vested
Rusal's Making Money But Stockpiling Metal as Sanctions HitBy Yuliya Fedorinova and Martin Ritchie
Aluminum maker reports second-quarter profit of $218 million
Performance aided by higher aluminum prices after sanctions
Sales of value-added products, a key part of the business, fell in the quarter and inventories rose by more than $460 million since end of December.
That was mainly due to the sanctions, as well as higher power, transportation and raw-material costs.
Rusal produced 1.87 million metric tons of aluminum and alloys in the first half, but sold only 1.75 million tons. That’s down from 1.99 million tons of sales in the same period a year earlier. Sales of value-added products fell more than 8 percent year-on-year to 869,000 tons.
Rusal is looking for new markets and clients, as well as trying to ramp up domestic consumption, it said. Russia and former Soviet republics accounted for 29 percent of total sales in the first half, up from 24 percent a year earlier.
Source: Bloomberg
https://www.bloomberg.com/news/articles ... es-advance
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