Norsk Hydro aims for cost, capital spending cuts

LONDON (MarketWatch) -- Aluminum producer Norsk Hydro /quotes/comstock/29r!nhy (NO:NHY 41.96, +0.77, +1.87%) said at its capital markets day that it's looking to cut operating costs by $100 per metric ton in primary aluminum in 2012 compared to the 2009 level. Qatalum remains on target for start-up at the turn of the year and will reach full production during fourth quarter 2010. The earnings contribution from Qatalum is expected to be somewhat negative in 2010 at the current aluminum price and affected by build-up costs and full depreciation. Total capital expenditures in 2010 are expected to be 5.3 billion kroner, down from 10.2 billion kroner in 2009. The current market imbalance for primary aluminium in the world outside China is expected to continue into 2010, but at a lower level, it added