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Norsk Hydro ASA (ADR) PINK:NHYDY Upgraded
Edited by : AL CIRCLE
5 min read
Norsk Hydro ASA (ADR) PINK:NHYDY has been upgraded to a strong buy with a 2012 price target of $12 issued today by Shayne Heffernan.
Norsk Hydro ASA (Hydro), incorporated in1905, is a resource rich, fully integrated aluminium company. The Company is a supplier of casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. It has metal production facilities in Europe, Canada, Australia and Qatar. During the year ended December 31, 2010, it delivered 2.8 million metric tons of products to internal and external customers mainly from casthouses integrated with its primary smelters and from a network of specialized remelt facilities close to customers in Europe and the United States. Hydro’s business is divided into five operating segments: Primary Metal, Metal Markets, Rolled Products, Extruded Products and Energy. Primary Metal consists of its primary aluminium production, remelting and casting activities. Metal Markets includes all sales and distribution activities relating to products from its primary metal plants. Rolled Products consists of its rolling mills, which are located primarily in Europe. Extruded Products consists of its extrusion-based business, located mainly in Europe and the United States. Energy is responsible for managing Hydro’s captive hydropower production and external power sourcing arrangements to the aluminium business.
Primary Metal
The Primary Metal segment consists of its wholly owned plants in Norway, Germany and Australia, and Hydro’s share of the primary production in part-owned companies in Norway, Slovakia, Qatar, Australia and Canada. Primary Metal also covers the Company’s existing alumina and bauxite operations. These activities include Hydro’s long-term alumina sourcing arrangements and alumina trading operations, its 34% share in the Alunorte alumina refinery in Brazil, its 35% interest in the Alpart refinery in Jamaica and its 5% interest in the Brazilian bauxite company Mineracao Rio de Norte (MRN).
Metal Markets
Metal Markets include stand-alone remelters, which are located in most major European markets, the United States and Taiwan. Metal Markets also includes metal sourcing and trading activities. These secure a supply of standard aluminium ingots for its global production system, and operational risk management through LME hedging activities relating to the Company’s own operations and on behalf of other business areas.
Rolled Products
The rolling process consists of heating sheet ingot with thickness of 600 millimeters (mm) to around 500 degrees Celsius and gradually rolling it into thickness of 3-13 mm for further processing. An alternative process, continuous casting, converts molten metal directly into coiled strip, typically 4-8 mm thick. Once cool, the thinner metal is further processed in cold rolling mills producing various types of products, including foil, lithographic sheet, sheet and strip. During 2010, it produced rolled products at six rolling plants in Europe and one plant in Malaysia.
Extruded Products
Extruded products include its building systems and precision tubing activities. The extrusion process involves pressing preheated metal (450- 500 degrees Celsius) under high pressure (1,600-6,500 tons) through a die, which forms the metal into the desired shape. Other value-added activities include joining, in the form of welding, adhesive bonding, bolting or riveting. Its extrusion and extrusion-related fabrication and building systems operations are located throughout Europe and in North America. It also has a foothold in South America, with plants in Brazil and Argentina and minor operations in Asia. Its general extrusion activities are organized into three geographic business sectors: Extrusion Eurasia, Extrusion North America and Extrusion South America.
The Company has 19 extrusion plants in 11 countries, in Austria, Belgium, Denmark, France, Germany, Italy, Norway, Portugal, Poland, Spain and the United Kingdom. In addition to these plants, it has eight die production and fabrication sites. Extrusion North America operates eight plants in North America and is headquartered in the United States in Baltimore, Maryland. Four of the sector’s production facilities are located in the Midwest and two plants are in the southeast. The Company also has one extrusion plant in the western part of the United States and a fabrication facility in Mexico. Extrusion South America operates plants in Argentina and Brazil.
Building Systems designs and delivers solutions for products, such as aluminium windows, doors, facades, and other building applications, and is headquartered in Lausanne. Each of its brands: Technal, Wicona and Domal/Alumafel represent systems that enable customers to tailor offerings to their market needs, from single window replacements to the erection of facades on major structures, such as new airports or high-rise buildings. Precision Tubing makes products used in heat transfer applications for automotive and industrial customers, primarily in radiators, evaporators, fuel coolers and liquid lines. Precision Tubing is also headquartered in Lausanne. The Company is a global producer with eight manufacturing operations located in Belgium, Brazil, China, Denmark, Germany, Mexico, the United Kingdom and the United States.
Energy
Hydro operates 17 hydroelectric power plants in Norway, with a total installed capacity of 1,762 mega watts (MW) and annual normal production of 9.4 Terawatt hours (TWh). Its power plants are located in three main areas: Telemark, Sogn and Roldal- Suldal and managed from a common operations center at Rjukan in Telemark. It also holds 20.9% interest in SKS Production AS, a regional hydropower producer in northern Norway with 1.7 TWh of normal production capacity, and a 33% interest in Skafs Kraftverk ANS in Telemark. In addition to sourcing power for its aluminium operations, Hydro sells about one TWh of the electricity related to concession power obligations to the local communities where the power stations are located. Power is also sold on existing contracts to its former petrochemicals business.
