"Despite challenging market conditions since the financial crisis of 2008/09, aluminium demand has continued to grow and by 2013 had risen above pre-crisis levels. The future is energy-efficient and will need more aluminium. But, aluminium markets are still characterized by historical overproduction, so we will keep up the cost focus in all parts of Hydro and continue the good work performed by the business areas and staffs, characterized by determination, foresight and cooperation, enabling Hydro to move forward with better operational capabilities than ever," President and CEO Svein Richard Brandtzæg writes in his letter to shareholders.
"Since 2009 we have managed to reduce the cost of producing one tonne of aluminium by 300 US dollars in our fully-owned primary aluminium plants. Continuous improvement is an infinite process and the drive to optimize is a Hydro talent. In addition to the USD300-program we have re-confirmed the overall improvement targets of Bauxite & Alumina's 'From B to A'-program and we've realized significant savings through the 'Climb' program in Rolled Products. Primary Metal has also launched a USD 180-program for Hydro's part-owned smelters in close cooperation with our partners," Brandtzæg says.
The report, meeting the Norwegian statutory requirements for annual reporting, is "Financial Statements and Board of Directors' Report - 2013." This report is available in Norwegian and English.
In addition, a more extensive report is available, "Annual Report - 2013," with detailed information about Hydro's businesses, operational performance, financial performance, viability performance, corporate governance and financial statements. The report is available in English.
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