Financial Overview and Ownership
Aughinish Alumina, part of the Rusal group, experienced a substantial loss of €153 million in the last year, an improvement compared to the €378 million loss in 2021. Rusal, a major Russian aluminium producer with ties to oligarch Oleg Deripaska, owns the Limerick-based operation.
Operational Challenges and Future Prospects
Facing significant customer losses in Europe, Aughinish Alumina operates under considerable uncertainty due to the ongoing war in Ukraine and its impact on Rusal. The Irish facility, which has about 500 staff, is also at risk from potential new sanctions and has been dependent on a single gas supplier since October.
Revenue and Production Impacts
Despite an increase in revenue to $853.5m from $784.5m, the company’s production fell by 13% last year. This decline was primarily due to the loss of key customers and disruptions in the supply of Dian-Dian bauxite from Guinea, attributable to sanctions affecting crucial suppliers.
In a communication to the European Commission, Aughinish Alumina voiced concerns over the European aluminium industry’s ongoing crisis. The company advocated for increased efforts to sustain and enhance aluminium production within Europe, highlighting the sector’s current challenges.