Hydro CEO says economic clouds may dampen aluminium demand

Aluminum production may be impacted by Middle East tensions (Image: Shutterstock)

A weaker outlook for the global economy could hurt demand for aluminium in the short term, Norsk Hydro Chief Executive Hilde Merete Aasheim told investors on Tuesday.

“We believe in a long term growth for aluminium. However, in the short term, we are concerned about the macro outlook and the effect for us on aluminium demand,” she said.

Hydro until recently expected world aluminium demand excluding China to grow by up to 1% in 2019, but now instead forecasts a decline of 1-2%.

While global demand is still expected to exceed production this year, the market is expected to be more or less balanced in 2020, Aasheim said.

(By Victoria Klesty; Editing by Terje Solsvik)

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