Norsk Hydro to Buy Aluminum Business
May 10, 2010
Norsk Hydro, Europe’s third-largest aluminum maker, agreed to pay $4.9 billion for Vale’s aluminum business. The acquisition, which will entail full or partial ownership of mining, alumina-refining and alumina-production facilities, considerably strengthens Norsk Hydro’s position in bauxite mining and alumina refining. The Norwegian company is adding raw-material assets to lower costs after prices for aluminum declined last year.