Glencore, a British–Swiss multinational commodity trading and mining company, completed the acquisition of a 30% stake in Alunorte, a alumina refinery, and a 45% equity stake in Mineracão Rio do Norte, a bauxite producer, from Norsk Hydro, an aluminium and energy company, for $775m. "This transaction is an important step to deliver on Hydro’s strategy. Proceeds from the transaction will be used for strategic growth and for shareholder distribution. Alunorte remains a core strategic asset for Hydro and is a key source of low-carbon alumina supply to our primary aluminum smelters. Hydro will continue to be long alumina, but now more balanced in relation to the demand from our aluminium smelter portfolio,” Hilde Merete Aasheim, Hydro President and CEO.