Export Tax, Pandemic Forces RUSAL to Share Cautious Outlook for H2

SEATTLE (Scrap Monster): Rusal- the leading global aluminum producer announced interim results for the six-month period ended 30^th June, 2021. The period recorded gradual recovery of all key markets for the aluminum industry following the Covid-19 related collapse earlier.

The company’s production in the first six months of 2021 remained more or less flat compared with the prior year quarter, amounting to 1.868 million tons of aluminum. The revenues reported huge surge to $5,449 million, compared with $4,015 million in the first half of 2020. The EBITDA stood at $1,315 million. The total cost of sales was up to $3,819 million, whereas the net cash generated from operating activities amounted to $666 million, with significant share contributed by the company’s strategic investment in Norilsk Nickel, said the company press release.

The company’s net profit totalled $2,018 million. The total debt remained nearly unchanged at $7,865 million at the end of H1 2021.

Evgenii Nikitin, General Director of RUSAL noted that the introduction of export duties on metals by the Russian administration along with persisting pandemic uncertainties may have significant impacts on results of the second half of the year and the full year 2021.  

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