Norwegian aluminium producer Norsk Hydro posted a smaller-than-expected rise in third-quarter earnings on Thursday and said it saw deteriorating demand.
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Hydro reported underlying July-September earnings before interest and taxes (EBIT) of 1.65 billion crowns ($297.7 million), up from the 1.23 billion crowns made in the same period last year but belwow the average forecast of 1.71 billion in a Reuters poll of analysts.
The firm stuck to its view that global demand for aluminium would rise by 7 percent in 2011, but warned that markets had weakened and said growth may come in on the low side.
"The more volatile macroeconomic environment and issues relating to sovereign debt are expected to result in weaker demand in the coming months," the firm said.
"At the same time, high commodity prices are driving cost increases for key raw materials for the aluminium industry." ($1 = 5.543 Norwegian crowns)
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