Europe’s largest aluminium producer Norsk Hydro has warned that the construction sector in some of the region’s largest countries is suffering from a demand slump similar to the one during the Covid-19 crisis.
Pål Kildemo, chief financial officer of the Norwegian company, said this construction crash because of high rates and rising building costs had hit the aluminium sector hard, undermining earnings of Hydro and rivals.
“We have certain countries and areas where we see up to 50 per cent fall in building and construction demand year-over-year, which is kind of like Covid-period impacts,” he said in an interview with the Financial Times.
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