Norsk Hydro
oslo : NHY

August 28, 2012 02:13 ET

Norsk Hydro: Exemption from ICMS tax on fuel oil in Alunorte

OSLO, NORWAY--(Marketwire - Aug 28, 2012) - The State of Pará in Brazil has decided that, effective from September 10, 2012, ICMS tax will again be collected from the fuel oil distributors, exempting Hydro's alumina refinery Alunorte from the ICMS tax.

A change took place March 1, 2012, changing the collection point for ICMS tax from distributors to oil refineries. As reported for second quarter 2012 this increased Alunorte's costs by approximately NOK 150 million for the quarter.

The amendments now decided by the Governor of Pará will exempt Alunorte from the ICMS tax on fuel oil, as was also the case prior to March 1, 2012.

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Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.

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Source: Norsk Hydro via Thomson Reuters ONE

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