Russia's Rusal, the world's largest aluminum producer outside China, p...
HONG KONG/MOSCOW - Russia’s Rusal, the world’s largest aluminum producer outside China, posted a fourth-quarter net loss on Thursday, but reiterated its positive industry outlook following the lifting of U.S. sanctions on the company in January.
However, a lot has changed at the Hong Kong-listed company since the final quarter of last year, after the U.S. Treasury lifted sanctions that had been imposed on Rusal in April 2018. Rusal’s Hong Kong-listed shares have surged 48.7 percent so far this year, against a 52.7 percent fall in 2018. Prices for aluminum were at $1,968 per tonne on the London Metal Exchange in the fourth quarter, down 6.3 percent year-on-year, Rusal said in its statement.
“Looking ahead into 2019 and the year ahead, we expect aluminum demand to recover after the trade wars and supply shocks of late 2018,” chief executive officer Evgenii Nikitin said in a statement on Thursday. The company, the world’s second-biggest producer after China’s Hongqiao, has previously said it expects its output to be at 3.8 million tonnes in 2019, Interfax reported.
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