Rusal Skips Dividend Payments for 2024 as 62.75% of Shareholders Approve

Rusal shareholders have voted in favor of not distributing dividends based on the financial results of the first half of 2024, according to a company statement. A total of 62.75% of shareholders who participated in the meeting supported the decision to withhold dividend payments for this period.

This follows a trend from earlier votes, where Rusal's shareholders also decided against paying dividends for 2023, including interim dividends for the first nine months of the year and final dividends for 2022. The company had previously paid interim dividends amounting to $302 million for the first half of 2022.

Under Rusal’s dividend policy, the company typically distributes 15% of its adjusted EBITDA, including dividends received from Nornickel, provided it complies with loan agreements and maintains financial liquidity. However, the decision to forego dividends reflects the company’s current focus on preserving financial stability.

Rusal, the largest aluminum producer outside of China and Russia’s only primary aluminum producer, is majority-owned by En+ Holding, which holds a 56.88% stake. Other key shareholders include Sual Partners with a 25.52% stake, while 17.59% of the shares are in free float.