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"The company...will provide each person with the opportunity to remain employed"

Aluminium producer Rusal (HK: 0486) has reportedly started to shut down one of its plants in Russia as a result of US sanctions.
"The company...will provide each person with the opportunity to remain employed" "The company...will provide each person with the opportunity to remain employed" "The company...will provide each person with the opportunity to remain employed" "The company...will provide each person with the opportunity to remain employed" "The company...will provide each person with the opportunity to remain employed"

Aluminium prices continue to be volatile

Staff reporter

A company official said the Nadvoitsky plant was oriented towards the US market and had been generating significant losses since the US imposed sanctions on Rusal on April 6, a company official told Reuters.

"The company ... will provide each person with the opportunity to remain employed, primarily as part of the project to reprofile Nadvoitsky and create profitable businesses using the plant's infrastructure," the company told the wire service.

The US imposed sanctions on a number of Russian companies, officials and oligarchs in response to what it described as "malign activity around the globe". 

Rusal yesterday reported an adjusted net profit for the six months to June 30 of US$535 million, up 15.1%.

It said its revenue from sales of primary aluminium and alloys had increased 1.3% for the period, primarily due to a 15.2% increase in the aluminium price, which was partially offset by a 12% decrease in primary aluminium sales volume.

"Aluminium prices and premiums continue to be volatile as key supply and LME trading disruption issues, as well as lack of liquidity and LME suspension of RUSAL's brands are still in place and global aluminum deficit continue growing," the company said.