Hydro's underlying earnings before financial items and tax declined to NOK 1,477 million in the third quarter, down from NOK 1,618 million in the second quarter.

The decrease mainly reflected seasonally lower metal sales and negative currency effects, partly offset by higher realised aluminium prices.

"Demand growth for aluminium remains healthy. We are sticking to our forecast for global aluminium demand growth of 4-5% for 2016 and expect to land in the higher range of this estimate for the full year," says President and CEO Svein Richard Brandtzæg. "This comes on the back of higher-than-expected demand in China and slower restarts of curtailed capacity", says Brandtzæg.

"I'm pleased to see the positive operational development in our bauxite and alumina production. Both Paragominas and Alunorte produced above nameplate capacity in the third quarter, with Hydro Alunorte alumina production reaching a record-high production level. This is a demonstration of long-term dedication by a highly competent and committed organisation in Brazil. We have succeeded in lifting the bar and will continue these efforts to stabilise production at or above nameplate capacity," says Brandtzæg.