• Bereinigtes Ergebnis in Höhe von 1.133 Millionen NOK
• Niedrigere Metallpreise und -mengen
• Schwächere Produktnachfrage in saisonbedingt schwachem Quartal
• Rekordproduktion in Paragominas und Qatalum
• Solides Ergebnis im Geschäftsfeld Energy
• Verstärkte Maßnahmen zur Neupositionierung
• Erwartetes Wachstum der Nachfrage um 3 bis 5 % außerhalb von China
• Vorgeschlagene Dividende für 2011: 0,75 NOK je Aktie

„Dank der ehrgeizigen und effektiven Verbesserungsmaßnahmen im Jahr 2011 startet das Jahr 2012 für Hydro mit einer robusten finanziellen und operativen Position. Die Ergebnisse für das vierte Quartal spiegeln die schwächeren Märkte und die rückläufige Nachfrage nach Aluminium und Aluminiumprodukten wider, vor allem in Europa. Dort müssen wir eindeutig die Umstrukturierung weiterführen“, sagt der Vorstandsvorsitzende von Hydro Svein Richard Brandtzæg.
 
„Wir haben schnell zu Maßnahmen gegriffen, um den Betrieb zu verbessern, und wir sind darauf vorbereitet, dass weitere korrigierende Maßnahmen notwendig werden können. Wir rechnen außerhalb von China weiterhin mit einem Wachstum der Aluminiumnachfrage von drei bis fünf Prozent im Jahr 2012, und das trotz der schwachen gesamtwirtschaftlichen Situation und den Herausforderungen auf kurze Sicht. Die grundlegenden Verhältnisse in der Aluminiumindustrie sind auf längere Sicht weiterhin positiv“, sagt Brandtzæg.
 
Aufgrund der schwächeren Marktverhältnisse und dem Kostendruck hat Hydro im Quartal eine Abschreibung des Anlagevermögens in Höhe von 1,3 Milliarden NOK vorgenommen. Diese Abschreibungen sind in den bereinigten Ergebnissen nicht enthalten.
 
Das bereinigte EBIT für das Geschäftsfeld Bauxite & Alumina sank aufgrund der niedrigeren an die LME geknüpften Preise für Tonerde im Vergleich zum dritten Quartal. Der Bauxitabbau erreichte dank einer besseren Betriebsstabilität ein Rekordniveau.
 
Im Geschäftsfeld Primary Metal haben niedrigere erzielte Aluminiumpreise, niedrigere Margen und ein rückläufiger Absatz das bereinigte EBIT im vierten Quartal beeinflusst. Die Produktionsmenge erhöhte sich, hauptsächlich aufgrund der höheren Produktion bei Qatalum.
 
Das Midstream-Geschäft von Hydro schrieb im Quartal rote Zahlen, ausgelöst durch beträchtliche negative Währungseffekte. Das bereinigte Ergebnis ohne Berücksichtigung der Währungseffekte gab etwas nach, das war auf schwächere Ergebnisse im Tradinggeschäft zurückzuführen.
 
Das bereinigte EBIT für den Verarbeitungsbereich von Hydro war niedriger als das Ergebnis im dritten Quartal, verursacht wurde dies durch den saisonalen Rückgang und eine schwache Marktentwicklung, vor allem für den europäischen Teil des Strangpressgeschäftes.
 
Das Geschäftsfeld Energy lieferte im Quartal ein solides bereinigtes Ergebnis und hatte weiterhin eine hohe Produktion, auch wenn sie im Vergleich zum dritten Quartal schwach rückläufig war.
 
Als Reaktion auf die Marktentwicklung hat Hydro die Produktion in den Umschmelzanlagen reduziert sowie die Verbesserungsprogramme und die Finanzdisziplin intensiviert. Die Kosteneinsparungen und andere Verbesserungen bei Primary Metal betrugen 2011 im Vergleich zu den Betriebskosten 2009 etwa eine Milliarde NOK. Im Januar 2012 beschloss Hydro, 60.000 Tonnen der jährlichen Produktionskapazität in der Schmelzhütte in Kurri Kurri in Australien abzuschalten. Dort wirkten sich niedrige Aluminiumpreise, gestiegene Rohstoffkosten und der starke australische Dollar negativ aus. Mehrere Maßnahmen für höhere Produktionseffektivität und Kosteneinsparungen sind im gesamten Verarbeitungsbereich von Hydro in die Wege geleitet worden. Dazu gehören Maßnahmen, die eine Kehrtwende bei Building Systems bewirken sollen, die angestrebten Kostenreduktionen im Vergleich zu 2010 werden auf 40 Millionen Euro bis Ende 2012 beziffert.
 
