September 24, 2019 / 8:32 AM / 2 months ago

Hydro CEO says economic clouds may dampen aluminum demand

FILE PHOTO: Norwegian aluminium producer Norsk Hydro CEO Hilde Merete Aasheim pose for a picture in the company's headquarters in Oslo, Norway May 8, 2019, REUTERS/Terje Solsvik/File Photo

OSLO (Reuters) - A weaker outlook for the global economy could hurt demand for aluminum in the short term, Norsk Hydro Chief Executive Hilde Merete Aasheim told investors on Tuesday.

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

Hydro until recently expected world aluminum 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.

Reporting by Victoria Klesty, editing by Terje Solsvik

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