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RUSAL cuts aluminium production by 10.8%

August 27, 2014, 10:34 UTC+3 HONG KONG (Xianggang)

Rusal is the world’s aluminium sector leader, in 2013, the company accounted for some 8% of the world aluminium production

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© ITAR-TASS/Grigory Sysoyev

HONG KONG (Xianggang), August 27./ITAR-TASS/. Russia’s Rusal in the first six months of this year cut aluminium production by 10.8%, the company said in a report released at the Hong Kong Stock Exchange on Wednesday.

It said total first-half aluminium output fell by 10.8% to 1.78 million metric tons from a year earlier, following a plan to cut output at inefficient smelters that has helped to pare back costs by 9.8% “There was a major improvement in Rusal’s financial results in the second quarter compared to the first quarter, which was a result of a recovery in the aluminium price, a rise in average realised premiums, and tight cost controls,” said Oleg Deripaska, the company’s chief executive. The company expects to produce 1.8 million metric tons of aluminium in the second half.

Rusal is the world’s aluminium sector leader. In 2013, the company accounted for some 8% of the world aluminium production. The company employs 69,000 people. Rusal operates in 19 countries. Rusal ordinary shares are traded on the Hong Kong Exchange.

According to Rusal, the world aluminium consumption in the first half of 2014 decreased by 6% - to 27 million metric tons, from the similar period of the previous year. The aluminium demand has had the highest growth in China (13%), Japan and South Korea (10%), Central and South America (5%). In North America the aluminium demand growth was 4.3% According to Rusal forecasts, in 2014 the world aluminium consumption will increase by 6.5% - to 55 million metric tons, and this year’s deficit on the world market of aluminium will be 1.5 million metric tons.

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