The company blames poor European demand and low metal prices, but said there would be no more smelter closures. Earlier this year, Norsk Hydro shut down its 180kt/y Kurri Kurri smelter in Australia.

Demand in the USA and Japan is strong at present, according to Norsk Hydro, but global demand outside of China is up by just two per cent.

CEO Svein Richard Brandzaeg said that Norsk's Q3 results will be very weak.