Rusal announces Q1 results
(Posted on 28/04/20)
RUSAL, a leading global aluminium producer, has announced its operating results for the first quarter 2020
Commenting on the first quarter 2020 results, Evgenii Nikitin, CEO of RUSAL, said:
“Today we all live in a new paradigm, where we face a new challenging and unpredictable situation. The impact that these challenges, caused by the pandemic, will have on the economy is yet to be evaluated, but it will certainly affect all industries, including the aluminium market. It is not too early to predict that the spread of the coronavirus could considerably decrease the aluminium demand and deteriorate business conditions across all regions.
Despite the economic turbulence during the first three months of the year, RUSAL is demonstrating a robust performance thanks to a highly skilled and flexible management team. RUSAL’s total aluminium sales in the first quarter of 2020 decreased by 17.4% compared to the fourth quarter 2019, but this was due to the high base effect, after high level of sales during the last three months of the past year. However, sales increased by 2.0%, compared to the same period the previous year. Also, the total sales mix has value added products’ share of 46%, almost reaching the level registered in 2017, before the OFAC Sanctions.
RUSAL’s economic model has proven to be efficient and agile during periods of market volatility. One of the lowest production costs per tonne across the industry serves us well during the current unpredictable market conditions. Furthermore, RUSAL has not had to suspend or halt production due to its ability to continue operations whilst ensuring the safety of our employees. We were one of the first companies to introduce heightened health and safety measures to protect our employees from coronavirus.
Our business as usual approach allows us to focus on the obligations we have to our customers without jeopardizing the health and safety of our employees. We are so pleased we can continue to support our customers in such difficult times”.
The National Mining Association (NMA) has issued the following statement from Rich Nolan, President... Read more
The German Coal Importers Association (VDKi has a new chairman. Alexander Bethe, Appointee of the Japanese... Read more
Rio Tinto has reached an agreement on a new electricity agreement with Meridian Energy that allows New... Read more
The American Iron and Steel Institute (AISI) has updated six cold-formed steel design standards.AISI... Read more
The National Grain and Feed Association (NGFA) in the USA has announced that Michael J. Seyfert will... Read more
Rio Tinto and the Puutu Kunti Kurrama and Pinikura people (PKKP) confirm they have taken initial steps... Read more
A global economic recovery in 2021 is expected to drive a short-lived rebound in coal demand following... Read more
The National Grain and Feed Association (NGFA) in the USA has commended Congress for including key inland... Read more
Rio Tinto has appointed Jakob Stausholm as chief executive, effective 1 January 2021. Since joining... Read more
RUSAL, a leading global aluminium producer, is pleased to announce that Hyundai Sungwoo Holdings Co,... Read more