Norsk Hydro to cut 250-300 jobs - Quick Facts

(RTTNews) - Norsk Hydro (NHYDY.PK, NHY) announced that it plans to reduce annual staff- and administration costs by about NOK 700 million - 800 million compared to the 2008 level. Hydro estimates that about 250-300 employees in staff and support functions will be made redundant as a consequence of savings. The majority of the costs savings are expected to have full effect from the first quarter of 2010, while some savings will take longer before coming into effect. The company said that the Primary aluminium production will be reduced by 400,000 tonnes per year, or 23% compared to 2008 by the end of April this year. This will reduce manning by about 900 people. Alumina production at the part-owned Alpart refinery has been reduced by 50%, corresponding to 290,000 tonnes per year for Hydro's share. Production adjustments in Aluminium Products will reduce manning by 2,200 people by the end of 2009 compared to the middle of 2008. Planned investments in 2009, excluding Qatalum, have been reduced by 40% compared to 2008.