Dale Sjøtveit to leave Hydro

Torstein Dale Sjøtveit will step down from his position as executive vice president in Norsk Hydro ASA to take on a new job as chief executive officer in Norwegian shipbuilder Aker Yards ASA.

June 3, 2008

Dale Sjøveit, who heads Hydro’s Aluminium Metal business area, will leave Hydro 1 September 2008, at the latest.

Dale Sjøtveit, a 53-year-old engineer, has held a number of senior management positions since he joined Hydro in 1981. He has held his current position since April 2006.

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Contact     Inger Sethov
Telephone   +47 22532036
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E-mail      Inger.Sethov@hydro.com

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Contact     Stefan Solberg
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E-mail      Stefan.Solberg@hydro.com

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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.


Updated: October 11, 2016