Tradingchart
Markets Weaken after DJ Norsk Hydro Q4 Hit By NOK1.3B Writedowns
Edited by : AL CIRCLE
1 min read
Norway's Norsk Hydro ASA (NHY.OS) said Wednesday its fourth quarter results will be hit by writedowns of NOK1.3 billion ($221.4 million) as weakening in certain markets, low prices and raw material and currency pressures weigh on the aluminum producer.
"We have seen a worsening in some markets, especially in southern Europe, where we have a significant exposure in our extrusion business," Chief Executive Svein Richard Brandtzaeg said in a statement.
"In addition, the global primary aluminium industry is facing strong headwinds from the combination of low metal prices and high cost of raw materials, reflecting imbalances in the markets."
The company said it's implementing "significant corrective measures" to offset the problems it faces in affected businesses.
Shares closed Tuesday at NOK31.
"We have seen a worsening in some markets, especially in southern Europe, where we have a significant exposure in our extrusion business," Chief Executive Svein Richard Brandtzaeg said in a statement.
"In addition, the global primary aluminium industry is facing strong headwinds from the combination of low metal prices and high cost of raw materials, reflecting imbalances in the markets."
The company said it's implementing "significant corrective measures" to offset the problems it faces in affected businesses.
Shares closed Tuesday at NOK31.
Grow with
AL Circle
_md.webp)
