Hydro covers anode requirements

Hydro is to cover its pre-baked anode requirements for the approved development at Sunndal by extending its participation in the Dutch company Aluchemie, Europe’s largest producer of anodes located in Rotterdam. Hydro is to invest about NOK 610 million in this capacity expansion. This will provide Hydro with the right to 110,000 tonnes of anodes per year, in addition to the about 90,000 tonnes that are currently supplied, when plant expansions have been completed during the second half of 2003. The investment figure includes interest during the development period and meets Hydro’s requirements to rate of return. Sunndal’s remaining anode requirements will be covered through the planned upgrading of Šrdal Carbon in Norway, which should be completed during the first half of 2004.

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