Etwa eine Milliarde NOK der oben erwähnten Abschreibungen ist an die Anlage in Kurri Kurri geknüpft. Vom verbleibenden Betrag sind etwa 230 Millionen NOK an das Bausystem-Geschäft von Hydro in Südeuropa geknüpft. Außerdem hat Hydro etwa 300 Millionen NOK der angesetzten aktiven latenten Steuern, die an Tätigkeiten in Australien und Südeuropa geknüpft sind, abgeschrieben.
 
Im vierten Quartal schloss Hydro die Veräußerung des Besitzanteils an der Tonerderaffinerie Alpart auf Jamaika ab. Der Gewinn nach Steuern betrug 465 Millionen NOK.
 
Der Cashflow aus laufender Geschäftstätigkeit betrug im Quartal 3,5 Milliarden NOK. Der Cashflow für Investitionstätigkeit betrug 1,3 Milliarden NOK. Die Netto-Cash-Position von Hydro belief sich Ende 2011 auf 1,7 Milliarden NOK.
 
Im Gesamtjahr 2011 betrug das bereinigte EBIT 6.133 Millionen NOK, das ist ein Anstieg im Vergleich zu 2010, als es 3.351 Millionen NOK betragen hatte. Höhere erzielte Preise für Tonerde und Aluminium sowie höhere Produktionsmengen aufgrund der Übernahme von Vale und der Fertigstellung von Qatalum hatten einen positiven Effekt auf die Entwicklung im Geschäftsjahr.
 
Es herrscht weiterhin eine beträchtliche Unsicherheit hinsichtlich der globalen wirtschaftlichen Entwicklung und deren Auswirkung auf die Aluminiumindustrie. Vor allem in Südeuropa wird mit einer schwachen Marktentwicklung gerechnet.
 
Der Verwaltungsrat von Hydro schlägt für 2011 eine Dividende von 0,75 Kronen je Aktie vor. Dies reflektiert das Ziel des Unternehmens, seinen Aktionären eine Rendite zu zahlen. Die Dividende reflektiert die Betriebsergebnisse 2011 und die starke finanzielle Position des Unternehmens, berücksichtigt aber auch die unsicheren Marktaussichten.

Weitere Informationen auf Englisch:

 

Key financial information
NOK million, except per share data	Fourth quarter 2011	Third quarter 2011	% change prior quarter	Fourth quarter 2010	% change prior year quarter	Year 2011	Year 2010
Revenue	21,749	23,829	(9)%	19,406	12%	91,444	75,754
Earnings before financial items and tax (EBIT)	(362)	2,222	>(100)%	768	>(100)%	9,827	3,184
Items excluded from underlying EBIT	1,494	(576)	>100%	(180)	>100%	(3,694)	167
Underlying EBIT	1,133	1,646	(31)%	588	93%	6,133	3,351
Underlying EBIT :
Bauxite & Alumina	159	302	(47)%	113	41%	887	633
Primary Metal	484	653	(26)%	86	>100%	2,486	617
Metal Markets	(39)	93	>(100)%	62	>(100)%	441	321
Rolled Products	86	124	(31)%	105	(18)%	673	864
Extruded Products	(90)	40	>(100)%	24	>(100)%	151	444
Energy	441	506	(13)%	482	(9)%	1,883	1,416
Other and eliminations	92	(73)	>100%	(284)	>100%	(389)	(945)
Underlying EBIT	1,133	1,646	(31)%	588	93%	6,133	3,351
Underlying EBITDA	2,524	2,985	(15)%	1,383	82%	11,152	6,420
Net income (loss)	(749)	797	>(100)%	658	>(100)%	6,749	2,118
Underlying net income (loss)	876	1,071	(18)%	376	>100%	3,947	1,852
Earnings per share	(0.36)	0.49	>(100)%	0.39	>(100)%	3.41	1.33
Underlying earnings per share	0.42	0.50	(16)%	0.21	97%	1.89	1.14
Financial data:
Investments	4,190	1,125	>100%	1,613	>100%	48,025	6,231
Adjusted net interest-bearing debt	(19,895)	(18,389)	(8)%	(6,427)	>(100)%	(19,895)	(6,427)
Key Operational information
Alumina production (kmt)	1,490	1,553	(4)%	493	>100%	5,264	1,976
Primary aluminium production (kmt)	539	522	3%	360	50%	1,982	1,415
Realized aluminium price LME (USD/mt)	2,439	2,592	(6)%	2,074	18%	2,480	2,113
Realized aluminium price LME (NOK/mt)	13,834	14,225	(3)%	12,436	11%	13,884	12,674
Realized NOK/USD exchange rate	5.67	5.49	3%	6.00	(6)%	5.60	6.00
Metal Markets sales volumes to external market (kmt)	564	527	7 %	417	35%	2,091	1,717
Rolled Products sales volumes to external market (kmt)	215	228	(6)%	234	(8)%	929	945
Extruded Products sales volumes to external market (kmt)	121	137	(11)%	127	(4)%	536	529
Power production (GWh)	2,706	2,737	(1)%	2,263	20%	9,582	8,144

