Norwegian aluminium major Norsk Hydro ASA said that it will reduce capital expenditure to NOK 5 billion (USD 845 million) in 2011, including investments in the assets to be taken over from Brazilian miner Vale.

Norsk Hydro expects to finalize the acquisition of Vale's aluminium assets in the first quarter of 2011.

The main part of the investments will be in the upstream segment, Norsk Hydro said in the presentation materials for its capital markets day today. Projects include the development of a hydro power station in Holsbru and a recycling centre in Karmoy, both in Norway, and expansion of extruded products in China.

In 2010, Norsk Hydro's CAPEX was NOK 6.7 billion.

(Sourced from www.hydroworld.com)