Norsk Hydro ASA (Hydro), incorporated in1905, is a resource rich, fully integrated aluminium company. The Company is a supplier of casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. It has metal production facilities in Europe, Canada, Australia and Qatar. During the year ended December 31, 2010, it delivered 2.8 million metric tons of products to internal and external customers mainly from casthouses integrated with its primary smelters and from a network of specialized remelt facilities close to customers in Europe and the United States. Hydro’s business is divided into five operating segments: Primary Metal, Metal Markets, Rolled Products, Extruded Products and Energy. Primary Metal consists of its primary aluminium production, remelting and casting activities. Metal Markets includes all sales and distribution activities relating to products from its primary metal plants. Rolled Products consists of its rolling mills, which are located primarily in Europe. Extruded Products consists of its extrusion-based business, located mainly in Europe and the United States. Energy is responsible for managing Hydro’s captive hydropower production and external power sourcing arrangements to the aluminium business.
Primary Metal
The Primary Metal segment consists of its wholly owned plants in Norway, Germany and Australia, and Hydro’s share of the primary production in part-owned companies in Norway, Slovakia, Qatar, Australia and Canada. Primary Metal also covers the Company’s existing alumina and bauxite operations. These activities include Hydro’s long-term alumina sourcing arrangements and alumina trading operations, its 34% share in the Alunorte alumina refinery in Brazil, its 35% interest in the Alpart refinery in Jamaica and its 5% interest in the Brazilian bauxite company Mineracao Rio de Norte (MRN).
Metal Markets
Metal Markets include stand-alone remelters, which are located in most major European markets, the United States and Taiwan. Metal Markets also includes metal sourcing and trading activities. These secure a supply of standard aluminium ingots for its global production system, and operational risk management through LME hedging activities relating to the Company’s own operations and on behalf of other business areas.
Rolled Products
The rolling process consists of heating sheet ingot with thickness of 600 millimeters (mm) to around 500 degrees Celsius and gradually rolling it into thickness of 3-13 mm for further processing. An alternative process, continuous casting, converts molten metal directly into coiled strip, typically 4-8 mm thick. Once cool, the thinner metal is further processed in cold rolling mills producing various types of products, including foil, lithographic sheet, sheet and strip. During 2010, it produced rolled products at six rolling plants in Europe and one plant in Malaysia.
Extruded Products
Extruded products include its building systems and precision tubing activities. The extrusion process involves pressing preheated metal (450- 500 degrees Celsius) under high pressure (1,600-6,500 tons) through a die, which forms the metal into the desired shape. Other value-added activities include joining, in the form of welding, adhesive bonding, bolting or riveting. Its extrusion and extrusion-related fabrication and building systems operations are located throughout Europe and in North America. It also has a foothold in South America, with plants in Brazil and Argentina and minor operations in Asia. Its general extrusion activities are organized into three geographic business sectors: Extrusion Eurasia, Extrusion North America and Extrusion South America.
The Company has 19 extrusion plants in 11 countries, in Austria, Belgium, Denmark, France, Germany, Italy, Norway, Portugal, Poland, Spain and the United Kingdom. In addition to these plants, it has eight die production and fabrication sites. Extrusion North America operates eight plants in North America and is headquartered in the United States in Baltimore, Maryland. Four of the sector’s production facilities are located in the Midwest and two plants are in the southeast. The Company also has one extrusion plant in the western part of the United States and a fabrication facility in Mexico. Extrusion South America operates plants in Argentina and Brazil.
Building Systems designs and delivers solutions for products, such as aluminium windows, doors, facades, and other building applications, and is headquartered in Lausanne. Each of its brands: Technal, Wicona and Domal/Alumafel represent systems that enable customers to tailor offerings to their market needs, from single window replacements to the erection of facades on major structures, such as new airports or high-rise buildings. Precision Tubing makes products used in heat transfer applications for automotive and industrial customers, primarily in radiators, evaporators, fuel coolers and liquid lines. Precision Tubing is also headquartered in Lausanne. The Company is a global producer with eight manufacturing operations located in Belgium, Brazil, China, Denmark, Germany, Mexico, the United Kingdom and the United States.
Energy
Hydro operates 17 hydroelectric power plants in Norway, with a total installed capacity of 1,762 mega watts (MW) and annual normal production of 9.4 Terawatt hours (TWh). Its power plants are located in three main areas: Telemark, Sogn and Roldal- Suldal and managed from a common operations center at Rjukan in Telemark. It also holds 20.9% interest in SKS Production AS, a regional hydropower producer in northern Norway with 1.7 TWh of normal production capacity, and a 33% interest in Skafs Kraftverk ANS in Telemark. In addition to sourcing power for its aluminium operations, Hydro sells about one TWh of the electricity related to concession power obligations to the local communities where the power stations are located. Power is also sold on existing contracts to its former petrochemicals business.
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