23 February 2009

Norsk Hydro planning for two more years of downturn

Like the groundhog seeing his shadow, Norsk Hydro is preparing for a economic downturn that will last at least another two years.

The company said it was in the process of raising new funds, which it would be able to borrow, and did not rule out further production cuts as the global economic slump ate further into demand for raw materials.

Hydro has already announced cutbacks of 22 percent compared to last year, including at its Karmoy and Soeral smelters in Norway and Neuss in Germany.