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UPDATE 1-Norsk Hydro says downturn bottoming in aluminium use

Thursday, Jul 23, 2009
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LONDON, July 22 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL: Quote, Profile, Research) said on Wednesday the downturn in aluminium product consumption is bottoming, but was cautious about trading conditions in the second half of 2009. Earlier, the world's third largest integrated aluminium supplier and a major energy producer in Norway reported a smaller-than-expected loss in the second quarter and forecast markets would remain weak in the third quarter. [nLM117702] "The downturn is not continuing as we saw in Q1 and the beginning of Q2 but we should be careful not to extrapolate," Norsk Hydro Chief Executive Svein Richard Brandtzaeg told Reuters in an interview in London. "Normally the first half is better than the second half in downstream because of seasonal factors," he added. Norsk has seen demand fall sharply as the global economic crisis weighed on aluminium producers and its clients in the automotive and construction industry. But the company expects confidence in the global economy to return in the second half of next year."I'm not optimistic about a short-term upturn in the market, I'm more optimistic about the second half of 2010 because that's when confidence will be back," Brandtzaeg said.

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