Topic
United Company RUSAL is the world’s biggest aluminium group, accounting for more than 10 per cent of global primary output as of 2011, and 13 per cent of all alumina. It was formed from the merger of Rusal, SUAL and the alumina assets of Glencore in 2007. It listed in Hong Kong in January 2010 in a US$2.1 billion initial public offering.
- Rusal’s 2021 net profit more than quadrupled to a record US$3.22 billion, topping the previous peak in 2010 by 12 per cent
- Rusal had been riding the wave of surging aluminium prices, which jumped 41 per cent last year to an average of US$2,553 per tonne
Shares of Hong Kong and Moscow-listed aluminium producer Rusal fell by as much as 9 per cent on Monday morning after Australia slapped an immediate ban on the export of key materials bauxite and alumina to Russia.
Work is on hold at the China-backed Simandou mine, home to one of the biggest undeveloped reserves in the world.
Among the 52 equity funds that are available for sale in Asia and have Russian investments, 48 have incurred losses this year, according to data by research firm Morningstar.
It remains unclear if the reshuffle and plan by its oligarch owner to relinquish control of Rusal’s parent firm will help it meet US demands to be extricated from imposed sanctions
Aluminium prices surged last month amid fears the US sanctions will hit the global supply chain, but prices have since retreated after the US softened its stance on the penalties
Shares of Russian company, which produces about 7 per cent of the world’s aluminium, has lost 70 per cent of its value in last 10 trading sessions
The latest development came as Barry Cheung resigned from his positions in major businesses - as a board member of Russian aluminium producer United Co Rusal and as an independent non-executive director of AIA Group Limited.
