Norwegian aluminum and renewable energy company Norsk Hydro delivered better-than-expected results for its third quarter on Tuesday, as the company spoke of healthy demand for the metal.
"Demand growth for aluminum remains healthy. We are sticking to our forecast for global aluminum demand growth of 4-5 percent for 2016 and expect to land in the higher range of this estimate for the full year," said President and CEO Svein Richard Brandtz?g in a press release.
"This comes on the back of higher-than-expected demand in China and slower restarts of curtailed capacity."
Underlying EBIT (earnings before interest and taxes) came in at 1.48 billion Norwegian krone ($179 million), versus expectations in a Reuters poll for 1.4 billion Norwegian krone. Revenues for the period also beat market estimates.
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