Pro forma underlying financial and operating results

There are no differences between Hydro's actual and proforma underlying financial and operating results for the fourth and third quarter comparative periods in 2011. Please see the Profoma information section later in this report for a discussion on developments compared to earlier periods.

Key financial information
NOK million	Fourth quarter 2011	Third quarter 2011	% change prior quarter	Fourth quarter 2010	% change prior year quarter	Year 2011	Year 2010
Revenue	21,749	23,829	(9) %	22,590	(4) %	93,121	87,272
Earnings before financial items and tax (EBIT)	(362)	2,222	>(100)%	960	>(100)%	5,576	3,696
Items excluded from underlying EBIT	1,494	(576)	-	(119)	-	647	445
Underlying EBIT	1,133	1,646	(31)%	842	35%	6,223	4,141
Underlying EBITDA	2,524	2,985	(15)%	2,213	14%	11,618	9,450
Net income (loss) attributable to Hydro shareholders	(739)	997	>(100)%	745	>(100)%	2,444	2,220
Key operational information
Alumina production (kmt)	1,490	1,553	(4) %	1,448	3 %	5,827	5,805
Primary aluminium production (kmt)	539	522	3 %	475	13 %	2,056	1,867

About Hydro's reporting

Underlying EBIT

To provide a better understanding of Hydro's underlying performance, the following discussion of operating performance excludes certain items from EBIT (earnings before financial items and tax) and net income. See "Items excluded from underlying EBIT and net income" later in this report for more information on these items.

Acquisition of Vale's aluminium business

On February 28, 2011 Hydro completed the take-over of the majority of Vale's aluminium business in Brazil. Effective from the first quarter of 2011, we have included a new operating segment, Bauxite & Alumina, in our reporting structure in addition to our other five operating segments. In addition to the assets acquired from Vale, Hydro's bauxite and alumina activities previously included in the Primary Metal segment have been transferred to the new Bauxite & Alumina segment and prior periods have been restated. Primary Metal includes the Albras aluminium plant in addition to Hydro's pre-transaction primary aluminium production activities. Effective from the first quarter of 2011, elimination of internal gains and losses on alumina previously included in the Primary Metal segment is included in Other and Eliminations, and prior periods have been restated.
 
The following discussion on reported and underlying operating results includes the acquired bauxite and alumina activities from Vale from March 1, 2011. Amounts relating to previous periods have not been restated to reflect the reported and underlying results of the acquired assets.

Pro forma information related to acquisition of Vale's aluminium business

To provide a presentation of Hydro's performance on comparable basis, certain pro forma financial and operating information is also presented in this report based on including the results of the acquired Vale assets for the full calendar quarter and for all previous periods presented in this report. See "Fourth quarter report 2011" for more information on the acquisition and the pro forma information included in our second quarter report.

Reported EBIT and net income

Hydro incurred a reported loss before financial items and tax of NOK 362 million in the fourth quarter including net unrealized derivative losses of NOK 379 million, negative metal effects of NOK 134 million, rationalization and closure costs of NOK 121 million, impairment charges of NOK 1,326 million and gains on divestments of NOK 465 million.
 
In the previous quarter, reported EBIT for Hydro amounted to NOK 2,222 million including net unrealized derivative gains of NOK 6 million, negative metal effects of NOK 77 million, rationalization and closure costs of NOK 28 million and gains on divestments of NOK 674 million.
 
