Rusal's first-half profit rises 42% on strong pricing and deliveries

In April, the London Metal Exchange largely banned the production of aluminum, copper and nickel from Russia from April 13 to comply with new sanctions imposed by the United States and Great Britain.

However, Rusal's deliveries to China have reached a record level, while the Russian market has returned to its pre-Ukraine conflict volume, the aluminum giant said.

In the first half of 2024, 1.96 million tonnes of primary aluminium and around 3 million tonnes of alumina were produced, both more than in the previous year. The price of aluminium rose to $2,360 per tonne, while that of alumina rose 14% to $402 per tonne.

Hong Kong-listed Rusal, the world's largest aluminum producer outside China, reported adjusted net profit of $446 million for the six months ended June 30, compared with $315 million a year earlier.

(By Sameer Manekar and Himanshi Akhand; Editing by Arun Koyyur, Subhranshu Sahu and Rashmi Aich)