Norwegian aluminum producer Norsk Hydro expects the Asian automotive industry’s consumption of aluminum alloys and foundry ingots to improve this year.
It also expects demand for primary aluminum to increase by 5-6pc in 2021, the aluminum maker noted in its 2020 annual report released on Monday.
In 2020, the company’s underlying earnings before interest and tax (EBIT) from its Aluminum Metal division amounted to NOK1.22bn ($141mn) compared with an EBIT loss of NOK1.25bn in 2019. Its extrusion division also increased its EBIT to NOK2.2bn from NOK2bn in the annual comparison.
Hydro recorded revenue of NOK138bn in 2020, compared with NOK149.7bn in 2019. However, it posted a net income of NOK1.6bn last year against a net loss of NOK2.3bn in the prior year.