Stock Market News
Higher aluminium prices help Norsk Hydro through Q4
Norsk Hydro posted an update for the fourth quarter of 2016 on Thursday, with underlying EBIT of NOK 1.83bn as a result of higher realised all-in aluminium and alumina prices.
The London-listed firm reported record production at Alunorte and Paragominas, although there were weak Rolled Products results as a result of lower sales and margins and increased costs.
"Demand for aluminium remains firm and prices have increased, contributing to a solid quarter for Hydro," said president and CEO Svein Richard Brandtzæg.
"I am particularly pleased to see more and more car producers choosing aluminium for light-weighting and climate purposes.
"I am eager to see our new Rolled Products automotive line in Germany ramping up this year to meet the rapidly growing automotive demand."
Brandtzæg said the company made better-than-expected progress in its 'Better' improvement efforts, delivering NOK 1.4bn in improvements in 2016.
"These efforts will continue with full force in 2017, making Hydro's operations more robust across the value chain and the company well positioned for a better, bigger and greener future."
The London-listed firm reported record production at Alunorte and Paragominas, although there were weak Rolled Products results as a result of lower sales and margins and increased costs.
"Demand for aluminium remains firm and prices have increased, contributing to a solid quarter for Hydro," said president and CEO Svein Richard Brandtzæg.
"I am particularly pleased to see more and more car producers choosing aluminium for light-weighting and climate purposes.
"I am eager to see our new Rolled Products automotive line in Germany ramping up this year to meet the rapidly growing automotive demand."
Brandtzæg said the company made better-than-expected progress in its 'Better' improvement efforts, delivering NOK 1.4bn in improvements in 2016.
"These efforts will continue with full force in 2017, making Hydro's operations more robust across the value chain and the company well positioned for a better, bigger and greener future."
Related share prices |
---|
Norsk Hydro ASA (NHY) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- RBS share price
- Diageo share price
- Standard Life Share Price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- Morrisons Share Price
- Aviva Share Price
- ASOS Share price
- RPT Share Price
- SXX Share Price
- Easyjet Share Price
- Next Share Price
- Thomas Cook Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- Greene King Share Price
- Marstons share price
- NUOG share price
- UKOG share price
- SOLG share price