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OSLO, Oct 23 (Reuters) – Aluminium producer Norsk Hydro ASA NHY.OL reported a smaller- than-expected decline in third-quarter earnings on Wednesday, as a ramp-up in its beforehand shut Brazilian operation and decrease enter prices partly compensated for decrease metals costs.
Underlying third-quarter earnings earlier than curiosity and tax fell to 1.37 billion Norwegian crowns ($149 million) from 2.68 billion crowns a yr earlier, beating the typical forecast of 969 million crowns collected by the corporate from 14 analysts.
“It’s encouraging to see prices coming down in our upstream enterprise, mixed with forceful restructuring and optimization measures downstream,” Chief Govt Officer Hilde Merete Aasheim stated in a press release.
Whereas ‘upstream’ refers back to the manufacturing of major aluminium, Hydro’s ‘downstream’ enterprise includes the method of turning the metallic into particular merchandise, corresponding to automobile components or beer cans.
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