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.


Certain statements included within this announcement contain forward-looking information, ncluding, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.

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.

No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Norsk Hydro via Thomson Reuters ONE


Contact Information

  • Investor contact
    Stian Hasle
    Cellular +47 97736022
    E-mail Email Contact

    Press contact
    Halvor Molland
    Cellular +47 92979797
    E-mail Email Contact