Following the closing of the agreement, the plant will become Hydro's fifth fully owned aluminium smelter in Norway.
Søral is a primary aluminium plant situated in Husnes at the Norwegian west coast, with an annual production capacity of about 180,000 metric tons of primary aluminium. The plant, which has been operated as a standalone unit is currently producing around 90,000 tons annually. Søral has 230 employees, and has prior to the agreement been owned by Rio Tinto Alcan (50%) and Hydro (49.9%).
"We believe in the Norwegian aluminium industry,” said executive vice president and head of primary metal, Hilde Merete Aasheim. “Søral is a well invested plant, which on a comparable basis has a cost position in line with the rest of our Norwegian smelters. A change in ownership makes it possible to contribute even stronger in strengthening operations.”
"Hydro already has a strong primary aluminium production base in Norway and we believe Søral will be a valuable contribution to our portfolio. The plant fits well into Hydro's high premium cast house product strategy," says Aasheim.