Norwegian aluminum and renewable energy company Norsk Hydro beat expectations with its third-quarter earnings results on Tuesday, as the company attributed healthy demand growth in China as a leading factor.
Norsk Hydro affirmed their global aluminum demand growth by 4-5 percent in 2016 with the CEO indicating that actually it is more likely to be in the higher end of this range.
"Demand growth for aluminum remains healthy. We are sticking to our forecast for global aluminum demand growth of 4-5 percent for 2016 and expect to land in the higher range of this estimate for the full year," said President and CEO Svein Richard Brandtzæg in a press release.
"This comes on the back of higher-than-expected demand in China and slower restarts of curtailed capacity."