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Rusal’s Aluminium Sales in Asia and Europe Remain Strong

Rusal’s Aluminium Sales in Asia and Europe Remain Strong

Russian aluminium major UC Rusal released results for the first half of the year this week. Although the continuing Russian invasion of Ukraine made the half difficult, buyers in Asia and Europe continued to buy primary aluminium from the smelting giant.
Revenue for the Russian company fell by 17 percent to US$5.9 billion, as European buyers pitched in US$1.9 billion of that total and Asian consumers contributed US$2.0 billion. Rusal chalked up the fall in revenue to a 24.2 percent of the price of the London Metal Exchange.
Rusal said in a press release that sales to Asian customers rose in the half by a tenth, but European buyers continued to make up nearly a third of its revenue, down only 9 percent on the year. Per the results released on Friday, it is apparent that buyers in European countries have continued to purchase its metal. Demand from the United States withered away thanks to a 200-percent import tariff on imported Russian aluminium.
Going forward, Rusal continues to plan to construct its own alumina refinery in Russia as part of a wider push to cut its reliance on overseas raw materials.