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Rusal posts H1 net loss on oversupply
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Rusal, the world’s largest aluminum producer, yesterday reported a net loss of US$439 million for the first half of 2013, citing falling prices, an excess global supply and economic uncertainty.
The Russian aluminum giant, which is listed in Hong Kong, also said that revenue for the six months to June 30 declined 8.8 percent year on year to US$5.2 billion.
“There is no doubt that the aluminum industry now faces a looming crisis of oversupply,” chairman Matthias Warnig said in a statement filed to the the Hong Kong stock exchange.
“The problem of the excess stock cannot be addressed immediately, and the whole industry needs time to produce unconventional solutions to overcome this structural crisis and enter into a new phase of sustainable growth.”
The net loss compared to a US$1 million net profit in the first half of last year, and the company said it was partly related to a one-off sale of shares in its stake of Norilsk Nickel with the proceeds used for prepayment of debts.
Total aluminum output over the six months was down 4.5 percent, as the company moved to reduce production.
Rusal said it now plans to reduce production by 9 percent year on year, or 357,000 tons, in 2013 compared to a year earlier. This is 57,000 tons more than previously forecast.
The company said lower inflation forecasts and slower growth in China, as well as the expected wind-down of the US Federal Reserve’s stimulus programme, was putting pressure on metal prices.
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