Norwegian aluminium producer Norsk Hydro (NHY.OL) said on Thursday it had ramped up its cost saving programme and saw increased global demand this year, while warning of technical delays at its new smeltng plant in Qatar. Shares in Norsk Hyrdo fell 1.6 percent in early trading as analysts expressed concern about a potential eight-week delay at the Qatalum smelter and noted that Norsk Hydro's market growth estimate for the coming year is lower than recent guidance from U.S. rival Alcoa. "Hydro has accelerated the $300 per tonne improvement program which is now expected to be achieved in 2013, a year earlier than previously indicated," the company said in a statement published ahead of a day of briefings for analysts and investors in Oslo. It said it had realised savings of $50 per tonne and targeted a further $125 per tonne for 2011. Hydro launched its first efficiency push in the autumn of 2009.
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