Norsk Hydro ASA’s underlying earnings before financial items and tax (EBIT) rose to NOK1.5bn (US$223m) in the third quarter from NOK544m in the second quarter.

The results were backed by lower costs at the Alunorte alumina refinery, higher all-in metal prices and higher alumina prices.

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“All-in metal prices continued to rise in the quarter, reflecting the tighter market we saw in [the] last quarter and the continuing market balance deficit,” said Norsk Hydro president and CEO, Svein Richard Brandtzæg.

“Demand for aluminium is rising, and we now see demand growth of 3%-4% in the world ex-China for 2014, helped by metal substitution in the automotive market.”

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