Hydro incurred a net loss for the fourth quarter amounting to NOK 749 million including net foreign exchange losses of NOK 28 million. In the third quarter net income amounted to NOK 797 million including net foreign exchange losses of NOK 1,248 million.

Market developments and outlook

Bauxite and alumina

Global demand for alumina outside China was slightly higher in the fourth quarter compared to the third quarter mainly due to the ramp-up of new primary metal production capacity. Annualized alumina production outside China amounted to about 56 million mt.
 
Alumina demand in China was stable compared with the third quarter while production declined.
 
Platts alumina spot prices fell during the fourth quarter from around USD 360 per mt in the start of the quarter to USD 305 per mt in the end of the quarter. Spot prices have ranged between 15 -17 percent of LME during the period.

We expect a fairly stable alumina market for the first quarter of 2012.

Primary aluminium

LME prices declined further in the final quarter of 2011 from a level around USD 2,200 per mt at the beginning of the quarter, ending around USD 2,000 per mt. Prices measured in NOK and EUR declined to a lesser extent due to a strengthening of the USD during the quarter. LME prices increased in January 2012 to levels between USD 2,200 - USD 2,300 per mt.
 
Global demand for primary aluminium (excluding China) was seasonally lower during the fourth quarter compared to the third quarter, and also impacted by weak markets. Annualized consumption amounted to 24.7 million mt. Corresponding global supply increased somewhat in the fourth quarter, with annualized production amounting to 26.6 million mt. Recent announcements concerning smelter closures and limited new capacity coming on stream is expected to improve the supply-demand balance in 2012. We estimate a demand growth of about 3-5 percent in 2012 in the world outside China. However, market sentiment continues to be influenced by significant economic uncertainty.
 
In China annualized consumption amounted to 19.3 million mt in the fourth quarter, a decline compared to the third quarter and the historically high levels in the second quarter. The primary aluminium market in China is believed to have been largely balanced for 2011 and is expected to remain so in 2012.
 
LME stocks increased from 4.6 million mt in the third quarter to 5.0 million mt in the fourth quarter. A large portion of the metal in warehouses continues to be owned by several large financial investors.
 
The negative trend in demand for metal products (extrusion ingot, sheet ingot, primary foundry alloys and wire rod) in Europe has continued during the last quarter of 2011. Demand in Germany and the Benelux countries continues to be stronger than most countries in Southern Europe.

Rolled products

European demand for rolled products decreased in the fourth quarter of 2011 compared to the previous quarter due to seasonality and a weakening in underlying demand.

Demand in the automotive segment declined in the fourth quarter influenced by lower vehicle production rates in Europe. However, demand for European cars continues to grow in China providing support for the market. Building and construction demand was seasonally lower in the fourth quarter with no signs of recovery in Southern Europe and a high level of caution in general. Consumption of aluminium foil declined due to a weaker packaging segment. Demand in the beverage can segment was seasonally lower, however, underlying demand remained healthy. A sharp drop in demand in the general engineering segment was mainly driven by destocking activities at distributors and slightly weaker industrial demand.

Demand for rolled products is expected to be seasonally higher in the first quarter of 2012 compared to the previous quarter however most markets are expected to remain weak.

Extruded products

Compared to the third quarter, European demand for extruded aluminium products weakened in the fourth quarter on top of seasonal declines, and was also lower than the same quarter of 2010. Demand remained weak within the building and construction sector and in Southern Europe in particular. Margins continued to be under pressure in Europe in general.
 
Demand for extruded products in North America was seasonally lower compared with the third quarter of 2011, but somewhat higher than the fourth quarter of 2010, supported by improved demand within the transport and automotive segments. Imports into the US have fallen significantly compared to the fourth quarter of 2010 as a result of duties on Chinese products. Demand in South America was stable compared to the previous quarter, but increased compared to the fourth quarter of last year, with positive developments for all segments.
 
Demand in the precision tubing market segment continued to be strong compared to the third quarter of 2011, driven by demand for premium cars, however demand weakened in Europe and Brazil compared to the fourth quarter of 2010.
 
A further decline in demand is expected in the European extrusion and building systems markets in the first quarter of 2012, driven by the weak economic developments, especially in Southern Europe. In North America, extrusion demand is expected to increase slightly. The outlook for South America remains positive for all major market segments, with growth forecasted for 2012. Automotive production in Europe is expected to decline in the first quarter due to reduced demand for cars in Europe, while outlook is more positive in North America and China.

