More aluminum cuts needed: Hydro

More aluminum production cuts are necessary to lift prices and lower inventories to manageable levels, Svein Richard Brandtz?g said as he assumed the post of chief executive officer at Norsk Hydro ASA. He takes the helm from Eivind Reiten, who stepped down amid difficult market conditions after eight years in the position. "The only way we will see inventories fall to more reasonable levels is if the industry decides to make more production cuts; the industry can't wait for demand to improve," Brandtz?g said after a ceremony at Hydro's Norwegian headquarters. The aluminum price will rise gradually once demand returns to the market, Brandtz?g said, noting that the rate at which stocks in London Metal Exchange warehouses are rising has slowed since December, when inventories jumped...