Rusal Posts 41.6% Rise in H1 Profit Amid Record Shipments to China
Russian aluminium giant Rusal reported a 41.6% increase in its adjusted net profit for the first half of 2024, driven by increased production and record shipments to China. Despite facing pressure from the fallout of Western sanctions against Russia, Rusal managed to boost its output and navigate the challenging global environment.
For the first six months of 2024, Rusal produced 1.96 million metric tons of primary aluminium and approximately 3 million tons of alumina, both figures showing an increase from the previous year. The price of aluminium during this period edged up to $2,360 per ton, while alumina prices rose by 14% to $402 per ton.
The company, which operates in Guinea, Jamaica, Ireland, Sweden, and Russia, has been under scrutiny due to Western sanctions related to Moscow's actions in Ukraine. Although Rusal itself is not directly sanctioned, many Western consumers have opted to avoid new contracts for Russian-produced metals. In April, the London Metal Exchange banned Russian aluminium, copper, and nickel produced after April 13 to comply with new U.S. and UK sanctions.
Despite these challenges, Rusal reported that its shipments to China reached record highs, and the Russian market returned to its pre-Ukraine conflict volume levels.
Hong Kong-listed Rusal, the largest aluminium producer outside China, posted an adjusted net profit of $446 million for the six months ending June 30, up from $315 million a year earlier.
