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Norsk Hydro CEO: Aluminum prices flattening but no turn yet

Monday, Aug 24, 2009
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OSLO -(Dow Jones)- Aluminum demand is showing signs of flattening out after a long downturn, but there's no plan yet to restart curtailed production capacity, the chief executive of Norsk Hydro ASA (NHY.OS) said Friday. "There was a continuous drop in volumes from the second half of 2008 into 2009 but now they're flattening out, (albeit) at low levels," Hydro's Chief Executive Svein Richard Brandtzaeg told Dow Jones Newswires. Norway-based Hydro is the world's second biggest integrated aluminum company after Alcoa (AA). "There's no sudden, terrific market, but whereas previously orders didn't come in from one day to the next, now more and more customers are filling up and our order backlog has a small increase. There are small positive signs," he said.

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