Hydro reports huge third quarter loss
Hydro President and CEO Svein Richard Brandtzæg presents the company's quarterly results. (Photo: Kåre Foss)
Norsk Hydro, one of Norway’s biggest industrial concerns, reported a huge quarterly loss on Oct. 27.
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.
Downstream results continued to improve, supported by higher volumes and cost saving measures.
“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,” President and Chief Executive Officer Svein Richard Brandtzæg said.
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