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Hydro will write down $223 million in Q4 results

February 02, 2012 - 15:01 GMT Location: London

KEYWORDS: Hydro , aluminium , write down , Svein Brandtzæg , Kurri kurri

Norsk Hydro will write down around NOK 1.3 billion ($223 million) in fixed asset values when it releases its fourth quarter results on February 16, it said on Wednesday February 2.

The write-downs are due to weaknesses in certain markets and low prices, as well as raw material and currency pressures. “Over the past quarters, we have seen a worsening in some markets, especially in southern Europe, where we have a significant exposure in our extrusion business,” ceo Svein Richard Brandtzæg said in a statement. “In addition, the global primary aluminium industry is facing strong headwinds from the combination of low metal prices and high costs...

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