“Higher aluminium prices in the quarter are lifting results, and I am pleased to see Sapa delivering record results, continuing the strong trend,” said president and CEO, Svein Richard Brandtzæg. “Hydro will confirm its position as the world's leading integrated aluminium company with the agreement to acquire Orkla's 50 percent interest in world-leading extrusion company Sapa. The transaction reinforces our strategic direction to become better, bigger and greener, with a solid asset base, unique competencies and capabilities along the full value chain,” he continued. Closing is expected in the second half of 2017, pending regulatory approvals.
“We see a global primary aluminium deficit in the quarter. This is driven by increasing deficit outside China. For the full year, we are maintaining our 4 to 6 percent annual aluminium demand growth outlook for 2017 and expect a largely balanced, global aluminium market,” he said.