30 JULY 2012Reuters
Norsk Hydro expects quarter three to be "very weak"
Edited by : AL CIRCLE
1 min read
Norwegian aluminium producer Norsk Hydro sees further gloom on the aluminium market with weak results expected in the third quarter, its top executive said on Tuesday.
"With the LME price we see today, and the uncertainty in the macro economy going forward, we expect that the third quarter will be very weak," Chief Executive Svein Richard Brandtzaeg told a news conference.
"We have no plans to close down further capacity in primary metal," he added.
Hydro has announced new cost savings programmes that will save the firm 2-3 billion crowns ($328-492 million) in the coming two to three years, partly containing its already rolling "$300 per tonne" cost improvement programme in its primary metals operations.
"With the LME price we see today, and the uncertainty in the macro economy going forward, we expect that the third quarter will be very weak," Chief Executive Svein Richard Brandtzaeg told a news conference.
"We have no plans to close down further capacity in primary metal," he added.
Hydro has announced new cost savings programmes that will save the firm 2-3 billion crowns ($328-492 million) in the coming two to three years, partly containing its already rolling "$300 per tonne" cost improvement programme in its primary metals operations.
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