Russia: US postpones sanctions against RUSAL

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended the deadline for investors to wind down business with Russia’s En+ Group and aluminum giant UC RUSAL until December 12. The deadline for termination of contracts with GAZ Group remained on October 23. RUSAL shares and Global Depositary Receipts of En+…

Russia: Rusal gathering Chinese traders

Rusal is gathering a team of traders in China. According to sources, Rusal is creating a trade company consisting of a head of sales and traders, specializing in aluminum and alumina. The company will trade aluminum produced on local Chinese market. Rusal also hopes the company will analyze the ways to import metal to China…

Russia: deadline for deals with RUSAL extended

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended the deadline for investors to wind down business with Russia’s En+ Group and aluminum giant UC RUSAL until November 12 and from GAZ Group until October 23, the authority said. “En+ and RUSAL have approached the U.S. government about substantial corporate…

Russia: Rusal to invest $3 million in SKAD

The acting governor of Krasnoyarsk region Alexander Uss and Rusal president Vladislav Soloviev have visited one of the major Russian enterprises to produce car wheels of aluminum alloys – the Casting-Mechanical Works SKAD LLC. The company is situated in the city of Divnogorsk and has been a part of Rusal since 2017. SKAD produces over…

Russia: Rusal profit down in Q2 2018

In April-June Rusal decreased net profit by 31% QoQ, to $218 million, but increased it by 8% YoY.

In H1 net profit grew by 15% YoY, to $535 million.

Quarter revenue dropped by 18% QoQ, to $2.25 billion, but went up by 4% YoY, to $4.99 billion in H1. (Ukrainian metal)

Russia: US in fruitful talks with RUSAL on sanctions

The U.S. is holding fruitful talks with Russian aluminum giant UC RUSAL hit by sanctions in April, Bloomberg reported citing U.S. Treasury Secretary Steven Mnuchin. The U.S. did not plan to introduce sanctions against aluminum companies, Mnuchin said, adding he hoped he was holding fruitful discussions with the company to solve these problems. The U.S.…

Russia: U.S. open to lifting sanctions off Rusal

The U.S. Treasury is open to removing Russian aluminum producer Rusal from a U.S. sanctions list, Treasury Secretary Steven Mnuchin said, adding the objective was “not to put Rusal out of business”. Mnuchin’s comment was the latest indication the Trump administration was trying to aid sanctions-hit Rusal, which had taken a series of steps to…