norway
Wednesday, 17 Feb 2016 01:01am EST 

Norsk Hydro ASA:To build the Karmoy technology pilot.Technology pilot is designed with an annual production capacity of about 75,000 tonnes​.First metal from technology pilot is expected during second half of 2017​.  Full Article

Norsk Hydro says 10 pct of Aardal aluminium capacity shut by power outage
Monday, 1 Feb 2016 01:00am EST 

Norsk Hydro ASA:Around 10 percent of Hydro Aardal's primary aluminium production capacity is temporarily shut down​ following power outage.‍Full primary aluminium production is expected to resume in Q2 2016​.‍Financial effects are expected to be limited, based on current information​.‍Casthouse operations at plant has fully resumed after incident, and efforts are ongoing to further stabilize plant's primary aluminium production processes.Hydro expects to leave customers unaffected by the incident by increasing remelt of cold metal at the plant's cast house, compensating the temporarily reduced primary production.Hydro Aardal has an annual production of around 190,000 tonnes primary aluminium.  Full Article

Norsk Hydro sells Herøya Industripark
Friday, 18 Dec 2015 02:55am EST 

Norsk Hydro ASA:Sells Heroeya Industripark.Transaction is expected to give Hydro a book gain of about 350 million Norwegian crowns.The transfer will likely occur during Q1 2016.The sale of Heroeya Industripark does not include the power distribution grid, which will continue to be operated by Hydro's wholly owned subsidiary Heroeya Nett AS.Hydro is in discussions with potential interested parties regarding the acquisition of this company.  Full Article

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