Hydro Q1 misses forecasts, sees waning demand

　　Earnings at Norway-based aluminium producer Hydro plunged more than expected in the first quarter, and the company said on Friday that global demand would grow at the low end of previous expectations.

　　First-quarter underlying earnings before interest and taxes (EBIT) fell more than 60 percent on the year to 557 million Norwegian crowns ($97.1 million) while the mean forecast in a Reuters poll had been for 578 million crowns.

　　The company said global demand for aluminium outside China would grow about 3 percent in 2012, while theee months ago it had projected 3-5 percent growth. ($1 = 5.7340 Norwegian crowns)