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NewsFlash

Aluminium

Norsk Hydro CEO: To Focus On Integrating Vale Aluminum Assets

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LONDON, Feb 28, 2011 (Dow Jones Commodities News via Comtex) -- Norsk Hydro ASA (NHY.OS) is to focus on the integration of the aluminum business of Brazilian mining giant Vale (VALE) now that a deal to buy the assets has been completed, the chief executive of the Norwegian producer told Dow Jones Newswires Monday.
Speaking in an interview by telephone from Rio de Janeiro, Svein Richard Brandtzaeg said the company will meet with its joint venture partners in the former Vale assets and is confident the process of integration will be smooth.
&quot;Our first priority now is to integrate the assets...We never underestimate the factors associated with integration but fortunately we have always had a good, long experience in Brazil,&quot; he added, noting that Hydro has been active in the South American country for 36 years.
The deal combines the majority of Vale's bauxite, alumina and aluminium assets with Hydro's existing business, and involves the transfer of a large number of mining rights from Vale to the newly established Paragominas joint-venture company, in which Hydro will own 60%. 
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