Norsk Hydro: Sapa (joint venture) - Announcement of results for the second quarter 2015

Underlying EBIT for Sapa increased compared to the previous quarter, due to
seasonally higher sales volumes, strong North American market development, as
well as improvement programs progressing ahead of plan across the organization.
The second quarter results were also impacted negatively by sharply falling
metal premiums in North America.



Underlying EBIT increased compared to the same quarter of the previous year
driven by strong North American demand, positive currency effects, as well as
positive contributions from improvement programs and restructuring efforts.



Underlying EBIT for the first half of 2015 improved by more than 70 percent
compared with the same period in 2014, influenced by the same factors discussed
above.



Reported EBIT for Sapa for the second quarter was negatively influenced by
restructuring cost and unrealized derivative losses. The restructuring cost
relates to Southern Europe and China.





+-------------+----------+----------+----------+---------+---------+---------+-+
|Key Figures -| Second| First| Second| First| First|Year 2014| |
|Sapa (50%) | quarter| quarter| quarter|half 2015|half 2014| | |
| | 2015| 2015| 2014| | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|NOK million, |  |  |  |  |  |  | |
|except sales | | | | | | | |
|volumes | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Revenue | 7 247| 7 067| 5 772| 14 314| 11 445| 23 192| |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Underlying | 399| 353| 321| 752| 541| 958| |
|EBITDA | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Underlying | 241| 196| 175| 437| 253| 326| |
|EBIT | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Underlying | 145| 119| 131| 264| 166| 199| |
|Net Income | | | | | | | |
|(loss) | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Sales volumes| 179| 177| 184| 355| 364| 699| |
|(kmt) | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+
|Earnings | 32| 101| 84| 133| 82| (158)| |
|before | | | | | | | |
|financial | | | | | | | |
|items and tax| | | | | | | |
|(EBIT) | | | | | | | |
+-------------+----------+----------+----------+---------+---------+---------+-+





Market

Demand for extruded products in North America increased by 4 percent compared to
the previous quarter, due to seasonal variations in demand and strong markets.
Compared to the same quarter of the previous year, demand grew 8 percent, due to
strong automotive and truck demand and a ramp-up of residential building and
construction activity.



In Europe, extruded products demand seasonally increased 5 percent compared with
the previous quarter. Demand is showing signs of improvement compared to the
same quarter of the previous year, but weaker building and construction market
is, to a large degree, offsetting most other segments.



Demand for extruded products is expected to seasonally weaken in Europe going
into the third quarter, compared to the second quarter, while in North America
demand is expected to remain stable. When comparing to the same quarter last
year, demand in Europe in the third quarter is expected to improve slightly,
while the strong development is expected to continue in North America.



Investor contact
Contact Pål Kildemo
Cellular +47 97096711
E-mail Pal.Kildemo@hydro.com

Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com


Certain statements included within this announcement contain forward-looking
information, including, 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.



[HUG#1939444]