Norsk Hydro ASA announces the following consequences for its fourth quarter 2001 results:
When releasing its third quarter2001 results, Hydro announced costs in connection with the closure of its Magnesium plant in Porsgrunn, Norway of approximately 700-800 million NOK. The costs were expected to be charged in the fourth quarter 2001 and the first half 2002. The estimated costs in connection with the closure is maintained, and the costs charged to the fourth quarter results represents approximately 700 million NOK.
The entire Light Metals business area has had a challenging fourth quarter. The weak aluminium market, in particular in the market for extruded products and deliveries to the car-industry, has weakened the result. The quarterly result will also be charged with one-time effects of approximately 400 million NOK in addition to costs related to the closure of the Magnesium plant. In sum Hydro Light Metals expect to report a total negative operating income for the fourth quarter 2001 of approximately 1 billion NOK.
The operating income for Hydro Petrochemicals will in the fourth quarter be charged with demolition and cleanup costs of 75 million NOK, and redundancy provisions of approximately 50 million NOK.
******
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, 2000 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.