Hydro Q3 results reflect weak markets

Hydro had an underlying loss before financial items and tax of NOK 793 million in the third quarter, compared with a loss of NOK 618 million in the previous quarter, reflecting the frail global economy, low aluminium prices and a weakening US dollar. The company says downstream results continued to improve, supported by higher volumes and cost saving measures. "In response to the market downturn, we have completed a substantial program of capacity reductions and cost-cutting measures that are helping to reposition our company," President and Chief Executive Officer Svein Richard Brandtzæg said. "Still, we remain cautious about the outlook for global aluminium demand and are concerned about the weakening US dollar. In view of these challenges, we will consider additional restructuring and cost-saving measures," he said. (See also following story) "Our main priority in the coming months is to bring Qatalum on stream according to plan, which will improve Hydro's cost position and robustness," he added. (NRK/Press release)