Russia: Rusal sells 3% of shares

Victor Vekselberg and Mikhail Prokhorov received a total of 2.46 billion Hong Kong dollars ($315 million) from the sale of some 3% of Rusal shares. 456 million shares were placed at 5.4 HKD, with a 7.5% discount. There were 70 offers, with top 10 investors acquiring over 60% of shares. Of the volume sold Vekselberg…

Russia: Moody’s improves Rusal outlook

Moody’s has improved from Stable to Positive the outlook for Rusal. The company corporate rating remained on Ba3 level. “Our decision to change the Rusal outlook is connected with the decrease of borrowed money early in the year on the background of the profit increase as the prices for aluminum improved”, the agency said. In…

Russia: Rusal starts supplying aluminum to the new segment of the local market

Rusal announces the manufacture of the first in Russia high-voltage power transformer with aluminum winding. The project was carried out by the Engineering-Construction division in 2016-2017 within the program to improve the stability of electric equipment operation at Rusal aluminum plants. The first transformer has already arrived at the Bratsk Aluminum Works. Rusal plans to…

Russia: Rusal earnings up in H1 2017

In January-June Rusal increased earnings by 22.3% YoY, to $4.674 billion, mostly because of the LME aluminum price increase and the company sales growth by 3.8%. Earnings in Q2 went up by 7.4% QoQ, to $2,467 billion. The share of the high added value products increased to 49.2% from 44.3%. Corrected EBITDA in Q2 grew…

Russia: Onexim sells 7% in RUSAL

Russian billionaire Mikhail Prokhorov’s Onexim Group is selling a 7% stake in aluminum giant UC RUSAL to a company affiliated with Sual Partners of Viktor Vekselberg and Leonard Blavatnik for $503.9 million, RUSAL said in a statement on August 11. At present, Onexim holds 13.7% in RUSAL and Sual Partners has a 15.8% stake. As…

Russia: Rusal sales up in H1 2017

In January-June Rusal decreased aluminum output from 1.835 million tons to 1.832 million tons. Aluminum manufacture in Q2 increased by 1.2% QoQ, to 921 thousand tons. In H1 Rusal increased aluminum sales by 3.8% YoY, to 1.987 million tons, with Q2 sales up by 1.7% QoQ, to 1.002 million tons. The average sales price in…

Russia: RUSAL suggests supporting industrial power consumers

Vladislav Solovyov, CEO of UC RUSAL, has suggested Economic Development Minister Maxim Oreshkin study a support program for large industrial power consumers that will stimulate industrial production and boost the gross domestic product (GDP). According to Solovyov’s calculations, industrial consumers pay for excessive power generation, grid capacities, and many types of cross-subsidization with the payments…

Russia: RUSAL’s 3 plants in power outages due to power plant failures

Plants of Russian aluminum producer UC RUSAL in the cities of Bratsk, Irkutsk and Krasnoyarsk have had power outages due to setbacks on the Boguchanskaya GES and Berezovskaya GRES power plant units, the Energy Ministry said in a statement on June 27.

The details are being clarified, the ministry said. (Prime/Ukrainian metal)

Russia: Rusal saves on electricity consumption

In January-April Rusal saved 25.56 million rubles by decreasing electricity consumption. The company is one of the developers and initiators of implementation of a new mechanism in electricity consumption in Russia and the only company to participate in the program of the price-dependant decrease of electricity consumption, having joined it in 2017. The mechanism presupposes…