Europe's "somewhat concerning" weakening economy is pushing aluminium company Norsk Hyrdo to focus on the potential of the U.S. and China, the company's chief financial officer told CNBC on Thursday.
Eivind Kallevik, who is a member of the CNBC Global CFO Council, said his outlook remained "fairly optimistic" into 2015.
"The U.S. continues to be strong. The Chinese growth for aluminium demand is actually up 12.6 percent year to date – stronger than what we anticipated," he said. "So it's really some weakening signs in Europe, but it's early days."
The euro zone's economic recovery has been called into question, following a string of disappointing data releases. There was some good news for the region on Thursday, however, as Markit's Flash Composite Output Index (PMI) for the region came in at 52.2 in October, beating expectations, up from 52.0 in September. A reading over 50 marks expansion.
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"It's important to get a better understanding of the somewhat concerning signals out of Europe, and how that's going to develop," Kallevik added.
Norway's Norsk Hydro third-quarter results, published Wednesday, beat expectations, with underlying operating profit more than doubling to 1.49 billion Norwegian crowns ($227 million). The company said it expected aluminium supplies to tighten after years of surplus, with demand excluding China forecast to rise between 3 and 4 percent this year.
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Aluminium prices have had a bumpy ride this year, rallying over recent months after hitting a hit a five-year low in February. Kallevik said it was always difficult to speculate about price movements, but added: "When you look at the fundamental situation with demand outpacing producing that certainly gives some hope for the future."
The CFO refused to be drawn into a discussion on one of Norsk Hyrdo's most high-profile customers - Apple - however. "We're always happy when partners do well, as obviously that has a good relationship also for us," Kallevik said.
