LONDON, July 27 -- Norwegian producer Norsk Hydro (NHY.OS) has hedged most of the net price exposure in its recently acquired aluminum business of Brazil's Vale (VALE) at $2,400 a metric ton, it said Tuesday.

The hedging program covers price exposure until the end of 2011 and has been completed in order to mitigate the risk of a weaker aluminum price and secure a robust cash flow, Hydro noted.

The deal to acquire Vale's aluminum business was announced in May and is expected to close in the fourth quarter.