Norwegian aluminum producer Norsk Hydro reported that the company’s adjusted EBITDA was NOK 39.7 billion in 2022, a year-on-year increase of 42%. This result was mainly driven by higher metal and alumina prices, record highs in extrusion and energy sectors, and positive currency exchange rates, partially offset by higher fixed and raw material costs.

In the fourth quarter of 2022, European demand for extrusions was expected to decline by 9% quarter on quarter and by 16% year on year. Extrusion demand in North America was expected to fall by 14% quarter on quarter and by 8% year on year.

According to CRU Group, the demand for extrusions in Europe and North America will decrease by 18% and 4% respectively in the first quarter of 2023.