Energy

Nordic electricity spot prices started the quarter at very low levels due to high inflows into reservoirs at close to full capacity. Prices increased somewhat as water levels stabilized, however, the significantly improved hydrological balance, declining coal and CO2 prices combined with mild weather put pressure on prices towards the end of the quarter.
 
Water reservoir levels in Norway were 80 percent of full capacity by the end of 2011, which is 11 percentage point above normal and at the highest level experienced since 1990. Snow accumulations were estimated at 20 percent above normal. In southern Norway, snow accumulation is estimated at 50 percent above normal, resulting in further pressure on NO2 and NO5 spot prices.
 
The strong hydrological situation is expected to limit the potential upside in Nordic spot prices during the winter season.

Additional factors impacting Hydro

Hydro has sold forward around 85 percent of its expected primary aluminium production for the first quarter of 2012 at a price level of around USD 2,150 per mt. This excludes expected volumes from Qatalum. Hydro's hedge of aluminium price exposure within its Bauxite & Alumina operations expired at the end of 2011.
 
Hydro's water reservoirs remain well above normal in the fourth quarter even with high production, and snow reservoirs increased significantly. As a result, production is expected to be high through the first quarter of 2012.
 
There continues to be significant uncertainty regarding global economic developments impacting the aluminium industry in general. Market developments in Southern Europe in particular are expected to remain weak.

Bauxite & Alumina

Underlying EBIT for Bauxite & Alumina decreased compared to the third quarter primarily due to lower realized alumina prices.
 
Please also see the section on Pro forma information - Bauxite & Alumina later in this report.

Primary Metal

Underlying EBIT for Primary Metal declined compared to the third quarter, impacted by lower prices and lower sales volumes.
 
Lower realized aluminium prices, lower premiums and lower sales volumes had a negative effect on underlying results totalling about NOK 300 million for the quarter. Lower alumina and power costs together with certain non-recurring items made a positive contribution. Our USD 300 per mt cost improvement program was on track delivering cumulative savings of USD 200 per mt by the end of 2011.
 
Production volumes increased compared to the third quarter mainly due to additional volumes from Qatalum which reached full production capacity on September 21.
 
Underlying results for Qatalum declined mainly due to lower realized aluminium prices.
 
Please also see the section on Proforma information - Primary Metal later in this report.

Metal Markets

Metal Markets incurred an underlying loss in the fourth quarter due to significant negative currency effects. Underlying EBIT excluding currency effects, declined somewhat, mainly influenced by lower results from sourcing and trading activities.
 
Total metal product sales excluding ingot trading was seasonally lower in the fourth quarter and also impacted by weaker demand. Sales of third party products increased mainly due to increased production volumes from Qatalum.

Rolled Products

Underlying EBIT for Rolled Products fell during the quarter compared with the third quarter mainly due to seasonally lower sales volumes and weakening market demand. Operating costs declined in absolute terms due to lower personnel and maintenance costs, however, cost per mt increased due to the lower sales volumes.
 
General engineering volumes declined significantly impacted mainly by customer destocking as well as somewhat lower industrial demand. Weaker packaging demand impacted volume developments for foil.

Extruded Products

Extruded Products incurred an underlying loss in the fourth quarter, a significant decline compared with the third quarter, due to lower sales volumes and reduced margins partly offset by a decline in operating costs.
 
Seasonally lower sales volumes for our European extrusion operations were further impacted by weaker demand in general. Demand remained weak for building systems with no improvement compared to the third quarter which was impacted by seasonal declines. Volumes were seasonally lower in North America and stable in South America. Developments for precision tubing were impacted by lower demand in China, Brazil and Europe.
 
Operating costs declined during the quarter as production shifts were taken out in line with declining volumes, however cost per mt increased due to the lower volumes. Savings relating to ongoing initiatives to reduce costs and restructure operations for our building systems operations were more than offset by effects of the continuing market decline. Further rationalization measures were implemented in the fourth quarter and we have targeted EUR 40 million of total annual cost improvements within our building systems operations by the end of 2012.

Energy

Underlying results for Energy declined in the fourth quarter compared to the previous quarter due to reduced net spot volumes, resulting from slightly lower production, seasonally higher concession power sales and lower off-take from external sourcing contracts in Norway.

