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Norsk Hydro: upbeat LT outlook at capital markets day.

(CercleFinance.com) - On Thursday Norsk Hydro, a Norwegian aluminium producer, gave an upbeat long-term outlook at the company's capital markets day.

Hydro said it expected demand for primary aluminium to grow by around 2-to-3 percent per year over the next 10 years, while recycling demand should grow at 3-to-4 percent over the same period.

With this continued growth in demand for aluminium, the group said it has increased its overall aims for improvements over the period 2016-2019 to 3 billion Norwegian kronor.

The adjustment results from the bauxite and alumina unit lifting its targets, while the rolled products divisin has lowered its 2019 targets on the back of delayed ramp-up of new automotive lines and recycling facility for used beverage cans, Hydro said.

Shareholder returns continue to be a priority, the firm added, with it intending to return 40% of earnings to shareholders in dividends.

Despite this apparent optimism, shares in Norsk Hydro are actually down 2.1% today in Oslo.

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