I use an application called Hyperion to download information into an Excel
spreadsheet. The spreadsheet is initially loaded with formulas. At this time
the spreadsheet is about 3 Mb.

When I am satisfied with the spreadsheet, I Copy, Paste Special, Values,
which effectively removes all of the calculations. The spreadsheet still
remains at approximately 3 Mb in size. I would have thought that since all of
the calculations have been removed and I have a static spreadsheet then the
size of the spreadsheet should have been reduced by a lot more.

This important when it comes to emailing as I have a size restrictions on
what I can email.

Any ideas on what could be causing this file to remain so large?