Other and eliminations

Eliminations comprises mainly unrealized gains and losses on inventories purchased from group companies which fluctuates with product flows, volumes and margin developments throughout Hydro's value chain.

Items excluded from underlying EBIT and net income

To provide a better understanding of Hydro's underlying performance, the items in the table below have been excluded from EBIT and net income.
 
Items excluded from underlying EBIT are comprised mainly of unrealized gains and losses on certain derivatives, impairment and rationalization charges, effects of disposals of businesses and operating assets, as well as other items that are of a special nature or are not expected to be incurred on an ongoing basis.

Items excluded from underlying net income
NOK million	Fourth quarter 2011	Third quarter 2011	Fourth quarter 2010	Year 2011	Year 2010
Unrealized derivative effects on LME related contracts	337	50	(162)	431	489
Derivative effects on LME related contracts (Vale Aluminium)	5	(32)	55	(74)	(166)
Unrealized derivative effects on power contracts	31	(25)	151	(195)	609
Unrealized derivative effects on currency contracts	-	-	(20)	(1)	(50)
Unrealized derivative effects on raw material contracts	6	1	(156)	43	(156)
Metal effect, Rolled Products	134	77	(92)	7	(560)
Significant rationalization charges and closure costs	121	28	131	225	130
Impairment charges (PP&E and equity accounted investments)	1,326	-	12	1,382	187
Pension	-	-	-	-	(151)
Insurance compensation	-	-	(91)	-	(91)
(Gains)/losses on divestments	(465)	(674)	(7)	(1,184)	(74)
Transaction related effects (Vale Aluminium)	-	-	-	(4,328)	-
Items excluded from underlying EBIT	1,494	(576)	(180)	(3,694)	167
Net foreign exchange (gain)/loss	28	1,248	(232)	971	(513)
Calculated income tax effect	103	(399)	129	(78)	80
Items excluded from underlying net income	1,625	274	(282)	(2,802)	(266)

Finance

Net financial income (expense) amounted to a negative NOK 26 million in the fourth quarter compared with a negative NOK 1,363 million in the previous quarter.
 
The net currency loss of NOK 28 million for the fourth quarter was influenced by developments in the exchange rate between the US dollar compared with the Norwegian krone, Brazilian real and Euro which were largely offsetting. Net currency gains related to intercompany financial balances amounted NOK 130 million in the fourth quarter.

Tax

For the full year 2011 income tax expense was 21 percent of pre-tax income. The low tax rate results from tax-free gains on the sales of the shareholding in SKS Produksjon and Alpart, and the tax-free gain from the revaluation of Hydro's previous ownership interests in Alunorte and the CAP recognized in the first quarter. The effect was somewhat offset by impairment charges having no tax effect and the write down of deferred tax assets recognized in the fourth quarter.

Underlying EBIT and EBITDA
Per business area	Fourth quarter 2011		Third quarter 2011		Fourth quarter 2010		Year 2011		Year 2010
	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA	EBIT	EBITDA
Bauxite & Alumina	159	609	302	775	223	693	969	2,865	1,225	3,061
Primary Metal	484	1,097	653	1,206	230	808	2,495	4,753	816	3,006
Metal Markets	(39)	(13)	93	118	62	88	441	542	321	428
Rolled Products	86	211	124	235	105	226	673	1,126	864	1,318
Extruded Products	(90)	31	40	165	24	162	151	655	444	987
Energy	441	484	506	543	482	502	1,883	2,018	1,416	1,540
Other and eliminations	92	106	(73)	(57)	(284)	(266)	(389)	(341)	(945)	(889)
Underlying EBIT / EBITDA	1,133	2,524	1,646	2,985	842	2,213	6,223	11,619	4,141	9,450

Bauxite & Alumina

Underlying EBIT for Bauxite & Alumina decreased compared to the third quarter primarily due to lower alumina prices driven by the fall in LME.
 
Bauxite production reached record volumes in the fourth quarter due to improved operational stability, while alumina production at Alunorte declined slightly, impacted by operational issues affecting plant availability.
 
Realized alumina prices declined having a negative impact on underlying EBIT for the quarter.
 
Underlying results from our Commercial operations improved compared to third quarter, mainly as a result of good margins on our contract portfolio.

Primary Metal

Underlying EBIT improved substantially compared to pro forma underlying EBIT for the fourth quarter of 2010 impacted by higher realized aluminium prices and higher volumes.

 

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